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Pitkin County hears request to contribute to Cavern Springs resident-owned community; staff outline tight June/October timeline
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Summary
Pitkin County staff and a regional housing coalition asked the BOCC to consider joining a multi-jurisdictional subsidy for Cavern Springs Mobile Home Park residents seeking to form a resident-owned community; residents must submit an offer by June with a closing by October, and staff proposed a revised subsidy target of about $8 million with $6M local, $2M private and a $10M low-interest loan.
Pitkin County housing staff and the West Mountain Regional Housing Coalition presented a request on April 14 to support residents at Cavern Springs Mobile Home Park in organizing a resident-owned community (ROC) to preserve deeply affordable housing used by regional workers.
Ashley Pearl, Pitkin County housing and resiliency director, said the county has been approached and that staff is weighing options while a county housing-retreat discussion is being scheduled in May to set strategic funding criteria. "Right now, we have $3,000,000 available in our partnership fund for 2026 and $1,000,000 for 2027," Pearl said, noting a combined $4,000,000 line in the housing property tax budget that staff is treating as part of the calculation for any contribution.
April Long, executive director of the West Mountain Regional Housing Coalition, described Cavern Springs (near Glenwood Springs, unincorporated Garfield County): about 98 lots and roughly 300 residents, with an asking price around $23 million and residents targeting a $24 million acquisition that would include capital improvements and reserves. Long described the model: residents form an owner‑controlled nonprofit, bring in technical assistance from ThistleRock and financing from Rock Capital USA (a CDFI). She warned that without subsidy, lot rents would become unaffordable — presenting pro formas that showed lot-rent pressure without subsidy — and said residents need to make an offer by June and close by October, creating tight timelines for bridge financing and commitments.
Long said the coalition’s revised subsidy goal is $8 million (reduced from an earlier $10 million estimate): a proposed $6 million from local governments, $2 million from private donors and a $10 million low-interest loan as part of the capital stack to lower permanent debt. She noted Carbondale has committed $500,000 and Snowmass Village has signaled interest in $600,000; city of Aspen had been asked for $2.1 million (a city decision that staff said might be forthcoming).
Board members pressed staff on several points: why Pitkin County should contribute, how many Pitkin County employees live in the park, whether a county loan or bonding approach could bridge timing gaps, and whether contributing would create unsustainable precedent if many parks come forward. Staff said the coalition is exploring a regional approach and will return with a clearer financial picture and outreach to private partners if the board would like a faster response prior to the June deadline.
What’s next: staff offered options, including a modest initial pledge now with the possibility of expanding support after a May housing retreat and additional partner commitments; the board asked for more analysis of impacts on the county housing fund and alternative funding and loan structures.
