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Durango secures $1.55 million CHFA land‑bank grant to acquire Rivergate Lot 5 for workforce housing
Summary
Durango accepted a $1.55 million land‑banking grant from the Colorado Housing and Finance Authority (CHFA) to acquire Lot 5 in the Rivergate subdivision and approved an ordinance to acquire the parcel, pairing it with an ARPA‑funded Lot 4 for a 54‑unit workforce housing project.
Durango’s city council on June 2 approved a resolution to accept a CHFA land‑banking grant worth just over $1.55 million and an ordinance to acquire Rivergate Lot 5 to preserve land for workforce housing. Cody Minnik of the city’s Prosperity Office said the grant, funded through Prop 123, reduces project financing costs and helps keep home prices more affordable for future buyers.
Minnik said the city applied for and was awarded the grant to acquire the parcel so the acquisition cost would not be passed on to homebuyers. “By securing the Prop 123 funding for lot 5 and ARPA for lot 4, the city was able to remove a huge cost set from the outset and greatly improve affordability for the future homeowners,” he said.
The council was told the Rivergate project is part of a public‑private partnership with Southwest Community Partners to build approximately 54 townhomes across Lots 4 and 5. Minnik described the Prop 123 land‑banking program as having plan‑approval and building‑permit timeframes — “plan approvals within 5 years and building permits within 10 years” — but noted staff expected the project to proceed on a faster timeline because the city already held an option to purchase Lot 5.
Councilors asked about construction impacts and community outreach. Minnik said staff and the development partner have held two meetings with the Rivergate Lofts HOA and supplied geotechnical studies indicating micro‑piling will be required to address soil conditions where the homes will be built. On coordination with the school district, Minnik said the district’s available bond funds require faster, shovel‑ready projects, but the city could consider different AMI (area median income) levels to accommodate partners.
Council approved both the resolution and the acquisition ordinance by roll call. The ordinance authorizes the city to acquire parcel 5667-321-06-0005 (Lot 5, Rivergate subdivision) and execute necessary documents for workforce housing development. Minnik said the project will count toward future Prop 123 compliance cycles and that statewide changes to unit‑count calculations (House Bill 1313) may affect near‑term targets. The council vote was recorded in the meeting minutes; the resolution and ordinance passed.
Next steps: staff will proceed with closing steps for acquisition and continue coordination with the development partner and the community, and the formal site‑plan review and public hearings will follow when the developer submits plans.
