Affordable homes going up in Gypsum
Vail, CO Colorado
GYPSUM, Colorado ” Stratton Flats ” right now 47 acres of nicely groomed Gypsum dirt immediately west of the Eagle County Airport on Highway 6 ” has begun its transformation into housing development that will include 226 affordable housing units.
One third of the affordable units will fall under the town of Gypsum’s affordable housing policy, and will not be price capped. However, deed restrictions will specify an income cap for buyers.
One third of the housing will fall under Eagle County’ housing regulations. These units will be price capped based on the Eagle County wage index. The county will receive $4.5 million back from this project, plus an additional six percent at the end of the project. The county will then reinvest the money in other affordable housing projects.
The deed restrictions will take 11 percent off the cost of the town’s units and 16 percent off the county’s units.
The remainder of the housing units will be free-market.
John Bender, the project manager, says the original plans for Stratton Flats have not changed since the town and county have gotten involved . Therefore, the aesthetic beauty of the units were not compromised due to cheaper prices, Bender says.
“The units are going to be architecturally good looking,” Bender says
Condominiums will cost $180,000 to $240,000, townhomes will go for $300,000 to $383,000 and single family homes will be priced between $345,000 and $450,000.
Units in Stratton Flats are scheduled to be finished in the fall.
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