A majority of the Grand County Commission on Nov. 18 voted to support up to $200,000 in county assistance for the Cooperative 1581 affordable housing project at Mill Creek Drive, a 144‑unit project presented by developer Jake Williams (22 Communities).

Developer presentation: Jake Williams said the project is 100% affordable with units targeted from 40% to 70% of area median income (AMI) and an average at roughly 60% AMI. He said the complex is financed primarily with federal and state Low‑Income Housing Tax Credits; a remaining financing gap of roughly $4 million remains and the project is seeking gap support, including $190,000–$200,000 in impact‑fee relief or a zero‑interest city/county loan. Williams said the project aims to begin horizontal work in January and close financing before year‑end.

Commission concerns and conditions: Commissioners and staff pressed the developer about other gap sources (including Olene Walker program constraints due to Buy‑America/Build‑America requirements), timelines, rents (examples provided for 1 and 2‑bed units at deeper affordability tiers), and ownership/long‑term affordability provisions. Several commissioners stressed the need for written loan terms, legal review and protections to avoid precedent‑setting giveaways to for‑profit developers.

Approved contingencies: The commission approved the support by majority vote with multiple formal contingencies: the county attorney must review and approve a written loan agreement; an affordability restriction will be recorded (50 years required by the motion); final loan documents must return on a consent agenda before execution; disbursement will be performance‑based and tied to the start of vertical construction; and the housing subcommittee will produce a written policy for county housing loans. Commissioners also emphasized preference for preserving revolving‑loan principles and transparency about source funds (fee‑in‑lieu and other housing reserves).

What the developer said about operations: Williams said tax‑credit rules cap returns and constrain developer windfalls; the developer expects oversight from tax‑credit investors for at least 16 years and longer deed restrictions for 55 years.

Next steps: Staff and county attorney will draft loan documents and return them for commission review. The city is also weighing an impact‑fee loan/policy and may match or provide up to $200,000; commissioners asked the housing subcommittee and clerk/auditor to document available housing funds and loan terms before final execution.

Vote: Motion to support the loan passed after debate; two commissioners abstained or opposed earlier motions but final approved motion included the written‑terms contingencies noted above.