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Habitat seeks to convert Glenwood Springs rental building to deed‑restricted condos
Summary
Habitat described plans to buy an 88-unit Glenwood Springs apartment building and convert it into deed-restricted condominiums for local working households; presenters said the project would rely on layered financing and community partners but the transcript contained a garbled CHFA figure, so the exact loan amount was not clearly stated.
During the housing presentation, Habitat for Humanity described a proposed purchase and conversion of an 88-unit apartment building in Glenwood Springs into deed-restricted condominiums intended for working families in the region. Gail Schwartz said the organization plans to offer current residents first opportunity to buy units at prices aligned with their incomes and to use deed restrictions to preserve affordability in perpetuity.
Schwartz described a financing package that includes donor funds, a proposed FirstBank senior loan (presenters said "FirstBank has a 70% loan for us") and additional financing involving CHFA; however, the transcript records a garbled CHFA figure and does not allow a precise loan amount to be confirmed from the presentation. Habitat said the project would combine donations, grants and loans alongside municipal support and enterprise-zone incentives to close the financing gap. "This is a community project," Schwartz said, adding that municipal partners and enterprise-zone tax credits are part of the strategy.
Habitat noted this conversion is capital-intensive and emphasized deed restrictions to prevent future rental-market escalation. Presenters invited council and local partners to consider priority purchases to secure units for workers in local public employers and emphasized that the project is intended to be permanently deed-restricted to protect affordability.
