'Affordable' houses in Aspen to sell for $1.3M

Posted at 4:28 PM, May 18, 2016
and last updated 2016-05-18 18:32:09-04

The four homes planned for an Aspen affordable housing complex will cost upward of $1.3 million each.

The Aspen Times reports the council decided against subsidizing the homes as the city has done with other affordable housing.

Land Title Guarantee Co. says the average single-family home price in Aspen was almost $5.9 million last year.

Councilman Adam Frisch said selling the homes at cost is still less than the $2 million price they'd carry on the market.

A single contractor bid on the project.

Aspen's capital asset director cited the tight market, maxed resources and difficulty getting a deep pool of proposals.

Housing lottery eligibility will extend to applicants who don't meet requirements for subsidized housing but earn too little to purchase on the open market, among other criteria.