Officials broke ground Tuesday in Basalt for the Roaring Fork Apartments. The project will provide affordable housing, unlike anything else in the valley.
The four-story building will have one and two-bedroom apartments. There will be 56 units altogether. The site is on Emma Road, right by Highway 82 and a transit station.
Basalt Mayor Jacque Whitsitt expressed her satisfaction with the site’s location while addressing the small crowd.
“We’re in walking distance from schools, this is exactly where housing should be, and it isn’t always, right?” Whitsitt said.
The Colorado Housing Finance Authority awarded the developer, RealAmerica Companies, a tax credit of a little over a million dollars a year, for 10 years. This enables RealAmerica to build at less cost. They’ll transfer the savings to the renters.
The apartments will be priced between $450 and $1,450 per month. Income will determine the rents that tenants pay.
All but 12 of the units will be rented out for significantly less than the area’s median income.
Ronda Weybright is the president of RealAmerica companies. She said the development will be ready in about a year, maybe a little over; it depends on the weather.
