Garfield County Approves $14.2 Million Glenwood Springs Mixed-Income Housing

Aspen —A $14 million project. Twelve units.

That’s the headline-grabbing math for the new mixed-income housing development in Glenwood Springs, but let’s look at what you’re actually paying for. The Garfield County Board of Commissioners approved the $14.2 million price tag for the 12-unit complex on Tuesday, a figure that includes $10 million in federal and state tax credits. That leaves $4.2 million for locals to swallow, either through direct property tax levies or increased fees on new construction.

The project sits on a 2.1-acre parcel off Highway 82, right where the traffic backs up during rush hour. It’s not a luxury condo tower. It’s a three-story, 12-unit building designed for households earning between 60% and 120% of the area median income. On paper, that sounds like a solution to the housing crunch. In practice, it’s another layer of bureaucracy wrapped around a brick-and-mortar reality.

The financing structure is where the numbers get interesting. The $10 million in tax credits covers roughly 70% of the total cost. That’s the federal and state money that doesn’t come directly out of your pocket every April. But the remaining $4.2 million? That’s the part that matters. It’s covered by a mix of low-interest loans and a small grant from the Colorado Housing and Finance Authority.

Let’s do the math on the units. Twelve units. Six are for families earning up to 80% of AMI. Six are for those earning up to 120%. The average household income in Garfield County is roughly $85,000. So, the 80% bracket caps at $68,000. The 120% bracket caps at $103,000. You’re looking at a building for people who make decent money, but not enough to buy a home in this valley without stretching every dollar.

The site itself is a rectangle of paved asphalt and gravel, currently occupied by a parking lot for a nearby business. The developer, a local entity called Western Slope Housing Partners, has already cleared the land. Grading is done. The foundation is poured. You can see the concrete footings from the road if you slow down on Highway 82.

Construction is expected to take 18 months. That means the first residents move in by late 2026. During that time, you’ll deal with dust, noise, and the occasional truck backing up into the lane. The project includes 12 parking spaces, one per unit, plus a small common area for bikes and storage. No pool. No gym. Just units.

The county’s planning director, Sarah Jenkins, noted that the project meets all zoning requirements for the R-3 district. That’s a medium-density residential zone. It allows for multi-family units up to four stories. This building is three. It fits. It’s not a violation. It’s not a special exception. It’s exactly what the code says it can be.

The cost per unit comes out to roughly $1.18 million. That’s high, but not insane for the Western Slope. Compare that to the $1.5 million per unit for the luxury condos down the road, and you see the subsidy at work. The tax credits are the difference between a project that makes financial sense and one that doesn’t. Without that $10 million, the developer would need to charge $2,500 a month in rent to break even. With it, the target is $1,800.

That’s the promise. Lower rent. Stable housing. But the reality is that $1,800 is still a lot for a family making $68,000. It’s 32% of their gross income. That’s the definition of housing stress. They’re still paying a premium for the privilege of living in Garfield County.

The project is funded. The permits are signed. The concrete is drying. Now we wait for the walls to go up.