Project includes 84 for sale units and 150 rental units across four buildings targeting folks of middle incomes from 80% to 140% area median income.
The Yampa Valley Housing Authority’s Mid Valley project received two recommendations for approval from the planning commission at the end of July that will be considered by Steamboat Springs City Council in a busy meeting on Aug. 22.
The project, which includes 84 units that will be available for purchase and 150 rental units, will include four buildings on the parcel located along U.S. Highway 40 in Steamboat adjacent to Young Tracks and UCHealth Urgent Care.
Mid Valley is being targeted at what housing authority Executive Director Jason Peasley said is often described as the "missing middle," targeting folks that make too much money to qualify for low-income housing but are still priced out of a housing market that is seeing condos in Steamboat go for nearly a $1 million and single-family homes sell for $1.6 million on average.
Mid Valley is being targeted at 80% area median income to 140% AMI. In Routt County, the AMI for a single person is $75,900 a year and for a family of four is $108,300 a year.
“This is the first time in a long time that the housing authority has been able to do for sale product,” Peasley said. “What were looking to do is to provide housing at those moderate-income levels for both renters and people looking to purchase homes.”
The housing authority’s Sunlight Crossings project also targeted the so-called “missing middle,” with units there being for people who make 80% AMI to 120% AMI. Peasley said they have learned from that project though, so Mid Valley will offer more stratification of incomes.
While Sunlight Crossings targeted just 80% and 120%, Peasley said Mid Valley will have units targeted at 80%, 90%, 100%, 120% and 140% AMIs. One issue that arose at Sunlight Crossings, was someone would make just over the 80% AMI threshold, and the 120% AMI targeted units sometimes had rents too expensive for them.
“That’s part of the reason that we wanted to add more stratification, so that as people top out, say they come in and think they are 80% AMI and it turns out they are 87%, there is a 90% unit for them or a 100% unit for them,” Peasley said. “We’re trying to tailor the different tiers of income on the rental side to what the individuals make.”
Peasley said the housing authority has received a $4 million grant from the state of Colorado to help deliver affordability with Mid Valley.
The two larger buildings in the project will contain 150 rental units, with the other two buildings containing 42 for-sale units each. Peasley said parking was a significant consideration in the design process, which resulted in parking being placed underneath buildings. The community development code would require at least 312 parking spaces, and the housing authority is proposing 406 spaces in total.
City Planner Kelly Douglas said staff supported the development plan and each of the five variants needed on the project, many of which are variances the housing authority has needed for each of their projects. The planning commission approved the development plan and variances in a 4-2 vote. Planning Commission also unanimously approved a second preliminary plat on the project, which divides the parcel to separate the rental and for sale components of the project. Council will consider each on Aug. 22.
The housing authority previously obtained the first preliminary plat on the project, allowing some work to start before council considers the development plan. Peasley said they intend to break ground on the project this year, with some site work and grading starting in the coming weeks.
Top Photo Caption: A rendering of buildings that are part of the Mid Valley Project. (Yampa Valley Housing Authority/Courtesy)