NHP Foundation and Town of Frisco Celebrate Major Housing Developments Together

Housing Milestones in Frisco: The Bella and The Scout

The recent housing celebrations in Frisco, Colorado, mark significant strides toward addressing a pressing housing crisis in mountain communities. On September 22 and September 25, the NHP Foundation (NHPF), in collaboration with the Town of Frisco and various state and regional partners, initiated two pivotal developments aimed at providing affordable housing options to residents. This initiative is particularly crucial as the region's rising living costs continue to challenge the ability of residents to secure suitable accommodation.

The Bella: A New Affordable Housing Community

First, there was the kickoff for The Bella, a 52-unit affordable housing project situated at 101 W. Main Street. This initiative represents NHPF's first venture into Low-Income Housing Tax Credit (LIHTC) developments in Colorado. Designed to support families, the apartments will vary from studios to two-bedroom units; they are targeted at households earning 30%, 50%, and 80% of the Area Median Income (AMI), averaging around 60% AMI across the project. With this approach, The Bella aims to alleviate some financial pressures on working families and locals who find it increasingly difficult to maintain residence in a growing market.

According to Eric Price, President and CEO of NHPF, "These developments showcase our strategic partnerships with cities and reflect our commitment to providing quality housing options for diverse residents." The development's financial support includes 9% Federal LIHTCs, state tax credits, and assistance from U.S. Bank and Cedar Rapids Bank & Trust, with Frisco contributing approximately $4.9 million in soft financing plus various incentives.

Frisco has demonstrated strong support for The Bella, facilitating project approvals that enhanced the site’s development capacity while ensuring the land remains affordable for future generations. The completion of The Bella is anticipated by November 2027.

Introducing The Scout: Workforce Housing in Frisco

Just a few blocks away, the opening of The Scout on September 25 brought an additional 54 units of workforce housing to Frisco. This all-electric community is structured to provide long-term, income-restricted accommodations for the local workforce, targeting rents at capped 120% of AMI. The Scout aims to serve teachers, healthcare workers, and service staff, promoting stable housing for those who are essential to the community's functioning.

Governor Polis emphasized the positive impact of The Scout when stating, "This innovative partnership among NHPF, the Town, and other local entities clearly shows what we can achieve together—more affordable housing and stronger local economies."

In considering the financial framework, The Scout's development was made possible through an innovative use of 501(c)(3) bonds, representing a groundbreaking method for financing middle-income housing in Colorado. Such unconventional financing is a pioneering effort that indicates its potential use in addressing housing issues in other high-cost areas.

A Collaborative Effort for Housing Solutions

The combination of The Bella and The Scout exemplifies two dynamic approaches to tackle varying income levels effectively. While The Scout is focused on middle-income households, The Bella demonstrates a commitment to affordability for lower-income families. Together, these developments will stand as a testament to how different financing models can successfully support diverse housing needs in a single community.

Mayor Rick Ihnken highlighted the collaborative effort that made both projects a reality, stating, "The strong partnerships among local and state organizations reflect our dedication to addressing housing needs. This type of teamwork is essential for improving the living situation in Frisco and creating more opportunities for our community as a whole."

Conclusion

As Frisco continues to grow in popularity amid Colorado's expanding tourism and ski industries, the commissioning of The Bella and The Scout represents a crucial step toward ensuring that housing remains accessible for all. With these developments, the NHP Foundation and its partners aim to usher in a new wave of affordable living solutions, making a meaningful impact on the community’s demographic landscape.

By focusing on sustainable growth and targeted housing solutions, Frisco sets an impressive precedent for similar mountain towns facing similar challenges, embodying a model for collaborative success.