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City plans Truscott buyout

Sep 25, 2017

 

Credit Theodore K Guy Associates PC

Aspen’s Truscott II affordable rental buildings were built through a partnership with the the Aspen Pitkin County Housing Authority (APCHA) and private partners. The contracts expire this year, which leaves room for new opportunities.


The private funders joined APCHA in order to collect tax credits that come from building affordable units. Those credits are only good for 15 years. The City of Aspen will now spend $350,000 to buy out the private sector partners and put majority ownership with the housing authority.

From here, the city may decide to again pursue selling to private equity partners. This would generate money for maintenance on the property. There is also potential for a remodel that would create additional units, or an entire scrape-and-replace of the apartments. City staff is presenting the deal to the Aspen City Council in a work session Tuesday afternoon.