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Nov 11, 2024
Silverthorne officials, developer set to open up applications for the Smith Ranch Apartments | SummitDaily.com
News News | Nov 10, 2024 [email protected] Applications for the long-awaited Smith Ranch Apartments are just around the corner as Silverthorne looks to wrap work on one of its largest-ever
News News | Nov 10, 2024
Applications for the long-awaited Smith Ranch Apartments are just around the corner as Silverthorne looks to wrap work on one of its largest-ever investments in workforce housing.
The 135 workforce rental apartments are spread out between three buildings. There are 79 one-bedroom units, 25 two-bedroom units and 31 three-bedroom units.
Officials described this batch of below-market rate, for-rent apartments to offer two different products geared at a wide range of income brackets.
“We know there is a need for housing along a broad income spectrum”, said Gorman & Co. Colorado Market President Kimball Crangle via email, noting the area median income unit range of the 135 units span from 30% of area median income to 120% of area median income.
Both are deed restricted and for the local workforce, yet require different application processes.
One product is Low-Income Housing Tax Credit units, which is a federal program that subsidizes the creation, acquisition and rehabilitation of housing geared towards low-income households. Gorman and Co. said the units will be first come, first served, and those interested in the units must complete a form expressing interest starting on Nov. 21.
These 65 units are reserved for those earning 30% to 60% of the area median income. Because of the parameters of the federal Low-Income Housing Tax Credit program, the income-cap associated with rent cannot be above 60% of area median income.
The remaining 70 apartments are for local workers who make 80%, 100% and 120% of the area median income. A lottery, set to open Nov. 14 and close Nov. 25, will determine who the units will go to.
“Given the deed restrictions for Smith Ranch Apartments the application and income verification process are intricate and must be strictly followed,” Crangle said. “We match applicants to their applicable income-earned housing.”
She added Gorman and Co. have a website to guide interested applications through the process and identify information that will be needed for their application.
According to Gorman and Co., in Summit County, a two-person household can earn up to $58,500 gross annual income, before taxes, and from all sources of income, and qualify for 60% area median income. A two-person household can earn up to $78,000 to qualify for 80% area median income, $97,500 for 100% area median income and $117,000 for 120% area median income.
Interested applicants can find forms and links to application requirements online at SmithRanchApts.com.
These 135 units join 50 single-family houses, 68 duplexes and 96 townhomes, which are all for-sale and deed-restricted units, to complete the residential aspect of the Smith Ranch Neighborhood.
Silverthorne began planning Smith Ranch back in 2008 when it purchased the 51 acres for about $3.5 million after a housing needs assessment showed a need for more workforce housing.
This followed a 2006 ballot measure, 5A, in which Summit County voters approved the usage of temporary sales and use tax revenues alongside a development impact fee on new construction for affordable housing.
Officials said that these 5A funds allowed the town to make its first significant workforce housing investment. While the land was purchased in 2008, construction did not begin until 2017.
The town ultimately doled out $3,550,877 for infrastructure, $3,569,710 for the land and $12,914,409 in subsidies. The total contribution from the town for the development of 214 units was just over $20 million. It also invested a cash subsidy of just under $1.63 million for the 135 rental units.
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With efforts to complete the residential aspects of Smith Ranch Neighborhood nearing an end, officials will now look to tackling the commercial aspect of the neighborhood. The town preserved enough land for about 50,000 square feet of commercial space, which would include an approximate 30,000-square-foot grocery store and 20,000 square feet for other retail uses, officials said. As a Summit Daily News reader, you make our work possible.Summit Daily is embarking on a multiyear project to digitize its archives going back to 1989 and make them available to the public in partnership with the Colorado Historic Newspapers Collection. The full project is expected to cost about $165,000. All donations made in 2023 will go directly toward this project.Every contribution, no matter the size, will make a difference.