Estes Park Housing Authority

Press Release: Estes Park Housing Authority Successfully Acquires Fall River Village Estes Park, CO – [October 1, 2024] – The Estes Park Housing Authority (EPHA) is proud to announce the successful acquisition of Fall River Village, marking a significant milestone in addressing the growing need for workforce housing in the Estes Valley. This transaction will enable EPHA to provide much-needed additional housing units for the local workforce in the coming months. The acquisition, a product of months of dedicated effort, would not have been possible without the invaluable partnership with the Town of Estes Park. The Town’s commitment of the Workforce Regulatory Linkage Fee along with its confidence in EPHA, including the approval of a moral obligation for the debt service reserve, were instrumental in making this achievement a reality. EPHA also extends its deepest gratitude to the local community, visitors, and Visit Estes Park for supporting the passage of the Lodging Tax Extension (6E) ballot initiative in 2022. The funding generated by this initiative was crucial to the success of the acquisition. Additionally, EPHA would like to thank the transaction team whose efforts ensured the success of this acquisition. Some of our partners include Hilltop Securities, Gilmore and Bell, Belford and Martell, and our lending partners at NBH Bank, all of whom played key roles in making this transaction and the additional housing a reality. EPHA would also like to extend our appreciation to Grand Hotel Heritage Group, their commitment to seeing this transaction through was steadfast and their vision to partner with EPHA to bring additional housing to the Estes Valley was crucial. Additionally, EPHA would like to recognize the Colorado Housing and Finance Authority for their preliminary selection of Fall River Village to receive a $7,000,000 investment from Proposition 123. While still subject to the full underwriting process, this potential investment is critical for the success of Fall River Village. This acquisition represents a significant step forward in providing high-quality workforce housing, and EPHA looks forward to continuing its mission to enhance housing availability for the Estes Valley. Scott Moulton Executive Director Estes Park Housing Authority 970.591.2537 smoulton@estes.org