Eagle-Vail’s Riverview Apartments awarded tax credits | VailDaily.com

Eagle-Vail’s Riverview Apartments awarded tax credits

Daily Staff Report
newsroom@vaildaily.com
Eagle County, CO Colorado

EAGLE COUNTY, Colorado – Eagle County has been awarded $4 million in the form of a tax credit for renovation of the Riverview Apartments.

The county was one of a few entities to be awarded the credits from the Colorado Housing and Finance Authority. The authority awards tax credits three times a year through a competitive bid process.

The tax credits have to be sold to investors in order for the funds to become available, and the proceeds can only be used for hard construction costs associated with renovating the apartments.

Getting the tax credits is a major step toward the construction project, said Alex Potente, the county’s housing director.

“We will now be working diligently on finding an investor and a lender, as well as preparing a detailed renovation plan for the project,” Potente said.

The Riverview apartments include 72 units and is the county’s only federal “Section 8” housing complex. Rental rates are dependent on income.

The housing department is also pursuing an American Reinvestment and Recovery Act grant, which could range from $10,000 to $15,000 per unit, or between $720,000 to just over $1 million. Officials are also trying to get a Community Development Block Grant for approximately $432,000. For more information, contact the Eagle County Housing and Development Department at 328-8770.