New rental housing to come online in Aspen next month | AspenTimes.com
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New rental housing to come online in Aspen next month

Construction continues on a new affordable housing apartment complex on Main St. in Aspen on Wednesday, June 10, 2020. A lottery will open up for the 10 one-bedroom units this week. (Kelsey Brunner/The Aspen Times)
Kelsey Brunner/The Aspen Times

The first new rental affordable-housing complex to come online in almost 20 years in Aspen is available through a lottery beginning Monday.

Housing officials and Jason Bradshaw, who represents developer Aspen Housing Partners, expect high demand for the 10 one-bedroom apartments located on Main Street at the S-curves.

Five units are for people who qualify for category 2 income levels, with the other half at category 3.

That spans from a maximum of $65,750 to $100,600 a year for a one-person household. The income limits change as the number of people who live in the household grows.

The Aspen-Pitkin County Housing Authority is managing the lottery, which will be conducted randomly after two weeks of people of entering.

The apartments are available to those who qualify according to Aspen-Pitkin County Housing Authority rules, but the lottery is not based on tenure in the community.

“I think this is the most fair and transparent way to do it,” Bradshaw said.

Applicants will be asked to log onto Aspen Housing Partner’s website, aspenaffordablehousing.com and then download, fill out and scan a PDF form before emailing it to apcha@cityofaspen.com.

The monthly rent for category 2 apartments is $1,112 and $1,576 for a category 3 unit.

Bradshaw said the apartments are 700 square feet, have mudrooms, in-unit washer and dryers, private decks, one parking space and basement storage. No pets are allowed.

It’s anticipated that the lottery will be conducted in early July, with move-ins occurring later in the month and the beginning of August.

The apartments are coming online a little later than scheduled due to COVID-19 delays.

Bradshaw said it worked out better because many people were laid off during the economic shutdown and are just now getting back to work.

“We wanted to run an application process where you need a job to qualify and we didn’t want to handicap anyone during COVID,” Bradshaw said.

The units at 802 W. Main St. are one of three projects that Aspen Housing Partners is doing as a public-private partnership with the city of Aspen.

The others, located at 517 Park Circle and 488 Castle Creek Road, are expected be completed in the fall.

The Park Circle complex will generate 11 apartments, seven of which are one-bedroom units and four two-bedrooms.

The Castle Creek building will have 23 units, 14 of which are one-bedrooms and 10 are two-bedrooms.

Combined, they bring 45 new apartments into the inventory, which addresses a need for low-income housing.

The city bought the three parcels, along with what is now the Harbert Lumberyard property near the Aspen Business Center, in the mid 2000s as part of a land banking effort for future affordable housing.

The public-private partnership consists of the city leasing the land to Aspen Housing Partners, as well as serving as the construction lender for the developments.

Combined, the construction loans amount to around $9 million.

The city’s financing gets paid back within three months of when the units are occupied.

Aspen Housing Partners owns the buildings on the land for 15 years and if the city wants to buy them at that time, it can exercise that right.

Otherwise, Aspen Housing Partners owns the buildings in perpetuity and the city can exercise its right to buy every 15 years, according to Bradshaw.

They will be the first rental apartments to be created since 2002, when 100 units were added to Truscott at the Aspen Golf Course, according to APCHA Deputy Director Cindy Christensen.

However, since 2005, there have been 230 ownership units developed by the city.

There also are as many as 100 rental units available this year due to the Music Associates of Aspen not using the Marolt seasonal housing complex for students since the music festival is canceled this summer.

Mark Nussmeier, assistant property manager at APCHA who manages Marolt, said he has received close to 100 calls and emails since Aspen City Council agreed last month to open the complex to the general public.

Leases are available for summer, winter, or both seasons from June 15 through April 30, 2021.

Units are $1,250 per month and pro-rated for June.

Each unit has two rooms and a kitchenette, and maximum occupancy is three people per unit.

Applicants who qualify must work a minimum of 30 hours a week, have proof that they have lawful presence in the United States and can provide first and last month rent, as well as a security deposit.

Nussmeier said employers also can sign leases for multiple units to house their employees.

More information, including photos and application requirements, are available at http://www.apcha.org.

csackariason@aspentimes.com


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