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Fruita Housing Authority approves $400,000 appropriation and loan for Oaks redevelopment; funds secured by promissory note and deed of trust
Summary
The Fruita Housing Authority voted unanimously to appropriate $400,000 to support the Headwaters (Oaks) redevelopment and to loan the sum to a single‑purpose LLC; funds are a mix of voter‑approved lodging tax revenue and leftover American Rescue Plan dollars and are secured until construction financing closes.
The Fruita Housing Authority on the council dais approved two related measures to support redevelopment of the Oaks multifamily site, advancing the Headwaters Housing Partners project with an immediate $400,000 appropriation and an authorized loan to 805 Otley Avenue LLC that will convert to equity when the project secures construction financing.
Housing Authority Executive Director Shannon Lawson told commissioners the amendment “transfers $400,000 in funds from the economic development fund from the city of Fruita, to be used for a potential contribution to the Headwaters project, which is a redevelopment project of the existing Oaks facility off Otley Avenue.” She said $325,000 of the appropriation comes from voter‑approved lodging tax revenue and $75,000 from federal American Rescue…
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