RTA opts in to affordable housing in Gunnison

Would lease the units to Alpine Express

[ By Katherine Nettles ]

The RTA is ready to take a step forward in securing affordable housing, and the board of directors voted on Friday, May 7 to pursue buying four condominiums in Gunnison’s upcoming Lazy K housing development. RTA executive director Scott Truex has been looking into affordable options valley-wide and told the RTA board the Lazy K, a collaboration between the city of Gunnison and local builder John Stock, looks very promising for Alpine Express employee housing. Truex said he would also be looking for additional affordable housing units for other RTA employees.

The development will have four units available, each with two bedrooms and 1.5 baths, deed restricted to those earning 120 percent of Area Median Income (AMI). The cost would be $354,000 per unit, which is $100,000 less than the open market price.

“Alpine Express thought it would be beneficial to our service,” he said. RTA would purchase the units and then lease them to Alpine on a master lease. Given the RTA’s general fund is better than ever, said Truex, this would be a good time to make the investment. Financially, the organization is projected to end the year with $2.5 million more than budgeted.

“We think it would be a pretty good opportunity to secure some long-term housing and secure the stability of the RTA going forward,” said Truex.

Board members approved of Truex pursuing a contract for all four available units. “The condos won’t be finished until next spring (2022),” he said. “But I imagine we could get under contract sooner than that.”

Truex would bring a contract back to the board for approval before signing with the developer. He advised that the purchase would affect both this year’s and next year’s budget, “but I think it’s a really good move.”