determine the extent of its housing shortage and assess what types , quantities , and price ranges would be most beneficial for new units in the City to have , Scott said .
Most homes in Craig were built more than 40 years ago , and only 46 housing units have been added in the past 10 years . About one in five households in the City are living below the federal poverty line .
The City was contemplating using the original Memorial Hospital building site , which was built in 1949 and served as the primary health care facility until 2015 , to build affordable housing . The building was obsolete and contained asbestos that needed to be removed . Ayres assisted the City with the environmental remediation and demolition of the building , leaving the site clear for development .
The hospital contributed the land to the City for the housing project , and the City also agreed to allow the hospital the first right of refusal for five of the units for hospital employees . The hospital also contributed $ 1.4 million for demolition and abatement costs . Ayres worked with the City and hospital to ensure the site – a few blocks from the City ’ s downtown district – was shovel ready and available to develop . The City applied for a $ 300,000 U . S . Environmental Protection Agency Brownfields Assessment Grant in 2021 and was awarded the funding in 2022 .
After the site was cleared , city manager Peter Brixius , working with the Ayres team , built a development plan that included Fading West , a Buena Vista , Colorado , construction company that develops modular homes . The City also took advantage of the State of Colorado ’ s Innovative Affordable Housing Incentive grant to the tune of $ 1.5 million and the Transformational Affordable Housing grant for $ 2.75 million .
With the project moving forward , the Yampa Valley Community Foundation stepped in unexpectedly with an offer to finance $ 1.5 million of the project cost , at a below-market interest rate , through impact investing , Scholl noted . In this model , investors lend to projects such
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