Glenwood council approves affordable housing |

Glenwood council approves affordable housing

An affordable housing proposal at Glenwood Meadows won general approval from Glenwood Springs City Council Thursday night.However, council rejected waiving nearly $500,000 in fees developers had sought under a city ordinance allowing such a waiver for affordable housing.Council did approve a height waiver restriction and waiver in a block length requirement, and allowed developers 24 months to meet a one-acre park requirement.Although developer Robert Macgregor had said the fee waivers were crucial to the project’s financial feasibility, he said he was “very pleased” by council’s overall support for the proposal.”If there’s any way we can make this work, we will,” Macgregor said. The 120-unit apartment proposal would include 84 units set aside for lower-income residents.Glenwood Meadows LLC proposed a mix of one-, two- and three-bedroom apartments. Seventy percent would be income-restricted, limited in some cases to residents earning below 40 percent of the area median income, and in other cases to those earning below 60 percent of the median. Under those restrictions, some of the rents would be $531 a month, and others would be $860 a month.The restrictions qualify the project for federal and state housing finance assistance. They would remain in effect for 40 years.

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