During its 150th anniversary celebration, Erie, Colorado, took a substantial move toward improving the accessibility of its housing options for its residents.
Applications for Cheesman Street Residences, the town's first median affordable housing project, were sent and the response was phenomenal.
In a matter of minutes, there were more applications than there were houses available, underscoring the region's pressing need for reasonably priced housing.
Erie's Milestone Housing Initiative
The Cheesman Street Residences mark a new chapter in Erie’s efforts to support its growing community.
Homes in this project are priced between $300,000 and $400,000—roughly half of Erie’s current median home price of $770,000.
This makes the dream of homeownership achievable for more middle-income families.
This initiative aims to ensure that people working in Erie can also afford to live there.
By targeting those earning a median income, the program supports local workers while maintaining a balanced and diverse community.
Town officials see this as a critical step in addressing affordability challenges.
Addressing a Growing Population
Erie has grown significantly during the last decade, thanks to the relocation of almost 10,000 people.
This surge has raised demand for residences, especially for those working in local shops, services, and companies.
For Erie to continue to be a place where workers can reside and thrive, it is imperative to provide affordable housing.
Families must make between 60% and 120% of the median income in the town to be eligible for these houses.
This corresponds for a family of four to an annual salary range of $90,000 to $175,000.
These rules guarantee the program helps middle-class people who are often priced out of conventional property markets.
A Collaborative Development Effort
This project is a result of close collaboration between the Town of Erie and the development group Vertikal.
Walker Thrash, a managing partner at Vertikal, emphasized the importance of working on projects that benefit the community.
He noted that funding from state and local sources, along with organizational grants, was key to making the initiative a reality.
Thrash highlighted how affordable housing is disappearing in sought-after areas like Erie.
By partnering with the town, Vertikal has developed a model that could help tackle this issue and serve as an example for other communities.
Future Prospects for Affordable Housing
The demand for Cheesman Street Residences is already high, with more than 50 applications received for just 35 homes.
Although the application window is still open, the interest far exceeds availability, showing how much such programs are needed.
Looking ahead, Vertikal is preparing to launch similar affordable housing projects in nearby cities.
For Erie, selected applicants could be moving into their new homes as early as mid-next year.
As construction continues, this initiative represents hope for more inclusive housing opportunities in the region.
