Valley Brook Neighborhood on schedule for 13 units by February | SummitDaily.com
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Valley Brook Neighborhood on schedule for 13 units by February

ROBERT ALLEN
summit daily news
Summit Daily/Mark Fox
ALL |

BRECKENRIDGE – The Valley Brook attainable-housing development is on schedule for the first phase to be complete by February.

The 13 deed-restricted units in three buildings are to be among 42 in the neighborhood off Airport Road near Upper Blue Elementary School.

The first phase of homes has been completely reserved. Ten are to be purchased by families with household incomes at 70 percent of the area median income; the remaining units are to be owned by families at 105 percent of AMI.

The area median income for a family of four is $87,200; a breakdown of AMIs is available at http://www.summithousing.us.

Construction has been under way since springtime, and the preliminary work creating roads and installing utilities is to be complete by Friday. Town spokeswoman Kim DiLallo said a general contractor is about to be finalized to build the structures.

Town officials chose for the town to develop the neighborhood after it was decided to be a more desirable alternative to using developer Mercy Housing.

In a recent meeting, town council gave final approval to transferring ownership of the 4.5 acre property to Summit Housing Development Corporation. It is through this nonprofit entity that the town will provide staff and build the neighborhood.

The town’s estimated subsidy of the project is $1.5 million, down from the $2.6 million Mercy Housing requested in October 2009, according to a town staff memo.

The subsidy compensates for the units priced for people at less than 75 percent of AMI.

Other town contributions to the development include permit fees, water, sewer and other infrastructure totaling nearly $2 million.

Several units are still available in the neighborhood, and at least 16 of the 20 phase-two units have been reserved.

“The plan is not to start building until we have reservations,” DiLallo said.

SDN reporter Robert Allen can be contacted at (970) 668-4628 or rallen@summitdaily.com.


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