APCHA approves $2.8 million request for 2025 budget for Smuggler, Truscott, administration funds
City of Aspen and Pitkin County each pay $1.4 million
Austin Colbert/The Aspen Times
The Aspen-Pitkin County Housing Authority on Wednesday unanimously approved 2025 budgets for its administrative fund and various affordable housing communities around Aspen.
The proposed budget for next year, supported evenly between Pitkin County and Aspen, is $2.8 million.
This amount fluctuates annually to maintain a targeted annual reserve, equal to 12.5% of annual expenditures, and will change due to one-time financial events.
In 2025, one-time financial events include supplemental increases of $127,390 for a Housing Policy Analyst II position, $400,000 for the Essential Home Repairs pilot program, and $100,000 for an APCHA website redesign.
For the APCHA administrative fund, the opening balance is $322,751. Revenue in 2025 is budgeted for almost $4 million, and expenditures are budgeted for $3.9 million. This will leave the APCHA fund with $478,951 at the end of 2025.
The Smuggler Housing Fund has an opening balance of $480,505. Revenues are budgeted at $90,500, and expenditures are budgeted at $170,450. This will leave this fund with $400,555. Some capital improvements at Smuggler Mountain Apartments include new exterior paint for $40,000, exterior refinishing for $15,000, and asphalt reseal and paint for $10,000.
The APCHA development fund will have an opening balance of $115,124. Revenues are budgeted at $16,200, and expenditures are budgeted at $24,200. This will leave this fund with $107,104 at the end of 2025.
In addition to approving the budgets for these three funds, APCHA also had to approve funds for tax credit properties, like Truscott Phase II.
The city of Aspen owns four rental properties that APCHA manages and the budgets for these properties were formally approved by the Aspen City Council.
The four budgets under APCHA’s purview are as follows: Marolt Ranch Affordable Housing Fund of $1,774,020 with estimated revenues of $1,728,400; Truscott Phase I Affordable Housing Fund of $1,816,970 with estimate revenues of $1,551,150; Truscott Phase II Affordable Housing Fund of $1,496,210 with estimated revenues of $1,476,800; and Aspen Country Inn Affordable Housing Fund of $801,160 with estimated revenues of $747,400.
A major capital project for 2025 at Truscott Phase I and II will be a three-inch asphalt mill and overlay on the 4,667 square feet parking lot. The lot is experiencing cracking, alligatoring, and potholes. It will cost $72/square yard plus a 10% contingency for a total of $371,000. Truscott I will also receive a playground equipment replacement for $67,500, exterior painting for $50,000, a boiler replacement for another $50,000, and power wash buildings and windows for $25,000.
Marolt will undergo the same capital project on 3,223 square yards of parking lot and will cost $257,000. Marolt will also have an abandoned gate removed for $15,000, and exterior doors replaced for $15,000.
The Aspen Country Inn will also have the asphalt work on 4,000 square yards of parking lot for $317,000. Routine boiler maintenance will cost $30,000, appliance and window replacement will cost $5,000, and storm water management will cost $3,000.
The 2025 proposed budgets were provided to the APCHA Board for review at their August meeting. The budgets were approved by the Aspen City Council on Nov. 12, 2024.
Regan Mertz can be reached at 970-429-9153 or rmertz@aspentimes.com.
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