A developer is offering deals on workforce housing rentals in Breckenridge and Silverthorne, and deadlines to apply for savings are quickly approaching.

Gorman and Co. state market president Kimball Crangle said the developer is offering these promotions to get the remaining units in each housing complex leased.  

A promotion for the Vista Verde apartments in Breckenridge, located just off Colorado Highway 9, has special rates for two- and three-bedroom units starting at $2,409. Applicants will be subject to income testing for these units, which are geared towards people making between 80% to 120% of the area median income, according to developer Gorman and Co. The promotion has a deadline of April 5.

Another promotion for the Smith Ranch Apartments, located off Blue River Parkway in Silverthorne, is offering up to two months free with a move-in date of April 15. Gorman and Co. said one-bedroom units are only currently available. Crangle said interested applicants will also be income tested for these units, which are geared toward members of the local workforce making between 80% to 120% of the area median income. 

Vista Verde is 90% leased, and Smith Ranch Workforce is 75% leased, Crangle said, noting the leasing timelines are in line with what they expected given the nature of the projects.

“We’re offering concessions now to get our last units leased up,” Crangle said.

The Low-Income Housing Tax Credit units at Smith Ranch, geared toward people making 30% to 60% of the area median income, are already filled up, she said, adding that many of the more affordable units at Vista Verde also saw high leasing rates. 

“Our apartments with the lowest rents, and therefore the greatest amount of funding subsidy (from local, state and federal sources), were in highest demand (and therefore leased first),” Crangle said via email while explaining the reasoning behind the promotions. “That is typical of what we’ve seen previously and what housing developments across the state experience.” 

Crangle said Gorman and Co. has introduced 354 workforce housing units in the last six months for those earning between 30% and 120% of the area median income, and she added that building these developments is no easy feat.

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“Housing developments that intentionally control rents and are set aside for specific income earners can be difficult to deliver,” she said. “It takes the vision of local communities and a myriad of different financial resources, all while removing financial risk to our partnering jurisdictions. As we remain in a high construction cost and high interest rate environment, these developments will become harder to create.”

Units introduced in the last six months include: 172 units at Vista Verde Workforce near Breckenridge, 47 units at Wintergreen Ridge in Keystone and 135 units at Smith Ranch in Silverthorne.

For more information on the Smith Ranch promotion, visit SmithRanchApts.com. For more information on the Vista Verde promotion, visit VistaVerdeHousing.com.