Local interest in a workforce housing project spearheaded by the Pagosa Springs Community Development Corporation (PSCDC) continues to grow, PSCDC Executive Director Emily Lashbrooke reported Feb. 12, with two homes sold and additional families working to purchase the majority of those still available.
“I want you to know we actively have seven families that are applying for these eight houses,” Lashbrooke said during the PSCDC’s monthly board meeting.
She added that four families were being subject to income verifications — one of the final steps buyers must complete when attempting to satisfy the program’s requirements, which also include loan preapprovals, a homebuyer’s class, as well as employment verifications.
Should those buyers all qualify, Lashbrooke indicated she would conduct another housing lottery to determine which homes are matched with each family.
“We’re really close on four families getting to a lottery situation, so we couldn’t be more thrilled with that,” she said.
In addition to those four, three new applicants recently began the multiphase process to qualify, Lashbrooke reported, and “look like very good, qualifying applicants.”
She added that the remaining homes have all received certificates of occupancy.
During the meeting, Lashbrooke also described the latest challenge faced by the project.
Due to all 10 home builds being lumped into a single construction loan, Lashbrooke explained, the PSCDC was forced to pay the fees it hoped to recoup after the sale of the first two homes.
“We added a CDC fee, or a reimbursement of the money we have into the project, to the cost of every house,” Lashbrooke told the board. “Well, the bank had us pay our own fee for the house, because we don’t get paid until the project closes. So, we had to come up with a little under $18,000 to close on our first two houses.”
She noted the PSCDC can draw from the bank to reimburse most of that sum, but would likely need to increase each home’s purchase price by “a couple thousand dollars” to prevent the same situation from reoccurring.
“Looking at next year, I think what we’re going to do is add our fee right when we go under contract — not have it in as a line item or put it in the loan request — just collect our fee at closing after every house to get our funding back,” Lashbrooke said. “So, I think we have a plan moving forward for next year; we also have a plan for the next eight houses.”
In a follow-up email with The SUN, Lashbrooke also attributed “ongoing utilities” for the increases to the homes’ prices.
Looking to the future, Lashbrooke noted an additional $675,000 in Proposition 123 funds for the project’s second phase was awarded to the PSCDC as of Feb. 11.
“This will give a $67,500 per house discount, to bring it into an affordable range,” Lashbrooke said. “So, we do have funding for phase two and were awarded all $675,000. So, that was really exciting for us.”
Despite the hurdles faced, Lashbrooke described the project’s ultimate goal — to pave a way to home ownership for working individuals and families that might not otherwise be competitive in the local real estate market — as a worthy one, and one belonging to the entire community.
“I just wish I could have shared with you the amount of community support we had for this housing project all along the way,” she told the board, and recalled ribbon-cutting ceremonies that took place at each of the homes recently sold.
“’Remember the amount of hard work and collaboration of this entire community,’” Lashbrooke said, describing her message to the new homeowners.
She added, “Whether it be the land surveyor who donated his time, or the soil test guy who cut his bill in half or the Colorado title company who waived the original fees of the title search for this project, I mean, everywhere we turned somebody gave something. So, it’s simply amazing and magical, and I just wanted to share it with you.”
Workforce trainings, U.S. 160 renderings
Other PSCDC updates offered at the Feb.12 meeting included:
• Broadband 101 trainings are currently underway in Pagosa Springs and Cortez.
The state broadband office is monitoring the pilot program, according to Lashbrooke, and will use the local results as a template for future broadband trainings around the state.
At the conclusion of the two-week trainings, local employers are scheduled to meet with graduates to explore potential hirings and paid, on-the-job learning opportunities funded by the state workforce office.
The Cortez broadband training is scheduled for March 3-14 at Pueblo Community College Southwest, with space for 25 students.
Pagosa Springs’ training began Feb. 17 and, according to Lashbrooke, has drawn students from across the region.
•A 3-D rendering envisioning the future of downtown Pagosa Springs could be available as soon as May or June after the PSCDC, in collaboration with the Main Street Advisory Board and Colorado Department of Local Affairs, secured funds to realize the project.
With reconstruction work along U.S. 160 set to begin this spring, “This visual will showcase the future vision for downtown, helping businesses, residents, and visitors see the long-term benefits of a revitalized, pedestrian-friendly main street,” Main Street Advisory Board Coordinator Kathleen McFadden wrote. “By shifting the focus from short-term disruptions to the project’s positive impact, we aim to build excitement and support within the community.”
The next update about the reconstruction project is scheduled for 6 p.m. on Feb. 27 at Motel SOCO.
garrett@pagosasun.com
