The Town of Frisco, CO and The NHP Foundation (NHPF) Break Ground on Landmark Middle Income Housing Development

Galena Apartments marks NHPF's first project in Colorado

NEW YORK, July 25, 2025 /PRNewswire/ -- NHPF, a national mission-based provider of quality affordable housing, broke ground this week on Galena Apartments, a 54-unit, all-electric workforce housing development in Frisco, Colorado. It is the first NHPF development in the state and the result of an innovative public-private collaboration with the Town of Frisco, Colorado Middle-Income Housing Authority (MIHA), the Colorado Office of Economic Development and International Trade (OEDIT), Summit County and the Colorado Department of Local Affairs (DOLA). The groundbreaking for the project was held in Frisco on July 24, 2025.

Located in the heart of the rural resort community of Frisco, the project is a direct response to the severe shortage of housing for essential workers in Colorado's high-cost mountain communities and will provide long-term, income-restricted homes for essential workers and their families earning up to 120% of the area median income (AMI).

In addition to providing the land for the project, the Town of Frisco also provided gap financing of $8.1 million.

Frisco Town Manager Tom Fisher noted, "This project would not have been possible without the vision of Frisco Town Council and the many governmental partners who believed in bringing this to reality.  Summit County helped Frisco purchase the property and then the State stepped up to support our vision for middle income housing in the heart of Frisco with the Colorado Department of Local Affairs providing grants to fund project infrastructure; and the Middle-Income Housing Authority (MIHA) issuing the bonds and providing a property tax exemption."

The Department of Local Affairs awarded the Town $2.8 million in grant funds through the More Housing Now program and Strong Communities program to build the infrastructure around the site. The Town started infrastructure work in May.

Peter LiFari, Chair, Middle Income Housing Authority (MIHA) Board added, "At its heart, housing is about dignity, a place to grow, to gather, and to give back. Galena Apartments reflects MIHA's belief that those who care for our communities deserve the opportunity to live in them. When we build housing rooted in inclusion and affordability, we're not just investing in buildings — we're investing in people."

Most of the project financing, $18.6 million, came from 501c(3) bonds issued by MIHA – its first bond transaction since its inception in 2022. The agency plans to replicate the financing to help middle income households in communities across Colorado. NHPF guaranteed repayment of the bonds, enabling Standard & Poor to rate this as an AA- transaction.

"In addition to this project being our first development in the state, it is the first use of investment-grade 501(c)(3) bonds for new construction of middle-income housing in Colorado and the first time NHPF is using its S&P rating to enhance tax-exempt bonds," said Eric Price, President & CEO of NHPF. This guarantee gives the bonds a lower interest rate, a key benefit in the current economic environment.

The groundbreaking event featured remarks from local elected officials and others including Mayor Pro Tem Andy Held who said, "This new development—54 workforce rental housing units, right here just a block off Main Street—is the product of vision, determination, and strong partnership. It directly addresses one of the most pressing challenges facing Frisco: the urgent need for attainable housing for the people who make this town work—our teachers, our healthcare workers, our service sector employees, and so many others who form the backbone of our community."

The development aims to provide maximum affordability and convenience for workers in Colorado's resort region and NHPF considers the development the first of many the organization would like to spearhead there.

"This innovative funding and partnership is something we will replicate here and in other parts of the US," added Galena Apts. lead developer Neal Drobenare.

About The NHP Foundation
Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation (NHPF) was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing, and single-family homes that are both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF's Construction Management Group provides in-house resources dedicated to infrastructure review, infrastructure development and cost management. Through Family-Centered Coaching, NHPF's subsidiary Operation Pathways engages with, and assists, families experiencing poverty and other hardship, to problem-solve together. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 61 properties, including over 10,000 units, in 16 states and the District of Columbia. For more information, please visit www.nhpfoundation.org.

About the Town of Frisco
The Town of Frisco, located just 90 minutes west of Denver, Colorado on I70. has approximately 3,000 residents spread over 1.9 square miles. Frisco's history began with the Ute people and continued with a mining boom in the 1870's.  The 1960's ski industry boom transformed Summit County and Frisco, which now sits at the epicenter of six world class ski resorts, including two of the most visited ski resorts in North America, Breckenridge and Vail. Frisco charming Main Street and location on Dillon Reservoir also make it a popular summer destination, resulting in Frisco's economy being largely based on tourism. In addition, the only hospital in Summit County and the Summit School District central offices and middle school are also located in the Frisco area.

SOURCE NHP Foundation