Fraser moves forward with workforce housing development as residents raise concerns about affordability

Town of Fraser/Courtesy photo
A few residents voiced concerns about the town of Fraser’s St. Louis Landing project during a recent public meeting. Concerns revolved around whether the project truly restricts rental prices, whether it will serve low- and moderate-income earners and whether the developer is providing accurate cost estimates.
Formerly known as Victoria Village, St. Louis Landing will provide a mix of deed-restricted housing and market-rate housing for rent or sale.
The town is currently in the process of approving architectural plans for the project, for which it purchased 11.3 acres of land beside St. Louis Creek in 2022 with the intention of transforming it into affordable housing. In November 2024, the project broke ground.
Income restrictions
During the town board’s Dec. 18 meeting, Town Manager Michael Brack explained that half of the units in the development will have residency and income requirements. Those units will be available only to full-time Grand County residents making no more than 120% of area median income, or up to $86,280 for a household of one.
Limiting the units to only Grand County residents is a requirement of the Operation Turn Key grant, which the town received to help purchase the land. The grant was for 80% of the 3.8 million cost to purchase, meaning Fraser paid $760,000.
Mayor Brian Cerkvenik explained how the Colorado Housing and Finance Authority defines affordable housing, which is that a person’s rent or mortgage should be no more than 30% of their gross income. In the case of a person making about $72,000 a year — 100% of area median income for an individual — their rent could be up to $1,800 a month and still comply with the state metric.
The remaining units will be market rate, but town staff members have indicated they would like to keep those units at or below the same income limit.

During public comment, developer Clark Lipscomb, who is not affiliated with the project, expressed “serious concerns” with the high construction cost estimate of $66 million.
“This can’t ever be affordable housing,” Lipscomb said about the project, which aimed to create housing for low- and moderate-income households.
Lipscomb said St. Louis Landing does not have a limit on how high rents could go, adding that Brack said the town couldn’t yet determine rent caps because steel and concrete prices could increase.
“They would need to raise rents to cover increased costs,” Lipscomb said.
At the meeting, Brack agreed, saying that setting rent prices before the building is complete could hurt financing.
The project’s developers — Matthew Ginzberg and Todd Mohr, of Mountain Affordable Housing Development — called the comments “misinformed.”
“As it relates to the question about affordability, we’re not here to do point and counterpoint and rebut what’s being said,” Mohr said. “It’s clear to us things are being taken out of context.”
Moving the goal post
Lipscomb and others, including Fraser resident and developer Greg Beckler, said the town should set a lower area median income limit to assist those who have smaller incomes.
“I think you’ve got a great team to build it and good consultants to make sure the town’s safe,” he said. “But I really think those goalposts should be at 60%, 80% (area median income) and that should be clear and communicated by the town.”
For example, an individual at 60% to 80% of area median income makes $43,140 to $57,520 a year.

The town did pursue a Low-Income Housing Tax Credit award for a portion of St. Louis Landing but did not receive it. However, the town has received $8 million in grants to help subsidize the project.
Ginzberg said he is open to further subsidies to make the units more affordable. Subsidies allow developments to pursue low-income housing while also remaining financially viable.
Brack added that the town is pursuing state funds and grants in addition to working with the Fraser River Valley Housing Partnership and the Grand Foundation to make sure the project succeeds while also remaining attainable for the average wage earner. The Grand Foundation can provide rental assistance to residents, while the town has asked the Housing Partnership to contribute financially, hoping for $1 million through 2025-26, then $250,000 for the next 15 years.

The board ultimately voted to approve the current agreement with Mountain Affordable Housing Development. The town will now move forward with Phase 1 of the project, which includes deed-restricted units and a child care center.
“It is the town board’s desire to have this be as affordable as possible,” Cerkvenik said. “We’d like to shoot for a 90% (area median income) … so we will continue to look for funding to subsidize the project to make it as affordable as possible for the people of Fraser.”
When reached for comment about the project, town of Fraser staff did not respond by publication time.

On its website, the Fraser River Valley Housing Partnership explains how area median income is calculated: “To get AMI, you list all the annual incomes of residents in Grand County and then sort them from smallest to largest. The middle value is the 100% (area median income).”
In 2024, Grand County’s area median income was $71,900 for an individual. The Colorado Department of Housing and Finance calculates this number each year.
Area median income is different from average income, which can be skewed by a few really high or low earners, the partnership notes.
The U.S. Bureau of Economic Analysis keeps track of each county’s average wage. According to data for the fourth quarter of 2023, Grand County’s average wage was $50,648.
The U.S. Census Bureau also records each municipality’s median household income. This is the average income an entire household makes in a year. According to the census, Fraser’s median household income was $81,786.

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