Construction is underway at the St. Louis Landing project, one of three affordable housing projects in Colorado to receive state Middle-Income Housing Tax Credit awards this year.

The tax credits, announced in July, will support the project’s Building C to the tune of $1.54 million each year for five years, according to a news release from the Colorado Housing and Finance Authority.

“We’ve applied to and been awarded about net $5 million of tax credits through the Middle-Income Housing Tax Credit program, and so that pretty much closes all of our financial gaps in our three-building plan,” Matt Ginsberg, of Mountain Affordable Housing Development, said during a Fraser Board of Trustees meeting Wednesday, Aug. 20.

Utilities and infrastructure work on the project are running on or ahead of schedule, according to Ginsberg’s update at the meeting.

The St. Louis Landing project is designed as a master-planned community with a goal of creating affordable housing within two years, according to the town of Fraser. The construction site sits within walking distance of grocery and convenience stores, a pharmacy, medical clinic, library and elementary school. All buildings are planned to run on electric and solar energy, and the town also expects to add an early childhood education center.

Foundation work began on Building C in early August. It will include 27 studio apartments, 35 one-bedroom units and eight two-bedroom units for residents earning between 80% and 120% of the area median income. Interior finishes are expected to be completed by January 2026.

Building E is slated to start construction in September, with Building D scheduled to break ground for spring 2026. Together, the buildings are expected to deliver 129 housing units with an average affordability set at 89% of the area median income.

In Grand County, area median income for an individual is $62,750 at 80% and $94,100 at 120%. For a family of four, those figures are $89,600 to $134,400.

Only residents who work 30 or more hours per week in Grand County can rent or buy in the development due to deed restrictions on all units. Remote workers will not be eligible to live there, and units cannot be converted into short-term rentals, according to the town of Fraser.

At the Aug. 20 meeting, the board of trustees presented a full financing package for the project, combining Proposition 123 funds from the state, Middle-Income Access Program loans, bonds and the Middle-Income Housing Tax Credit.

Developers anticipate completing the project by early 2027, though bridge loans from the town of Fraser, Fraser Housing Authority or from a third-party lender may be needed to keep construction on schedule until final funding approvals are complete later this year, according to Ginsberg.