While several affordable housing projects are in development, demand continues to grow. Habitat for Humanity Roaring Fork Valley (RFV) is committed to stabilizing the local workforce and helping essential workers build wealth through homeownership. That’s why Habitat RFV is partnering with FirstBank to convert the L3 Apartment Complex in Glenwood Springs, CO, to several ownership condominiums.

This $23.8 million affordable housing project—with 88 studio and one-bedroom apartments—is an opportunity to help “missing middle” individuals whose income is too high for housing assistance but not high enough to purchase a market-rate home. It’s designed to help working professionals, including teachers, first responders, health care workers, and small business owners, dip their toes in the homebuying water.  

“This is an incredible opportunity to provide our local workforce with the ability to purchase an affordable home and allow families and individuals to build home equity right here in the valley,” said Gail Schwartz, CEO of Habitat RFV. “Ever-increasing rents are driving our local workforce away from the communities they serve and this is a chance to invest in their futures and stay in the place they call home.”

All L3 condominiums will be deed-restricted to ensure long-term affordability. In short, deed restrictions limit how real estate can be used or what can be built on it. Habitat RFV will also work with residents to find the best financing options based on their income, down payment abilities, and more. Buyers will also be asked to participate in Habitat RFV’s “sweat equity” program, where they will contribute a certain number of volunteer hours to the nonprofit.  

“Affordable housing is the foundation of a thriving community. By funding projects like the L3 Apartment Complex conversion, we’re helping ensure everyone, including important workforce members, has access to a place they call home. Stable housing not only benefits individuals and families but also strengthens the entire community, and we’re excited to support Habitat RFV in their efforts,” said Kseniya Mamlin, Senior Vice President at FirstBank.

Like Habitat RFV, FirstBank recognizes the importance of affordable housing and its impact on community growth and economic mobility. That’s why the bank has partnered with several organizations to finance over $500 million in affordable housing projects since 2020. Read “14 Affordable Housing Developments Making a Difference” at efirstbankblog.com to learn more about FirstBank’s affordable housing initiatives.

To learn more about the L3 Apartment Complex, visit habitatroaringfork.org.

For more affordable housing or buying and selling tips, visit the Homeownership page at efirstbankblog.com.

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