The Estes Park Housing Authority purchased a 2.62-acre site in July of 2023. The concept and plan at this early stage is to develop 10-12 townhome-style homeownership opportunities. This purchase represents the first purchase directly using 6E funds. Due to the timing of the opportunity, the Estes Park Housing Authority 'fronted' the funds required for closing the deal in anticipation of a successful adoption of a new MOU with the Town of Estes Park. EPHA will be reimbursed for the expenses incurred to purchase 775 RIverside by 6E funds.
EPHA secured a loan from the Bank of Colorado for $663,000 at 7.5%, to be converted in Q4 of 2024 to 5.75% tax-exempt financing. Basic terms: 35 equal payments on a 30-year amortization schedule. Anticipated to convert to construction phase within the 35-month timeframe.