Two different apartment buildings, totaling 135 units, are currently in the leasing process at The Smith Ranch Neighborhood, according to the neighborhood’s developer, Gorman and Co. 

Gorman and Co. state market president Kimball Crangle said the 65 units geared toward people earning less than 60% of the area media income are around 50% leased. Because funding from the federal Low-Income Housing Tax Credit program was used for these units, the income-cap associated with rent cannot be above 60% of area median income. 

She said her team is currently working through the 450 lottery applicants for the remaining 70 apartments, which are for local workers who make 80%, 100% and 120% of the area median income.

“We are leasing units every day at the properties and excited to be providing housing for those who work locally in Silverthorne and Summit County,” she said.

Crangle added that move-ins have already started for both sets of apartments.

Silverthorne began planning the Smith Ranch neighborhood back in 2008 and purchased 51 acres for about $3.5 million after a housing-needs assessment showed a need for more workforce housing before bringing on Gorman and Co.

The town tapped into funds that came out of 2006 ballot measure, 5A, where voters approved the usage of temporary sales and use tax revenues alongside a development impact fee on new construction for affordable housing.

Officials said that these 5A funds allowed the town to make its first significant workforce housing investment. While the land was purchased in 2008, construction did not begin until 2017.