The Department of Local Affairs (DOLA) awarded the Home Trust a bridge loan for the purchase of land at 660 Sherman Street in Ridgway for its proposed Ridgway Childcare Facility and Rental Housing development. The $360,000 loan comes from the State and Local Recovery Fund (SLFRF) Operation Turn Key 1329 Housing Development Grant.
The Home Trust also submitted a Congressionally Directed Spending (CDS) request to Senator Hickenlooper’s office in order to pay off this bridge loan, cover closing costs, install infrastructure, and perform other site preparation at 660 Sherman. Because these funds, if granted, rely on the action of the United States Legislature, timing is uncertain. The only timeline available is that a decision should be made sometime before September 30, 2023. The Home Trust is aggressively pursuing other state and federal funding opportunities concurrently.
The three-floor development is being planned with the ground floor consisting of a purpose-built childcare space, an outdoor playground, one ADA accessible apartment, and commercial space. The second floor is planned for five two-bedroom apartments, and two one-bedroom units. The third floor is planned for six two-bedroom apartments. There will be a total of fourteen rental units for income-qualified residents, enforced and managed by the Home Trust.