Under Construction: Flat Creek Apartments

This partnership with BlueLine Development and Snow King Partners will result in 48 Affordable Rental units serving households earning 30-60% of median family income, or less than $66,420 for a family of three. The Town is providing the land for the development via a long-term ground lease + $2,250,000. 

Affordability

All 48 units will serve households earning <60% of median family income. 

Projected Project Funding

• $7,250,000 - Projected Public Funding (land + cash)
• $12,872,075 - Projected Investor Equity (Low Income Housing Tax Credits) 
• $2,325,000 - HOME & National Housing Trust Fund
• $6,340,000 - Debt secured by developer
• $28,974,435 - Projected Total Project Cost

Next Steps

• Groundbreaking: May 2023