● Residences at Durango will bring on 72 affordable housing units expected to be ready for occupancy by the end of
January. The first phase of the project involved renovation converting the old Best Western motel located at 21382
US Highway 160 into 44 studio apartments, 27 one-bedroom apartments, and one two-bedroom apartment. The
second phase of the project involves the construction of two new buildings and will provide a total of 48
affordable housing units. Construction on the second phase is expected to be completed in 2025 and will consist
of 28 two-bedroom units and 20 three-bedroom units. The affordable housing was developed to target residents
earning 30% to 60% of the area median income, which equates to $26,520 to $53,040 for a two-person household.

● HomesFund was awarded $3,545,000 in Proposition 123 funds by the Colorado Department of Local Affairs.
These funds will allow HomesFund to continue providing critical Mortgage and Down Payment Assistance Loans
to households earning at or below 120% of the Area Median Income across La Plata, Montezuma, Archuleta, San
Juan, and Dolores Counties. Over the next two years, this grant will help approximately 42 households achieve
affordable and sustainable homeownership in Southwest Colorado.