The average listing price for a home in Basalt on real estate website Zillow has increased 7.3% since 2023 and is now $1.3 million.
Working residents of the Roaring Fork Valley have a new opportunity to secure affordable housing.
The West Mountain Regional Housing Coalition announced August 9 that it has launched its “Good Deeds” pilot program to help working residents purchase homes between Aspen and Parachute.
April Long, executive director of West Mountain, recently told Aspen City Council members that the program has already helped one applicant make an offer on a home in Glenwood Springs.
Through Good Deeds, West Mountain subsidizes 30% of the purchase price (for property values up to $1.5 million, depending on location) for homebuyers who work in Pitkin, Eagle or Garfield counties. The program has no income cap.
In exchange for the purchase assistance, program beneficiaries set ownership restrictions on their new homes. These restrictions limit the homes’ appreciation and restrict future buyers to other working locals.
The coalition has raised $2 million to launch the program, which will support a maximum of four home purchases. Aspen council members agreed last Tuesday to contribute $450,000. Contributions so far include $200,000 from the city of Glenwood Springs, $250,000 from the city of Snowmass Village, $100,000 from the city of Carbondale and $1 million from Pitkin County.
West Mountain is a nonprofit organization with a mission to “increase the availability and accessibility of affordable public housing in the Roaring Fork and Middle Colorado River valleys.” The coalition has nine member organizations, including seven local governments, the Colorado Mountain Local College District, and the Roaring Fork Transportation Authority. Representatives from each organization sit on the coalition’s board of directors.
West Mountain seeks to provide regional affordable housing solutions that do not require new construction. By subsidizing the purchase of existing vacant housing units, West Mountain can secure affordable housing at a much lower cost than new construction. The average cost to build a housing unit in the Upper Roaring Fork Valley is about $1 million.
The Good Deeds program will be the coalition’s first project since the organization took shape in 2018.
Mayor Torre was the only Aspen council member who did not vote for the city’s contribution at last Tuesday’s regular meeting, arguing that other city housing programs needed the money.
“I’m very skeptical of this program. I’m very skeptical of the direct impact on this community and the taxpayers who pay these taxes,” Torre said during Tuesday’s meeting. “I just can’t stand supporting almost half a million dollars when our housing program has a need.”
Torre said he would have been happy with a gift worth $250,000.
Aspen’s elected officials have expressed concern that their contributions do not provide enough benefits to their constituents. Because the program is regionally focused, Aspen’s funds could ultimately benefit individuals who live and work in other communities.
But most council members overcame those concerns. Councilman Bill Guth, who had previously worried about the program’s benefits to Aspen, said he was “willing to give it a try.” Guth said even helping valley workers benefits Aspen residents.
“We all drive down to the valley and use these services there. I see this as part of our economy, our community and our lives,” Guth said.
Long argues that the regional nature of the program creates regional benefits. Some workers from the lower valley perform volunteer or other services in the upper valley, while some households have members who work in different parts of the valley. More flexibility in the program, Long argues, makes these arrangements possible.
“I guess we just trust that it’s a regional issue and concern,” said Councilman Ward Hauenstein. “I’m willing to take a risk. $450,000 is a lot for me, but not a lot for the city, and it could benefit the entire community, the community being the entire valley and the I-70 corridor.”
Council members encouraged Long to continue thinking about how the program can address the difficult issues, such as code compliance and home maintenance, that have troubled the Aspen-Pitkin County Housing Authority throughout its history. Long, who is currently West Mountain’s only full-time employee, said the coalition has discussed those issues and is working to resolve them.
Interested readers can visit wmrhousing.org/GoodDeeds to find more information and begin the program qualification process. Spanish translation services will be available. For more information or questions, contact Long at [email protected].
