Housing authority agrees in principle to administer deed restriction for Felcrest project; staffing and deadlines remain

The Leadville Lake County Regional Housing Authority on March 19 reviewed a proposed deed restriction for a small rental project proposed by Felcrest Incorporated and agreed in principle to act as administrator — contingent on legal review and staffing.

Chapin Wissantz, planning director for the City of Leadville, summarized the project and the accompanying deed restriction, saying the city had approved a development‑agreement ordinance allowing increased density in exchange for public benefit and that the deed restriction in the packet would limit the units to households at 80 percent area median income (AMI). "Key terms being 80% AMI," Wissantz said when introducing the document for review.

Developer Victor (Felcrest Incorporated) and project consultants described the financing and covenant structure. Mary Coddington, a consultant connected to the Colorado Housing Assistance Partnership work, said the project will carry multiple covenants and financing…