County eyes federal money for Riverview renovation
Eagle County, CO Colorado
EAGLE COUNTY, Colorado ” County officials hope to get some federal money to renovate the Riverview apartments in Eagle-Vail.
The county has considered a variety of options to improve the affordable apartments, including rebuilding an expanding the 72-unit complex on U.S. Highway 6.
But after looking at a variety of options, renovating the exterior of the buildings made the most sense, said Alex Potente, Eagle County’s housing director.
“We went through our options and put together our preferred option,” Potente said. “The use of the space is relatively efficient and it’s greener to renovate than to build new.”
The Riverview apartments are Section 8 Housing and Urban Development property, meaning they are subsidized by the federal government.
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Officials hope to fund the renovation largely through federal tax credits. The county applied for the credits earlier this year and were denied, but are submitting a revised application this week. There are three chance throughout the year to apply for the federal credits, officials said.
Potente thinks the county has a good shot at the money this time around.
“We were close and made some changes to make it more competitive,” he said. “I think the fact that we’ve gone through the first round is good, but there’s still no guarantee.”
Only four of 26 applications were funded during the first process, he said.
If the county received the tax credits, a couple million dollars would go toward renovating the exterior of the apartments. The interiors have been remodeled during the past few years.
“Every time an apartment turned over, we renovated it,” Potente said.
It will be about six weeks before the county hears whether it will get the tax credits.
Staff Writer Chris Outcalt can be reached at 970-748-2931 or email@example.com.