The city of Steamboat Springs will get first access to 11 affordable housing units in a new downtown development in exchange for offering developer Gorman and Co. a $2.6 million loan with favorable terms, according to a deal that got initial City Council approval on Tuesday.
The project, Riverview, already has planning approval and is located on the east end of downtown near Natural Grocers. These 11 units would be deed-restricted for people with incomes of 80% Area Median Income or less, with city employees having the first chance at the units. If staff didn’t fill them, they could then be offered to other local workers.