Valley Brook Affordable Housing

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valley-brook-affordable-housing.jpgbreckenridge-affordable-housing.jpgThe Town of Breckenridge dug the first spade of dirt at the Valley Brook Neighborhood, April 21, starting an ambitious affordable housing project. I don't have to tell anyone that real estate sales are slow here, and across the country, so brave is probably another adjective we might use for the town's project. We're scared but going ahead anyway, bravely.

Stan Miller Constructions has been tapped to build the infrastructure, and the Summit Combined Housing Authority is working with the town to develop and sell this project. The construction will begin as soon as possible, bids from local contractors are to come in this spring, and above-ground construction expected to begin this summer.

SCHA will be selling the lowest-income units, priced to sell at less than 80 percent of Area Median Income.

On Mar. 9, Mercy Homes, which had been contracted to developed the project, submitted a proposal to the Breckenridge town council for a subsidy of $2,613,142 for its help with development. Because the proposal shifted much of the market risk to the town, the council opted to terminate the development agreement with Mercy and move forward to develop the project without a third party developer utilizing town staff, a contract project manager/owner's rep, and phasing the project to be funded within the Affordable Housing Fund, according to planning staff

April 1, 2010 Builders Meeting to discuss project qualifications
April 2010 SCHA to increase marketing effort for first phase buildings
Finalize HOA budget/dues
Work with lenders to insure mortgage flexibility and options
April 2010 Evaluate design specifics (foundations, mech system, etc.)
April 19, 2010 Construction start (infrastructure)
April 21, 2010 Ceremonial Ground Break
April 21, 2010 Owners Meeting to confirm buyer commitment/qualification
May/June 2010 Rebid vertical
July/August Construction start (vertical)
Evaluate pricing (new AMIs)
Spring 2011 First units complete
Town Contribution:
The Town will fund the gap between the cost of the project and the sales r

The $8,000 tax credit is set to expire April 30. Information about this and the sale of deed restricted housing at valley Brook can be found at:   Summit Combined Housing Authority.

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This page contains a single entry by Jan Radosevich published on April 22, 2010 9:02 AM.

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