Canyon Vista Apartments, a planned 80-unit affordable housing development in Glenwood Springs, received another boost Friday after state officials announced preliminary funding support through Colorado’s Proposition 123 Concessionary Debt program. 

The project was selected for $1.3 million as part of a $19.6 million package for nine housing developments across Colorado. State officials said the Concessionary Debt program is designed to help affordable housing developers offset shortfalls caused by market uncertainty, including increased construction costs and rising interest rates. 

According to a press release, the $1.3 million award is preliminary and will be finalized during the project’s financial review.

The awards are expected to support the creation of 911 multifamily rental units for low- and moderate-income residents in Glenwood Springs, Denver, Grand Junction, Granby and Colorado Springs, according to state officials. Gov. Jared Polis said in a release the developments will “expand housing options and grow stronger communities across the state, creating more opportunities for Coloradans to live close to jobs, schools, and in communities they love.” 

For Glenwood Springs, the announcement adds another piece of momentum to a project that has already received major local backing. In December, Glenwood Springs City Council unanimously approved a $3.8 million financial package for Canyon Vista, which city staff described at the time as the largest single affordable housing investment in the city’s history. 

The development is planned between U.S. Highway 6 and Donegan Road, and would serve residents earning between 20% and 80% of area median income. Plans call for studio, one-, two- and three-bedroom units in two residential buildings, along with on-site amenities, solar components and a relocated RFTA stop. The project previously received city land-use approvals through a major site architectural plan and a state-required 1041 review because of its proximity to Highway 6. 

News you can trust. Straight to your inbox.

Sign up for our daily newsletter: PostIndependent.com/newsletter

Glenwood Springs Mayor Marco Dehm told the Post Independent the latest state funding is welcome news for a project that could help address one of Glenwood Springs’ most persistent needs.

“This is fantastic news,” Dehm said. “Affordable housing projects are some of the most difficult to get across the finish line, and these state dollars brighten the possibility of this project being a reality.”

He added, “Everything takes time and it’s energizing each time there’s a win along the way. Projects like this are particularly exciting because it would serve regular folks, bringing their housing costs back into proportion with their income.” 

Thomas Bryan, executive director and chief executive officer of the Colorado Housing and Finance Authority, said in the release that the selected developments “represent new opportunities for housing stability for hundreds of Colorado families,” while Eve Lieberman, executive director of the Colorado Office of Economic Development and International Trade, said the funding is a “critical step in supporting a thriving economy and strengthening local economies across the state.” 

The project also overlaps with a separate preservation effort in West Glenwood. The Glenwood Springs Riverside Botanical Gardens nonprofit is working to save and relocate the historic greenhouse on the property before Canyon Vista construction begins. 

So far, the group has raised about $20,000, including about $4,000 from a Feb. 28 fundraiser, toward an initial $100,000 goal to dismantle and store the greenhouse’s historic dome and chimney.

The greenhouse dates to 1903, when it was built for coal magnate John Cleveland Osgood at Redstone Castle before later being moved to West Glenwood. The nonprofit hopes to eventually reconstruct it as part of a future botanical garden in Glenwood Springs, but for now the focus remains on preserving its historic pieces before the new development moves forward.