Schools buy into Edwards affordable housing
Vail, CO Colorado
EAGLE COUNTY, Colorado ” The school board decided Wednesday to become a major investor in the West End in Edwards to secure affordable housing for teachers.
The West End is a proposed development in Edwards that will include 72 affordable homes. The board approved securing at least seven homes in the West End for about $35,000, but could end up investing in more. The district would gain its investment back as it sell the homes to teachers or staff.
The board is also seriously considering investing in Stratton Flats, an affordable housing community in Gypsum.
Stratton Flats, located on the western side of the airport, is a neighborhood of 336 homes ” 226 of them carrying deed restrictions, and a third of those with price caps.
This development, called the “Second Miller Ranch” by some, will include everything from small, one-bedroom condos, selling for about $165,000, to 2,020-square-foot single-family homes for around $370,000.
With a $500,000 investment, the school district would secure about 25 homes in Stratton Flats that it could sell at reduced prices to teachers.
Board members delayed approval of the partnership Wednesday, saying they wanted to take a little more time to survey Eagle County teachers to make sure they would be interested in the homes in Stratton Flats.
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