Editor’s note: This story has been edited to clarify the location of the apartments.

Grand County residents are invited to learn more about Mill Apartments, a new affordable housing project near Fraser. On Aug. 23-24, residents can attend the the Mill Apartments leasing event at the Grand Park Community Recreation Center. The event will be from 10 a.m. to 5 p.m. on both Wednesday and Thursday.

The apartments will be one, two and three bedrooms, with a projected build of 60 units. The apartments will be available for full-time Grand County residents who meet the income limits of 30%-80% area median income. For example, one person at 50% AMI has a limit of $32,700 per year; a family of four at 50% AMI has a limit of $46,650 per year.

A one-bedroom ranges from $525-$1,401 monthly; a two-bedroom from $630-$1,680; and a three-bedroom from $727-$1,941.

The Grand County Housing Authority is a partner with the project. Ross Management Group is the current property manager, although the developer is seeking a local property manager who could be on-site.

Clark Lipscomb of Cornerstone Holdings is heading the Mill Apartments project, which is part of the Grand Park community. The homes will be located in Byers Peak Ranch, at the corner of Mill Avenue and Leonard Lane. The development is planned to include three apartment buildings and a clubhouse. One building has been constructed, with units completed.

The completion of the affordable housing project has been a long time coming. Lipscomb created Fraser Mill Development LLC to head the project in 2019, to provide workforce housing for locals. In October of that year, the Colorado Housing and Finance Authority awarded the project 9% Low-Income Housing Tax Credits, to subsidize the apartments’ construction. However, the Mill Apartments hit a roadblock in 2020, with the COVID-19 pandemic. Most recently, Lipscomb and the Town of Fraser are in discussions to waive water and sewer service fees for the development.

If completed, Mill Apartments will be one of the county’s first new low-income housing developments since 1995, when Waipiti Meadows began offering Section 8 housing in Fraser. In order to meet the requirements for 9% Low Income Housing Tax Credit, the development must meet a high amount of occupancy.

During an Aug. 2 meeting about Mill Apartments with Fraser’s Board of Trustees, Lipscomb told trustees the number of applicants he needs in order for the project to receive the tax credit. There must eight qualifying households for each of the lower income brackets – 30% AMI, 40% AMI and 50% AMI. Lipscomb told trustees he has received an application from only one family in the county who is at 30% AMI. He hopes to find 23 other households by the Oct. 1 deadline to receive the tax credit, ensuring that the housing will remain affordable to the residents who need it most.