Habitat for Humanity Roaring Fork Valley closed on the L3 Apartment Complex, 253 Wulfsohn Road in Glenwood Springs, with Stoneleigh Companies LLC on Wednesday, according to a Thursday news release from Habitat RFV.

Over the next six months, the nonprofit plans to convert the 88-apartment complex, which consists of one-bedroom and studio units, into affordable condominiums. The project aims to provide affordable housing for 80-120% AMI households, with mortgage rates as low as 2.5%, and is intended for the “missing middle” — those who make too much to qualify for housing assistance but not enough to purchase a market-rate home. The median home listing price in Glenwood Springs is $1.2 million, according to realtor.com.

The condos will be an opportunity for working professionals such as teachers, first responders and small business owners, to secure permanent housing in the valley.

“This is an incredible opportunity to provide our local workforce with the ability to purchase an affordable home and allow families and individuals to build home equity right here in the valley,” Habitat RFV CEO Gail Schwartz said. “Ever-increasing rents are driving our local workforce away from the communities they serve and this is a chance to invest in their futures and stay in the place they call home.”

Local partners contributed money to the project in exchange for priority units. In August, Garfield County Commissioners voted 2-1 to make a $150,000 purchase priority in a one-bedroom unit at the L3 project, which will be prioritized for county employees. 

“Garfield County employees will have a priority unit available in perpetuity. If they leave, the next unit for sale will go to another county employee,” Schwartz said in August. 

The city of Glenwood Springs contributed $3 million to the initiative, $1.5 million from the 2C workforce housing fund and $1.5 million as a loan with interest from the city’s general fund, in exchange for 15 priority units for buyers employed at a business within Glenwood Springs city limits.

The current L3 tenants can stay in their apartments, and pay the same amount in rent, until the end of their lease. Those who qualify and are interested in purchasing a condo will be supported by Habitat RFV throughout the process, according to the release. Green Leaf Management, which currently manages L3, will stay on throughout the conversion process to prevent operation disruptions for current residents. 

“Habitat RFV would like to assure all current leaseholders and the community that Habitat RFV will honor all existing L3 rents and lease agreements,” the release states. “As housing stability remains a top priority for Habitat RFV, we will do our best to help residents pursue alternate accommodations in several surrounding properties, if so desired.”

The L3 condos will be deed-restricted to preserve affordability for future homeowners. Habitat RFV partners with loan programs including the Impact Development Fund, Colorado Housing and Finance Authority, as well as local lenders, and will work with purchasers to find financing options. Purchasers will also be a part of Habitat RFV’s “sweat equity” program and volunteer with other L3 homeowners. 

Through the L3 conversion, over 100 community members will attain homeownership, according to Habitat RFV.