Kimball Crangle is the Colorado market president for Gorman & Co., a leading affordable housing developer and owner.
Affordable Housing Finance recently asked the industry veteran to share a development that has been especially meaningful to her. Crangle chose Vista Verde, which earned AHF's Readers' Choice Award for best rural housing development in 2024.
Name of development:
Vista Verde
Location:
Breckenridge, Colorado
Describe the development:
We first learned of the opportunity in Breckenridge when the town issued an RFP [request for proposal] for a developer to transform a site into housing. The town's vision of a sustainable, mixed-income housing community for local workers, set against the Blue River with stunning mountain views, immediately captivated us.
After being awarded the RFP in late 2019, we initiated a mixed-income phase one, receiving a low-income housing tax credit (LIHTC) award from Colorado Housing and Finance Authority to build an 80-apartment project (64 units for those between 30% and 60% of the area median income (AMI) and 16 units for those up to 100% AMI). Construction began in 2021, and phase one was completed in 2023. We then progressed to phase two, serving middle-income workers earning between 80% and 120% of the AMI. We secured financing in August 2022 and commenced construction immediately. The first residents will move into phase two by September.
The entire development will offer 252 apartments for residents earning between 30% and120% of the AMI, with incredible multimodal access to several Summit County towns. We were eager to help find a pathway to achieve a site-based net-zero development. Led by the vision of the town of Breckenridge, we helped identify design features to craft the project to net zero and then assisted in the financing of that effort to see it through completion. After our initial tests from the first phase, which has been operational for more than a year, we have seen that the buildings are operating as designed and meet the net-zero threshold.
Why is this development is meaningful to you?
Finding housing in high-cost mountain communities is incredibly challenging for residents. When the housing supply is limited, local businesses can’t operate to their full capacity. Creating a solution that provides a spectrum of housing, primarily affordable to local workers, into the market literally changes the trajectory for a family or a business. Households living with housing insecurities can finally have access to excellent quality, stable housing. Residents have expressed that they feel a part of the community, without fear of having to relocate time and time again. As a mom to three kiddos, I understand the importance of housing stability for our children’s school or after-school activities. Housing is critical to the well-being of the entire family system, and that permeates into stability for the community.
Lesson learned from Vista Verde:
While developing LIHTC housing has its own challenges, developing middle-income workforce housing has unique challenges as well. Finding the proper construction, permanent loans, and private equity that understands the mountain environment is critical. Partnerships with local communities are paramount. The town's leadership and vision were essential for successfully completing this challenging development.
How has this development influenced your work?
We are navigating a divisive time, and seeing the community come together to address critical issues like housing the local community in a high-cost, supply-constrained market has reinforced my belief that a shared vision and clear goals can unite people and lead to extraordinary results.
