Gorman & Company, Vail Resorts and Summit County held the ceremonial groundbreaking for The Village at Wintergreen in Keystone, CO. The community of 196 units sits on more than 28 acres, offering a variety of housing types to a range of income levels and is a culmination of efforts by various partners. The new apartments will help address the housing crisis in Summit County while also creating housing opportunities for those who work in the community.

Rents will be capped at 100 percent Area Median Income levels on 120 units. Made up of one-and two-bedroom apartments, the homes will be available only to those working at least an average of 30 hours per week on an annual basis in Summit County.

The entire project was made feasible through a partnership with Vail Resorts, who offered a ground lease on the property to avoid a costly acquisition price. Vail Resorts will master lease 36 units to offer housing to their seasonal employees and add a resort shuttle bus to the site to allow transportation options for those who work at the Resort

Summit County provided Gorman & Company with a $300,000 loan in support of the Wintergreen Apartments, and Summit Combined Housing Authority partnered with the developer to enable a property tax exemption for this portion of the project. These two partnerships were instrumental in Gorman & Company’s successful application for nine percent Low Income Housing Tax Credits award from the Colorado Housing and Finance Authority. The Wintergreen LIHTC Apartments will offer 40 units of the project designated for local workers earning 30 to 60 percent AMI.

The loan is one of the first Freddie Mac non-LIHTC Forward Permanent Loans that are intended to facilitate the development of Workforce Housing that falls outside of the LIHTC program. The permanent loan, originated by Hunt Mortgage Group, is a 15-year fixed-rate cash loan with a 30-year amortization schedule after a 12-month interest only period. Construction financing was provided by Citi Community Capital. Tax Credit equity was syndicated through Enterprise Community Partners and additional funds were provided by the State of Colorado – Division of Housing and Mile High Community Partners.