County commits $255K to CB’s Caddis Flats housing project

$30,000 to be delivered by May 15

Gunnison County committed $255,000 this week to the Gunnison Valley Regional Housing Authority for the Caddis Flats affordable housing project in Crested Butte.

A portion of the money, $30,000, must be delivered to the housing authority by May 15 for use in securing a hefty tax credit award. If the award is granted the remainder of the money will likely be put toward land acquisition and will need to be delivered to the housing authority by July 1.
According to Karl Fulmer, executive director of the housing authority, the total cost of applying for the tax credit will be about $95,000, and once the application is made, that money, including the $30,000 from the county, is gone whether or not an award is granted. It’s a worthwhile gamble, Fulmer told the Board of County Commissioners on February 18.
“This is Gunnison County’s first tax credit application,” said Fulmer. “We’re anticipating receiving about $4.7 million from the tax credit program.”
In addition to the tax credit money, the housing authority is working to raise $1.46 million for the project through contributions from entities within the Gunnison Valley.
As of now, Fulmer said, funding is anticipated to be delivered as follows: $360,000 in Crested Butte fee waivers; $335,000 from the Gunnison Valley Housing Foundation; $255,000 from Gunnison County; $65,000 from the town of Crested Butte; $12,5000 from the town of Mt. Crested Butte; $7,500 from Crested Butte Mountain Resort; and $5,600 from the city of Gunnison.
Gunnison County Commissioner Jonathan Houck said this distribution of shared expense is a positive mark in the ledger for the housing authority.
“By building these relationships and gathering funding from throughout the valley, we’re making sure the housing authority represents all entities,” he said.
The application deadline for the tax credit award is Monday, March 3. On January 28, the housing authority and the project team for Caddis Flats received general plan approval from the Crested Butte Board of Zoning and Architectural Review, a huge step in making the project appear viable with the Colorado Housing and Finance Authority—the group that will determine the tax credit award.
“The Gunnison Valley Regional Housing Authority is extremely confident in the competitive nature of its application,” said Fulmer.
Caddis Flats is slated to be a 30-unit affordable rental property located at 513 Belleview Avenue in Crested Butte, next to True Value.