Durango, CO: New apartments nearing completion in Durango will include 14 units rented at rates below market value under a partnership between developers and the city.
The Gauge Apartments at 1275 Escalante Drive will include 89 multi-family apartments which are scheduled be finished in August. The developer, Four Points Funding, has committed to providing 14 of the units to local workers earning between 80-120% of the La Plata County area median income:
AMI % | 1 Person | 2 Person | 3 Person | 4 Person |
80% | $58,240 | $66,560 | $74,880 | $83,120 |
100% | $72,800 | $83,200 | $93,600 | $103,900 |
120% | $87,360 | $99,840 | $112,320 | $124,680 |
The one and two-bedroom units will be first-come first-serve basis. Applications seeking below-market rates can be submitted online at www.gaugedurango.com or by phone at (970) 730-2523. Applications will be reviewed by The Gauge Apartments in conjunction with Housing Solutions for the Southwest. The first 59 units are now available, and the remaining 30 units will be available in mid-October. Below-market rental rates are anticipated to be in ranges of $1,300 to $2,000 dependent upon income, household size, and unit type.
“We’re excited to see this project near completion and provide much needed rental housing into our housing stock,” said Eva Henson, manager of the city’s housing innovation division. “By working with the developer and our non-profit partner we are able to deploy the below-market rental units to the local workforce in a mixed-income development.”
Kyle Oberkoetter, an analyst with Four Points Funding, said Henson and the city's community development department have been instrumental in the launch of the project. “We look forward to meeting our new residents over the upcoming months and being a part of the incredible Durango Community," he said.
To receive updated news from the city, sign up at Notify Me and select "City of Durango News Flash"
_____________________________________________________________________________
Media Contact
Tom Sluis
Public Information Officer
Phone: (970) 375-5090
Email: Tom.Sluis@durangogov.org
###