В Эйджл-Виллз торжественно открыли обновленный доступный жилой комплекс, который сохранит низкие цены на 60 лет

Eagle Villas grand reopening welcomes residents back home under new ownership and new design When Juliette Kennedy found out that Eagle Villas, her home of seven years, was up for sale in 2023, she had just given birth to her son, who had been diagnosed with a congenital heart defect. She knew if the property went to open-market sales, prices would rise to a point her family could no longer afford. Her family of five children would have to move to Denver, completely altering the life she and her kids had built in Eagle County. The 120-unit housing community has been in the Town of Eagle since 1994 and serves families earning 45-60% of the area median income. Converting the homes to regular market prices could have displaced residents like Kennedy. That’s when Ulysses Development Group came in and successfully acquired the property in 2024, setting out on a nearly two-year journey of fundraising and construction with the goal to let current residents stay. On Aug. 11, residents, state and local officials and everyone involved in the renovation were invited to celebrate the “grand reopening” of the income-restricted housing complex that will stay affordable for the next 60 years. “We don’t ever intend to sell this property, and so we’re gonna be the owners and operators for as long as we possibly can,” said Blaise Rastello, the vice president of development at UDG. When Rastello joined UDG in the summer of 2023, this project was one of the first of many he tackled in his new role. Understanding the consequences if the affordability restrictions expired, he knew something had to be done. Support Local Journalism The group initially put in an offer in the fall of 2023, but lost the bid. However, that only fueled the fire even more, and they turned to other partnerships for aid, which boosted them to bid again and successfully became the new owners. The development group worked with the Eagle County Housing and Development Authority to get new tax credits and funding, and invested about $104,000 per unit in a $12.6 million renovation of all 120 apartments. To get the funding, UDG sought out state and local partners, including a $4 million loan from Eagle County, a $5 million and $3.4 million contribution from the Colorado Department of Local Affairs from its Affordable Housing Revolving Loans and HOME Investment Partnerships Program. “I knew there was too much at stake here for everybody at every level of government to say no to,” Rastello said. Alongside government funds, JP Morgan Chase funded $41.4 million and $25.$ million, and the project’s equity investor, the National Equity Fund, invested $22.9 million. The renovation included interior upgrades such as fully remodeled kitchens and bathrooms, new flooring, enhanced insulation, sustainability upgrades and fresh paint, as well as exterior improvements like new windows, roofing and gutters. The entire complex has been made ADA-compliant and has LED lighting and rooftop solar. While construction was happening, residents were temporarily relocated at a nearby hotel for up to ten days before they moved back into their refurnished homes. Senator Dylan Roberts said that typically the conversation at the state capitol surrounds building new homes and starting new projects. “What isn’t talked about enough is preserving the housing we already have, and this is a great example of that,” he said to the crowd on Tuesday evening. “The possibility of losing that in this community was going to take us back so much further than the work we have progressed building new housing in this community across Colorado.” This was something the Town of Eagle mayor, Bryan Woods, also seemed to realize. “It is a place like Eagle Villas that makes the Town of Eagle such a special community,” he said. “The majority of our affordable housing is in this town, and we fight so hard for every unit.” Congressman Joe Neguse, the United States representative of Colorado’s 2nd congressional district, told event attendees he hopes other counties will follow Eagle County’s lead. “Having the foresight and your willingness to make the decision that you all did 3 years ago is something that I hope other counties’ missions across the congressional district that I serve will emulate, ” he said.