Valley Housing Fund Awarded $1 Million for land near Gunni

Funding will support acquisition of a 2.4-acre parcel envisioned for 54 affordable rental homes.

The Valley Housing Fund has been awarded $1 million through the Colorado Housing and Finance Authority’s (CHFA) Land Banking program to support the purchase of a 2.4-acre parcel in Gunnison for the future development of 54 low-income rental homes.

The award was one of eight made through CHFA’s Rural and Rural Resort funding round, which awarded $13.8 million to projects across Colorado. CHFA received 33 Letters of Intent representing $63.3 million in funding requests before selecting the eight finalists.

The parcel is located just east of the Western Colorado University campus along Highway 50 and was previously part of the larger Gunnison Rising development.

“The land banking award was for less than the appraised value of the land, so we have been working with the seller, High Mountain Concepts, to close the gap in the purchase price,” said Lauren Koelliker, Executive Director of the Valley Housing Fund (VHF). “High Mountain Concepts is committed to helping the local workforce be able to afford to live in this valley, and has agreed to sell the land below its appraised value to help ensure low-income housing will be constructed.”

High Mountain Concepts also owns the parcel immediately north of the property and has already begun installing infrastructure that will benefit both parcels. VHF previously partnered with High Mountain Concept’s owner, John Stock, on the Lazy K community housing development in West Gunnison and is looking forward to collaborating as each builds on neighboring parcels. “VHF has been working for about a year on this application, and is grateful that High Mountain Concepts has remained at the table to help secure this $1 million in funding,” said John O’Neal, VHF Board President.

The Valley Housing Fund plans to issue a Request for Proposals in 2027 to identify a development partner for the site. VHF will continue working with High Mountain Concepts and CHFA to complete the acquisition and intends to close on the property before the end of the year.

The CHFA Land Banking program awards forgivable loans to eligible nonprofits with a demonstrated history of providing affordable housing. The funds are intended to help organizations acquire and preserve land for affordable rental or for-sale housing. Under the program, rental projects must serve households earning at or below 60% of Area Median Income. The program is funded through Proposition 123, which was passed by Colorado voters in 2024 to fund community housing throughout the state.