Affordable Rentals

River Walk Rentals

Community Fit

Supports the Ouray Community Plan by providing more affordable housing opportunities to promote year-round occupancy, contributing to the vibrancy and sustainability of the city. All buildings will be constructed to abide by the current adopted planning and building codes of the City of Ouray.

RIVER WALK
RENTALS

1507 Oak Street, Ouray
AMI Served

<100%

Pop. Served

Approx. 36

Budget

$5,540,178

  • Secured Funding
    • DOLA Operation Turnkey Low Interest Loan $675,000
    • DOLA More Housing Now Grant $297,450
    • San Miguel Power Association $10,000
    • Basin Electric Power Cooperative $5,000
    • CHFA Technical Assistance Grant $25,000
    • Ouray County $100,000
    • City of Ouray $100,000
    • Western Colorado Community Foundation - $3,000
    • Ridgway Ouray Community Council - $5,000
  • Pending Capitol Sources
    • Weave Social Finance - $1,541,812
    • Kenneth King Foundation - $100,000
    • Prop 123 Equity: $3,220,916
    • Private/Owner Equity - $100,000
  • Funding Need

    • $180,000 in equity needed to leverage state funding as part of the overall capital stack.

  • Cost
    • $460/sq ft
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  • State Partners:
    • Colorado Housing and Finance Authority / Department of Local Affairs (DOLA)
  • Local Partners:
    • City of Ouray & Ouray County
  • Units

    • Thirteen income-qualified apartments, housed within three two-story structures, will be built on a 0.53-acre parcel adjacent to the Uncompahgre Riverfront Path and Park in Ouray. Four-1BD, seven 2BD, and two 3BD affordable rentals ranging in size from approximately 556 to 1,153 square feet.

  • Timeline
    • Break ground Spring 2026 for a 12-month construction period.
    • Tommy Tsunami Design led the design process.
    • North Peak Construction has been selected as the general contractor.
    • The project has completed the PUD process.
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