A $23.8 million investment from FirstBank is helping Habitat for Humanity of Roaring Fork Valley (RFV) tackle one of Glenwood Springs’ biggest challenges — affordable housing. The funding will support the L3 Condominium Conversion project, which will turn 88 studio and one-bedroom apartments into affordable condominiums for purchase.

The project is aimed at local workers who earn too much to qualify for housing assistance but not enough to afford market-rate homes. This “missing middle” includes teachers, first responders, healthcare providers, small business owners, and others who are essential to the community’s economy and stability.

“This project is a perfect example of our ‘banking for good’ mission,” FirstBank Vice President Kseniya Mamlin said. “Housing is critical to community growth and economic mobility. Habitat RFV’s effort to make 88 units affordable will have a major impact on Glenwood Springs and the surrounding valley.”

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Transforming rental units into ownership opportunities

The L3 Apartment Complex, located in West Glenwood Springs, was built less than three years ago to condominium standards. This made the transition from rental units to owner-occupied homes relatively straightforward. Habitat RFV is working with the city to finalize rezoning, create a plat map, and establish a homeowners association (HOA) to manage the property once sales begin.

Sales are expected to open in April, with Habitat RFV preparing current tenants, priority buyers, and the general public for the process. Tenants living in the apartments were given the first opportunity to purchase their units, and Habitat RFV has held more than 100 meetings to assist them in navigating financing and homeownership requirements.

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“We’ve been meeting with residents to ensure they have the support they need,” Habitat RFV CEO Gail Schwartz said. “We want to make sure this transition gives them stability and an opportunity to build equity.”

The condos are designed to provide entry-level homeownership opportunities for essential workers and residents. Buyers will benefit from FirstBank’s special mortgage program, which includes lower interest rates and reduced down payment requirements for those earning up to 150% of the area median income (AMI).

“We approved a special mortgage program for this project,” Mamlin said. “It’s all about making the dream of homeownership achievable for as many people as possible.”

A collaborative funding effort

The $35 million project is a collaborative effort involving multiple stakeholders. In addition to FirstBank’s financing, the City of Glenwood Springs contributed $3 million through a mix of grants and low-interest loans. The Roaring Fork School District also stepped in with $1 million, securing priority access to 10 units for district employees. Local fire districts, businesses, and the Colorado Housing Finance Authority (CHFA) also provided key funding to close the gap.

“This required a lot of creative thinking,” Schwartz said. “It’s a bold step for our organization, but it shows what’s possible when public, private, and nonprofit entities come together.”

The pricing for units will vary based on income, with three tiers: buyers earning up to 120%, 150%, and over 150% AMI. 

“These renters are often paying 50 to 60% of their income on rent,” Schwartz said. “As homeowners, they’ll pay closer to 30 to 35%, which gives them stability and a chance to build equity.”

Ensuring long-term affordability

All 88 units will be deed-restricted to maintain affordability for future buyers. The restrictions will limit appreciation to ensure the condos remain attainable for working families. Habitat RFV’s sweat equity program will also require buyers to contribute 50 volunteer hours to local nonprofits or Habitat projects.

“This isn’t just about giving people homes,” Schwartz said. “It’s about engaging them in the process of building a stronger, more connected community.”

The organization is also educating prospective buyers on HOA responsibilities and deed restrictions to ensure they’re prepared for ownership. Schwartz emphasized that this project is designed as a starting point for residents who may later transition to larger homes or market-rate housing.

“These units are a foothold,” Schwartz said. “They’re for people entering homeownership for the first time or for retirees who want to downsize. It’s about creating opportunities.”

A vision for the future

The L3 project is part of Habitat RFV’s larger mission to address housing affordability in the Roaring Fork Valley. The organization is also building a modular home production plant in Rifle, which will manufacture affordable housing units for use in high-cost areas like Glenwood Springs.

“This is just the beginning,” Schwartz said. “We’re demonstrating that with creativity, partnerships, and determination, we can tackle the housing crisis head-on.”

The modular production facility, which represents a $23 million investment, will produce homes off-site and transport them to their final locations. This approach significantly reduces construction costs and timelines, making it an ideal solution for areas where traditional building methods are prohibitively expensive.

“These efforts are about solving systemic problems,” Schwartz said. “If we don’t address housing, we risk losing our workforce, our economy, and our sense of community.”

Collaboration and community impact

The success of the L3 project hinges on the collaboration between Habitat RFV, FirstBank, local governments, and other partners. Schwartz said the project should serve as a model for future affordable housing initiatives, both in Colorado and beyond.

“Affordable housing is everyone’s problem,” Schwartz said. “We need public, private, and nonprofit sectors working together to create solutions. This project proves that it’s possible.”

For FirstBank, the partnership with Habitat RFV represents more than just a financial investment — it’s a commitment to building stronger communities.

“This isn’t just about dollars and cents,” Mamlin said. “It’s about relationships and helping people achieve stability through homeownership. Housing isn’t a luxury — it’s a necessity.”

For more information about the L3 Apartment Complex or Habitat RFV’s work, visit HabitatRoaringFork.org.