NHP Foundation and Frisco, CO Partner to Launch Galena Apartments for Essential Workers

In a significant move to address the housing crisis facing essential workers in Colorado's high-cost mountain communities, the NHP Foundation (NHPF) has officially broken ground on the Galena Apartments project in Frisco, Colorado. This initiative, which marks NHPF's inaugural venture in the state, aims to construct a 54-unit all-electric workforce housing development. The groundbreaking ceremony was held on July 24, 2025, highlighting a successful collaboration among various governmental entities and stakeholders committed to tackling the housing shortage.

A Collaborative Effort for Middle-Income Housing

The Galena Apartments project represents an innovative public-private partnership involving the Town of Frisco, the Colorado Middle-Income Housing Authority (MIHA), the Colorado Office of Economic Development and International Trade (OEDIT), Summit County, and the Colorado Department of Local Affairs (DOLA).

Frisco's Town Manager, Tom Fisher, underscored the importance of collaborative vision and effort in making this project a reality, stating, "This project would not have been possible without the vision of Frisco Town Council and the many governmental partners who believed in bringing this to reality." The town contributed not only the land for development but also provided $8.1 million in gap financing to make the project viable.

Additionally, to support the project’s infrastructure, the DOLA awarded $2.8 million in grant funds through the More Housing Now program and the Strong Communities program. This funding is crucial in laying down the groundwork needed for the development, which began in May, as confirmed by the local authorities.

Addressing Housing Needs for Essential Workers

The Galena Apartments are strategically placed to meet the pressing needs of essential workers—those who make significant contributions to the community but struggle with the high cost of living in the area. With homes geared towards families earning up to 120% of the area median income (AMI), this project is designed to provide long-term, income-restricted housing solutions. The Chair of MIHA Board, Peter LiFari, expressed the goal of this project, noting, "At its heart, housing is about dignity, a place to grow, to gather, and to give back. Galena Apartments reflects MIHA's belief that those who care for our communities deserve the opportunity to live in them."

The project is expected to have a substantial impact, not just in terms of providing housing but also in supporting the local economy by allowing essential workers—teachers, healthcare providers, service sector employees—to reside within the community they serve.

Innovative Financing for Sustainable Development

The financial aspects of the project are noteworthy, with $18.6 million sourced from 501(c)(3) bonds issued by MIHA, marking its first bond transaction since inception in 2022. Thanks to NHPF's guarantee of the bond repayment, the transaction received an AA- rating from Standard & Poor’s, making it an attractive investment. This achievement not only lowers the interest rate on the bonds but also increases the affordability of housing for future residents.

Eric Price, President and CEO of NHPF, emphasized the importance of this project within the broader context of affordable housing development in Colorado. He stated, "In addition to this project being our first development in the state, it is the first use of investment-grade 501(c)(3) bonds for new construction of middle-income housing in Colorado and the first time NHPF is using its SP rating to enhance tax-exempt bonds."

Community-Centric Development and Future Prospects

The groundbreaking event saw various local officials highlight the importance of the development in their remarks. Mayor Pro Tem Andy Held pointed out how the new apartment complex is responding to one of Frisco’s most pressing challenges—the urgent need for attainable housing.

NHPF views the Galena Apartments as the first of many planned developments in Colorado, aiming to replicate this successful funding model nationwide. Lead developer Neal Drobenare remarked, "This innovative funding and partnership is something we will replicate here and in other parts of the U.S."

This initiative by NHPF, Frisco, and its partners reflects a commitment to investing not only in infrastructure but also in the people who form the backbone of the community. With education, healthcare, and public services increasingly relying on a stable workforce, this project represents a promising step toward ensuring that essential workers can live and thrive in the communities they serve.

About NHP Foundation

Founded in 1989, the NHP Foundation is dedicated to preserving and creating sustainable, affordable housing. It operates nationwide and is committed to providing service-enriched multifamily and single-family homes for low and moderate-income families. With a focus on both community benefit and affordable living, NHPF's innovative approach continues to shape positive change in various regions across the United States.

About Frisco, CO

Frisco, a picturesque town nestled in the Rocky Mountains, plays a pivotal role in Colorado's tourism-driven economy. Located 90 minutes west of Denver, Frisco has a rich history and a vibrant community characterized by its captivating Main Street and proximity to major ski resorts. It stands as a testament to the growth and challenges facing rural resort communities in America today.