Affordable Housing Clearinghouse
The Home Trust is focusing on the projects it is developing, but we are also keeping track of all the affordable/attainable/income-qualified housing initiatives in Ouray County. Information here is intentionally kept brief because there are frequent changes. Please visit the ‘Official Info’ links for official information! Email boardpresident@hometrustoc.org if there is an inaccuracy or an omission, and we’ll update the information.
What is “Affordable Housing?” Housing that is 30% or less of the household’s gross annual income, according to Colorado Housing and Finance Authority (CHFA) and the U.S. Department of Housing and Urban Development (HUD). This typically means there is some subsidization of construction costs and a restriction on resale amounts. This can include deed restriction to keep units affordable over time. Residents must be “income qualified” based on a percentage of Area Median Income (AMI).
What is NOT “Affordable Housing?” - Any housing that costs more than 30% of a household’s gross annual income. In Ouray County this includes most homes sold and resold at market rate with no restriction on resale value. Some small market rate condos and townhomes have been marketed as “affordable” because they are smaller, but they have no built-in price protections and are not “Affordable Housing.”
Updated 09/08/2023
Town of Ridgway
Parkside Duplex
Home Trust of Ouray County
Location: 485 N Laura St Ridgway, CO 81435 (temp address subject to change)
Units: 2 homes for sale (one duplex building).
Affordability: Buyers must be income qualified. Income requirement TBD based on funding sources. Resale managed by the Home Trust.
Developer & Manager: Home Trust of Ouray County
Timeline: Breaking ground in 2023
Official Info: hometrustoc.org/projects
Ridgway Affordable Rentals & Childcare
Home Trust of Ouray County
Location: 660 Sherman street Ridgway, CO 81432
Units: 17 rental apartments, childcare space, commercial space
Affordability: 50% - 120% AMI
Developer & Manager: Home Trust of Ouray County
Timeline: Completion in 2026
Official Info: hometrustoc.org/projects
Space to Create
Town of Ridgway & Artspace
Location: 675 Clinton St Ridgway, CO 81432
Units: 30 rental units accepting rental applications with anticipated move-in dates in fall 2022.
Affordability: 30% - 80% AMI
1 Bed Rents: $429 - $1,146
2 Bed Rents: $515 - $1,374
Manager: Artspace
Timeline: Active residency
Official Info: townofridgway.colorado.gov/i-want-to/space-to-create-ridgway
Official Info: https://www.artspace.org/ridgway
Wetterhorn Homes Ridgway
Rural Homes
Location: West of N Cora street & North of Frederick street in Ridgway. Block 30, Lots 1-12.
Units: 14 for-sale units in three duplexes and two four-plexes
Affordability: 80% - 120% AMI - Click here to see AMI chart
Price Points: $250k - $350k
Developer: Paradox Community Trust/Rural Homes, LLC
Timeline: Completion in 2023
Official Info: www.wetterhornhomesridgway.co
Ridgway Parkside Triplex
Habitat for Humanity
Location: 700 N Laura street Ridgway, CO 81432
Units: Three homes in a triplex for sale
Affordability:
Developer: Habitat for Humanity of the San Juans
Timeline: Owners moved in summer 2023!
Official Info: buildinglives.org/ridgway-parkside-triplex
705, 707, 709 Laura Street
Green Seal LLC
Location: 705, 707, 709 Laura street Ridgway, CO 81432
Units: Three two-bedroom homes
Affordability: No AMI limit, must be a Ouray County resident & be employed in Ouray County
Developer: Green Seal LLC
Timeline: First unit completed & sold summer 2023, two more units coming in 2024
Official Info: Details on Green Seal LLC Workforce Housing
City of Ouray
Ouray 6-plex rentals
Home Trust of Ouray County
Location: 734 4th St Ouray, CO 81427
Units: Six existing rentals
Affordability: Not currently deed restricted. All existing tenants will remain. When people move out, new renters will need to meet income requirements.
Manager: Home Trust of Ouray County
Timeline: Home Trust closed on the property in March 2023. Efficiency renovations planned.
Official Info: hometrustoc.org/projects
Oak Street Rentals
Home Trust of Ouray County
Location: 1505 Oak St (multiple lots)
Units: 6-12 Rental units
Affordability: Income qualified; 60% - 120%+ AMI
Developer & Manager: Home Trust of Ouray County
Timeline: 2026 completion after completion of wastewater treatment plant when new sewer taps are available.
Official Info: hometrustoc.org/projects
Ouray Waterview Development
Paradox Community Trust
Location: North Ouray (see image)
Units: 60+ for-sale homes in two phases
Affordability: Proposed deed restricted for-sale units up to 120% AMI
Developer: Paradox Community Trust/Rural Homes, LLC
Timeline: Property acquired in 2022. 1st phase of 21 homes expected completion in 2024. 2nd phase after wastewater treatment plant is completed and more sewer taps are available.
Official Info: www.waterviewouray.co
8th Ave City Land
City of Ouray
Location: 17 acres on the East end of of 8th Ave (yellow highlighted)
Units: TBD
Affordability: TBD
Developer: City of Ouray/TBD
Timeline: City owns property. Initial scoping underway.
Official Info: N/A