Impact Investment Helps Launch 8th Street Development in Craig

The Yampa Valley Community Foundation is pleased to have initiated our new Impact Investment Program with a $2.5 million loan to the Craig Housing Authority (CHA), enabling their 8th Street Development for affordable housing.

A needs assessment by CHA in 2021 illuminated an acute need for new residential construction, especially for affordable for-sale units. Sixty-nine percent of the housing stock in Craig was built more than 40 years ago, and extremely high housing costs in adjacent Routt County has increased housing demand in Moffat County. Despite increased demand for housing, there has been very limited new construction in recent years, and the limited construction has not met the needs of the 20% of residents living below the federal poverty line in Craig. It is estimated that 75 homes are needed in the near term to address the acute shortage of homes in Craig.

Responding to this great need, CHA is developing a 20 unit for-sale affordable housing project. The 8th Street Development will consist of 12 two-bedroom and 8 three-bedroom deed-restricted townhouse units, priced to be within 120% of AMI. The Development project will result in permanently deed-restricted homes, ensuring they will continue to be affordable to low- and moderate-income households over an extended period of time and through a succession of owners. The $11 million project was funded by $5.1 million in federal and state grants secured by CHA, a $2 million loan from the City of Craig, a $1.4 million line of credit offered by a local bank, and YVCF’s $2.5 million below-market-rate loan. The project broke ground in September 2023, is using modular homes from a Colorado manufacturer being installed in spring 2024 and is expected to be completed by fall of 2024.

YVCF’s involvement in this project was an opportunity for the Foundation to pilot an impact investment after concluding a nearly year-long exploration and education process. Local impact investments are those made to nonprofits or government agencies with the intention of generating measurable community benefit alongside modest financial returns. Impact investing is a means of addressing the gap between the need for capital and what the private market will provide, enabling investment opportunities at rates of financial return that prioritize community impact. In this case, YVCF’s Impact Investing Committee is also providing expertise and structure to the newly formed CHA, helping to ensure the success of their first project. Peter Brixius, Craig City Manager and Executive Director of the Craig Housing Authority praised the relationship: “YVCF quickly assembled a team of experts from insurance, accounting and pro forma development. Not only did YVCF come through with needed, low-cost funding for this vital project, but also became a valuable partner in the planning and development process.”

The Foundation is seeking applications for additional impact investment opportunities specific to affordable housing as well as for general support for nonprofits in Routt and Moffat Counties. Applications will be evaluated by an Impact Investment Committee made up of staff, Trustees, and community members with expertise in banking and investments, entrepreneurship, corporate leadership, insurance, and more.  More information can be found at

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