John Rebchook is a former Rocky Mountain News reporter with more than 30 years of experience in writing and communications... The Housing Authority of the County of Montezuma has been awarded $6.4 million from the American Recovery and Reinvestment Act to build Brubaker Place, a 48-unit affordable housing community in Cortez.
“We currently have more than 280 low to moderate income qualified applicants waiting for housing,” said Terri Wheeler, executive director of the Housing Authority of the County of Montezuma. “Brubaker Place will provide affordable, workforce housing for Montezuma County’s service population, which civic and business leaders agree is vital to the success of our community.”
Economic, job engine
Upon its completion, Brubaker Place will consist of six, two-story apartment buildings and a one-story community center. One, two, and three bedroom units will be available for rent to households earning 60 percent Area Median Income and below, or less than $30,480 annually for a family of four. Overall, the $8.6 million project is estimated to generate over $18 million in economic investment within the surrounding community and support 136 jobs. The pricetag includes the 2,400-square-foot community center, which will include computer center, exercise room, TV and game room, as well as a kitchen and dining area. Outside, the community center will include a large playground, patio and barbeque areas, and basketball court.
“I’m glad that stimulus funding can help to create jobs in Colorado and affordable housing opportunities for those who need them,” said Congressman John Salazar. “This funding will help create 48 units of affordable housing while putting money into the Cortez economy. I’m proud to have supported stimulus funding for this project and I will continue to support projects that create jobs and develop our communities.”
The ARRA funding awarded to Brubaker Place is part of the Tax Credit Exchange Program reated by Congress to support the development and preservation of affordable housing and stimulate jobs. To date, Colorado has received $32.8 million in TCEP funds to eight affordable housing developments consisting of 410 rental units across the state. The TCEP program is administered by the Colorado Housing and Finance Authority.
“Several affordable housing developments across Colorado were at risk of not moving forward as a result of the national economic decline,” said Cris White, CHFA executive director and CEO. “The TCEP program, created by Congress in ARRA, has been key to ensuring that many of these developments are able to proceed.”
In addition in TCEP funding, Brubaker Place is receiving $1.1 million from Funding Partners’ Mammel Affordable Housing Loan Program, and $950,000 in Community Development Block Grant funds awarded by the Colorado Department of Local Affairs, Division of Housing.
Public-private partnership
“Brubaker Place is a marvelous example of how the public and private sectors have joined forces to respond to market disruptions and meet rural Colorado’s needs, an area that too often falls from our collective radar,” said Darcy McClure, president of the Funding Partners Board of Trustees. “Although complex, the community benefits and long-term impacts of this financing structure are well worth the effort.”
Brubaker Place will be constructed with double paned windows, brick and stone exterior detail, attractive steel balcony and stair railings, and water efficient landscaping. The units will feature tile entries, large windows, nine foot ceilings, brushed nickel hardware throughout the kitchens and baths, modern energy efficient appliances, washer/dryer hook-ups, and a patio or balcony.
Contact John Rebchook at JRCHOOK@gmail.com or 303-945-6865.
Is it 6.4 mil or 8.6? Seems like a lot of money for only 48 units. Being taxpayer debt I would expect there’s a lot of fingers in this pie.
Steve,
It is a $8.6 million project, with the lion’s share of the funding, $6.4 million, coming from the ARRA. Based on your observation about the cost, I asked an apartment expert about the cost per unit, which equates to $179,167. He said depending on the type of building, he could build it for $110,000 to $180,000 per unit. However, the total cost also includes the 2,400-square-foot community center. I’ll let others decide if taxpayers are over-paying, but thanks for raising the issue. John
This inquiring mind would like to know why there is a $30,000 to $100,000 difference per unit in Cortez and the other 410 units being built across the state. It must be that rather luxurious recreation center. Hmmmm, fingers in the pie? Oh, no! It must be the high price of land in the Cortez metropolitan area.