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Financing The Crossing Affordable Housing Project in Buena Vista


Buena Vista, CO – Collegiate Peaks Banks is proud to announce that it is financing yet another affordable housing project, The Crossing in Buena Vista.  A groundbreaking for the project is scheduled for June 27.

The planned development is based on the history of Buena Vista and involves mining, agriculture, and railroad aesthetics. The development will have a range of homes at a variety of prices from a thirty-unit apartment building with rents ranging from $1,300 to $1,400 per month, two-bedroom homes in the $320,000 to $330,000 range, three-bedroom homes at less than $400,000, and lots for custom homes.  Out of the 114 homes that will be built in the first phase of our project, 57 will be permanently deed restricted for certain income levels basically between 75 and 100 percent of the Area Median Income [AMI] for people who live and work in Chaffee County.

“There is an obvious and growing need for affordable housing throughout Colorado and our bank’s participation in projects like The Crossing have helped to make them a reality,” said Liam Girard, President of Collegiate Peaks Bank.  “Our experience in real estate financing, along with our strong network of connections and knowledge of how to make difficult projects a reality are key contributors to providing affordable housing to people and families in various cities and towns.  We’re very proud to be part of this very important market segment.”

In addition to Collegiate Peaks Bank, funding The Crossing is pursuing includes: a $2 million infrastructure grant from Energy/Mineral Impact Assistance Fund (EIAF) and Division of Local Government (DLG); a $3 million infrastructure loan from Transformational Housing Loan Fund (THLF) and DOLF; a $5 million CHT loan from Colorado Housing and Finance Authority.

In addition to The Crossing, Collegiate Peaks Bank is also financing The Midland Apartments in Chaffee County on behalf of Fading West Development, and four projects located in Brighton, Limon and Estes Park that make up Chrisman Development’s Park Ridge portfolio.  The financing represents Collegiate Peaks Bank’s ongoing efforts to help make affordable housing a reality in Colorado.