ASPEN, Colo. (AP) - City officials in Colorado have declined an offer from an Indiana-based company interested in buying multiple affordable housing complexes in the city.
RealAmerica Companies approached the city of Aspen and the Aspen-Pitkin County Housing Authority in August asking if they were interested in selling Truscott, Marolt Ranch and Smuggler properties, The Aspen Times reports.
RealAmerica was hoping to purchase the properties with tax credit financing and tax exempt bonds allowing the company to upgrade the buildings, maintain and manage them, company officials said.
Housing authority board members seemed favorable to pursuing the idea, but city officials said this isn’t the time to offload affordable housing projects, officials said. Selling those city-owned properties would likely also require a public vote, city officials said.
City officials notified the company more than a month ago that they were not interested in a deal, company executives said.
“We are looking at it as we have the expertise and (those working in city government and APCHA) have real jobs so we offered our services,” said Jeff Ryan, vice president of development for RealAmerica. “We are looking for more opportunities in the area.”
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