STEAMBOAT SPRINGS, Colo. — Work has begun on an affordable housing complex in Steamboat Springs.
The Steamboat Pilot & Today reports (http://bit.ly/1qfX5nR) that Overland Property Group broke ground for the 48-unit project on Wednesday.
The project, called The Reserves at Steamboat, will feature walk-in closets, high ceilings and knotty alder cabinets.
Rents for the two- and three-bedroom apartments will be scaled to households earning 40 to 60 percent of the median income here and will be set by the U.S. Department of Housing and Urban Development. The exact figures have not been determined, but officials say in May 2014, the two-bedroom apartments would have rented between 4710 and $1,065, depending on the renter’s income.
The development is a partnership between Overland and Yampa Valley Housing Authority and work is expected to be complete next year.
Information from: Steamboat Pilot & Today, http://steamboatpilot.com/