**Press Release
**
Lumberyard Phase B receives $2.89M in tax credits
Financial award advances Aspen’s largest affordable housing project
**Aspen, CO – **The city of Aspen, in partnership with Gorman&Company, has announced that Phase B of the Lumberyard affordable housing development has been awarded $2.89 million in Middle-Income Housing Tax Credits by the Colorado Housing and Finance Authority.
The award is an important step toward completing the city’s largest affordable housing development and bringing 277 deed-restricted affordable rental homes to the Lumberyard, located just east of the Airport Business Center.
The tax credits are a financing tool that helps make affordable housing projects possible. The city and its development partner can sell the credits to private investors, who receive tax benefits in return for investing in the project. The money raised from those investments is expected to provide approximately $10.5 million toward construction of Buildings 2 and 3.
Construction of Buildings 2 and 3 is expected to begin following financial closing in spring 2027.
“This award is another significant step toward delivering much-needed affordable housing for Aspen’s workforce,” said Chris Everson, the city’s affordable housing senior project manager. “The Lumberyard project represents a major investment in our community and will help provide stable, year-round housing for local employees and families while supporting the long-term vitality of Aspen.”
Once complete, Lumberyard will provide 277 deed-restricted affordable rental homes, creating additional housing opportunities for Aspen’s workforce and helping local employers attract and retain employees.
“We are excited to continue the construction progress at Lumberyard and fulfill the city and community vision for this development,” said Kimball Crangle, Colorado market president for Gorman&Company.
For more information about the project, go to aspencommunityvoice.com.