Friday, August 6, 2010

Montezuma County Benefits from Recovery Act

for immediate release
FRIDAY, AUG. 6, 2010

Jerilynn Martinez, 303.297.7427

Montezuma County Benefits from Recovery Act

$6.4 million will help build 48 affordable housing units

(Cortez, Colo.) – The Housing Authority of the County of Montezuma has been awarded $6.4 million from the American Recovery and Reinvestment Act (ARRA) to build Brubaker Place, a 48 unit affordable housing community in Cortez, Colorado.

“We currently have more than 280 low to moderate income qualified applicants waiting for housing,” said Terri Wheeler, executive director of the Housing Authority of the County of Montezuma. “Brubaker Place will provide affordable, workforce housing for Montezuma County’s service population, which civic and business leaders agree is vital to the success of our community.”

Upon its completion, Brubaker Place will consist of six, two-story apartment buildings and a one-story community center. One, two, and three bedroom units will be available for rent to households earning 60 percent Area Median Income and below, or less than $30,480 annually for a family of four. Overall, the $8.6 million project is estimated to generate over $18 million in economic investment within the surrounding community and support 136 jobs.

Congressman John Salazar said, “I’m glad that stimulus funding can help to create jobs in Colorado and affordable housing opportunities for those who need them. This funding will help create 48 units of affordable housing while putting money into the Cortez economy. I’m proud to have supported stimulus funding for this project and I will continue to support projects that create jobs and develop our communities.”

The ARRA funding awarded to Brubaker Place is part of the Tax Credit Exchange Program (TCEP) created by Congress to support the development and preservation of affordable housing and stimulate jobs. To date, Colorado has received $32.8 million in TCEP funds to eight affordable housing developments consisting of 410 rental units across the state. The TCEP program is administered by the Colorado Housing and Finance Authority (CHFA).

“Several affordable housing developments across Colorado were at risk of not moving forward as a result of the national economic decline,” said Cris White, CHFA executive director and CEO. “The TCEP program, created by Congress in ARRA, has been key to ensuring that many of these developments are able to proceed.”

In addition in TCEP funding, Brubaker Place is receiving $1.1 million from Funding Partners’ Mammel Affordable Housing Loan Program, and $950,000 in Community Development Block Grant (CDBG) funds awarded by the Colorado Department of Local Affairs, Division of Housing.

Darcy McClure, president of the Funding Partners Board of Trustees said, “Brubaker Place is a marvelous example of how the public and private sectors have joined forces to respond to market disruptions and meet rural Colorado’s needs, an area that too often falls from our collective radar. Although complex, the community benefits and long-term impacts of this financing structure are well worth the effort.”

Brubaker Place will be constructed with double paned windows, brick and stone exterior detail, attractive steel balcony and stair railings, and water efficient landscaping. The units will feature tile entries, large windows, nine foot ceilings, brushed nickel hardware throughout the kitchens and baths, modern energy efficient appliances, washer/dryer hook-ups, and a patio or balcony.

For more information about Brubaker Place, or to apply for rental housing assistance from the Housing of Montezuma Housing Authority, please contact Terri Wheeler, executive director at 970.565.3831 or visit the Main Office located at 37 N. Madison, Cortez, Colorado 81321.