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ArtSpace consultant outlines town-center housing financing options; trustees request broader pro formas
Summary
ArtSpace consultant Andrew reported on financing options for the Town Center project, including targeting several for-sale units at different AMI levels and applying for Division of Housing funds. Trustees asked for alternative pro forma models showing non–tax-credit scenarios and partnerships for gap financing.
Andrew, an ArtSpace consultant, updated trustees on progress toward development of the Town Center site and modeling for the Southwest Promenade’s for-sale housing component.
He told trustees he had been in conversations with the Colorado Division of Housing and that the town could target six ownership units at 100% area median income (AMI) and two units at roughly 50% AMI. Andrew said the Division of Housing will accept applications in an upcoming round and that an LOI (letter of intent) would be due in March with a full application in May. He also described modeling that assumes some town capital contribution: of $3 million previously discussed, Andrew said he had modeled scenarios where $2 million is deployed alongside ownership of two units to give the town direct control of a portion of the housing asset.
Andrew emphasized the project design would remain consistent with prior approvals and community input; the update focused on financing permutations. Trustees asked for broader modeling. Trustee Colin asked whether the team could model the whole project (both sides of the promenade) without Low-Income Housing Tax Credit (LIHTC) funding. Andrew said yes, but that the gap would be “significant.” Several trustees — including Chris and Colin — asked for a wider set of pro formas showing outcomes across income targeting and financing strategies (LIHTC/rental-tax-credit model, higher AMI for-sale model, and a non–tax-credit blended approach). Trustees discussed potential partners, including Habitat for Humanity and local employers being possible gap-financiers or recipient-designated occupants of units if the town chose a nonrestricted financing path.
Lauren, the town manager, added that Habitat for Humanity had expressed continued interest and that staff and ArtSpace would continue to coordinate. Trustees asked for timelines and specific application milestones; Andrew said he will return in March with detailed pro formas, timelines for Division of Housing and other application windows, and an expanded set of financing options.
Trustees also discussed commercial space at grade in the Town Center plan and whether the town could own or manage commercial floors to create long-term revenue; Andrew said earlier models assume commercial leases would cover expenses, not generate large surpluses, but that alternative ownership models could be modeled.
