Colorado Housing and Finance Authority (CHFA) has awarded $2,890,000 in Middle-income Housing Tax Credits (MIHTC) to Lumberyard Apartments in Aspen.
MIHTC is a state Housing Tax Credit authorized by the Colorado General Assembly in 2024 and allocated by CHFA. The program is the first of its kind in the nation, supporting the development of affordable rental housing serving residents with middle incomes, earning between 80 percent and 120 percent of the Area Median Income (AMI), and up to 140 percent AMI in rural resort counties.
Developed by Gorman & Company, LLC and designed by Cushing Terrell, Lumberyard Apartments will consist of 118 affordable middle-income rental units within a 173-unit development. he project will utilize modular construction to improve efficiency and accelerate delivery while helping address the area’s critical housing shortage.
The City of Aspen is providing the land for the development and additional financial support. The site is located adjacent to the Aspen Airport Business Center, within walking distance of transportation, and less than one mile from childcare and Colorado Mountain College. The property will be built with an all-electric design and include a photovoltaic system.
Lumberyard Apartments:
- 118 MIHTC Units: 56 One-bedroom; 52 Two-bedroom; 10 Three-bedroom
- 60 @ 90% AMI; 58 @ 130% AMI;
- 55 Non-MIHTC Deed-Restricted Units: 21 One-bedroom; 18 Two-bedroom; 16 Three-bedroom
- 27 @ 50% AMI; 20 @ 205% AMI; 8 @ 240% AMI
CHFA is authorized to award $5 million in MIHTC annually in 2025 and 2026 and $10 million in 2027, 2028, and 2029. The program serves Coloradoans with middle incomes who, therefore, don’t qualify for housing supported with traditional resources such as federal Housing Tax Credits, yet remain overburdened by market rents.
Since Gorman & Company’s expansion to Colorado in 2014, the company has initiated over 1,900 affordable apartment homes in the state, housing serving lower-wage earners, to “Missing Middle” and Workforce Housing, targeting those earning 80% to 120% AMI.
