Silverthorne celebrates opening of $15 million affordable housing complex
October 4, 2014
Villa Sierra Madre II, a new $15.4 million affordable housing complex, officially opened in Silverthorne on Oct. 2. The project was funded by Catholic Charities in the Archdiocese of Denver and is the second phase of the Villa Sierra Madre development.
The opening was marked with a plaque dedication and ribbon cutting, after which Catholic Charities hosted a reception and tours of the facility.
Villa Sierra Madre II is located at 1201 Adams Ave., one block from Highway 9.
The complex is made up of 16 one-bedroom, 24 two-bedroom and 24 three-bedroom apartments, which can house 272 people. As an income-restricted property, the project serves working families earning between $25,000 and $60,000 per year, charging rents that are as low as half that of comparable market-rate projects in an area that has a vacancy rate near 0 percent. All units are rented, and there is already a wait list. The first residents took occupancy in February 2014 and only one move-in remains.
"This housing is already helping so many people who otherwise would not be able to live and work in this wonderful area," Larry Smith, president and CEO of Catholic Charities, said in a written statement. "We are excited to have this opportunity to serve the community and the people who help make it a great place to live."
Summit County government contributed $350,000 toward the project, using affordable housing funds generated through a mill levy approved by Summit voters in 2008. The county's contribution paid for improvements to the community's common areas, including construction of the new playground and upgrades to an existing clubhouse, which includes a computer room and space for meetings and community gatherings.
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"We sought to make a tangible contribution to the quality of life and sense of community in this neighborhood," Summit County Commissioner Thomas Davidson said in a written statement. "This project fills a vital need for our local workforce, and we're so pleased that we were able to partner with Catholic Charities to help make it a success."
Catholic Charities has been operating the neighboring Villa Sierra Madre complex since the mid-1990s.
Archdiocesan Housing, a division of Catholic Charities, operates Villa Sierra Madre II, as well as 19 other housing facilities in Colorado and two in Wyoming. For more information about Catholic Charities and Archdiocesan Housing, visit http://www.ccdenver.org and http://www.archdiocesanhousing.org.
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