YOUR AD HERE »

Construction begins for Frisco workforce housing project, the Galena Apartments

Share this story
This rendering depicts what the Galena Apartments will likely look like.
The NHP Foundation/Courtesy of

The National Housing Partnership Foundation, a national housing nonprofit, just closed financing on the Galena Apartments housing development in partnership with the town of Frisco. The 54-unit development is meant for local workers and families earning up to 120% of the area median income.

According to the National Housing Partnership Foundation, the development is the first use of 501 (c)(3) tax-exempt bonds for middle-income housing construction in Colorado. It is also the first time the National Housing Partnership Foundation leveraged its AA bond rating to enhance bond financing.

The project is also supported by the region’s Middle Income Housing Authority, the Colorado Office of Economic Development and International Trade, Summit County and the Colorado Department of Local Affairs.



According to a recent news release, the National Housing Partnership Foundation secured $18.6 million in 100% loan-to-value financing at 4.7%. The Department of Local Affairs awarded the town $2.8 million in grant funds, and Frisco provided $8.1 million in gap funding alongside providing the land.

“This new development — 54 workforce rental housing units, right here just a block off Main Street — is the product of vision, determination, and strong partnership,” Mayor Pro Tem Andy Held said at a June 24 event for the project. “It directly addresses one of the most pressing challenges facing Frisco: the urgent need for attainable housing for the people who make this town work — our teachers, our healthcare workers, our service-sector employees and so many others who form the backbone of our community.”

Share this story

Support Local Journalism

Support Local Journalism

As a Summit Daily News reader, you make our work possible.

Summit Daily is embarking on a multiyear project to digitize its archives going back to 1989 and make them available to the public in partnership with the Colorado Historic Newspapers Collection. The full project is expected to cost about $165,000. All donations made in 2023 will go directly toward this project.

Every contribution, no matter the size, will make a difference.