Ridgway Space to Create
What is Ridgway Space to Create?
The property is a mixed-use project residing along Clinton Street in the heart of Ridgway, Colorado. It includes a newly constructed, three story low-rise residential building with 30 one and two bedroom units of quality, modern and affordable live-work housing and 1,280 square feet of community space. There are terraces on the second and third floors which overlook the San Juan Mountain range.
The project also includes about 2,000 square feet of community space to be leased by the Town of Ridgway for events, performances and classes. Learn about renting the community space for your event.
Occupancy is limited to households earning between 30% and 60% of published local median income when they move into the property. Employment income verification, credit, landlord and criminal history will be requested for all adult applicants as part of the screening process. Rental rates will be adjusted to an affordable level depending on income.
The building is owned and operated by Artspace, a Minneapolis based non-profit organization founded in 1979 and a national leader in community artist-led development. Artspace uses Low Income Housing Tax Credits to subsidize rental costs. Their national portfolio includes 49 projects with over 2,220 affordable units for creative people and their families, and 3+ million square feet of space for arts-related activities.
Ridgway Space to Create is managed by Asset Living, a national property management company with 36 years of experience and offices in Montrose.
For full details and to apply, please visit https://www.artspace.org/ridgway
Frequently Asked Questions (Source: Art Space Application Packet)
- Who can apply to live at Ridgway Space to Create? Anyone can apply. Artspace is committed to attracting creative individuals and families from diverse artistic and cultural backgrounds. We encourage all people to apply regardless of race, color, creed, religion, national origin, ethnicity, gender, marital status, familial status, sexual orientation, and status with regard to public assistance, or physical disability.
- How many units are there? What size are they? What will the range of rents be? There are 30 units, including one and two-bedroom units ranging in size from 604 square feet to 1368 square feet. Please contact Asset Living for current rental rates - rents are prorated depending on income and other factors. Residents will be responsible for paying their own telephone, electric, cable, and internet bills in addition to their rent.
- How do you define affordable housing? There are specific qualifying income guidelines imposed on our projects due to the low-income housing tax credits we use to fund the project. These income guidelines are based on the area median household income of Ouray County and can change yearly. You must submit income information annually. The program will allow your income to increase to a specified level without requiring you to move out, however, each situation is different so please contact management. This must be your only residence.
- How is income determined? If self-employed, we will use Schedule C and use your net income after business expenses. If employed, your annual gross income and 6 most recent consecutive pay stubs will be used to determine current income. Gross income from all sources must be included and verified via employer, with copies of pay stubs and/or a W-2 and tax return. Please refer to the checklist to see all sources of income that may be used to determine your income.
- What about assets, pensions, spousal and child support, homeownership, temporary income, disability income, Section 8 Vouchers and student financial aid? All income from assets is added as part of the household annual income. Income also includes any disability, SSI, child support payments, student financial aid, etc. Applicants who own real estate may also qualify, depending on the net income generated from the real estate asset. Persons with Section 8 14 vouchers are encouraged to apply. Please refer to the checklist to see all sources of income that may be used to determine your income.
- How do student loans, bankruptcies and credit ratings affect qualification? Credit checks are completed to verify applicants’ credit and establish a history of past credit problems. Documented extenuating circumstances such as a divorce or medical problems MAY be cause for waiving credit requirements or to justify recent bankruptcy.
- Do Ouray County residents get priority? No, applications will be accepted on a first come first served basis regardless of current place of residence. Fair Housing Laws requires that anyone can apply for housing.
- How is household defined? You must be over 18 to apply. Each adult in the household must supply qualifying information. The total household income must fall below the maximum amount. A household may be adults who choose to live together.
- Are pets allowed? There will be one (1) pet allowed per unit. Pets must not exceed sixty (60) lbs. A refundable pet fee of $250.00 for one (1) pet must be paid in full prior to housing the pets on the premises. Breed restrictions apply. Please see the application for full details.
- Can I sublet my unit? No, subletting or use as an Airbnb is not allowed in the LIHTC program.
- Will artists be able to make and sell works, teach classes, and have space open to the public? Your live/work unit is a residential unit with space for you to make your work. It is not a commercial space for selling work. A business with regular hours cannot be operated out of a residential unit however you can sell your work and open your unit to the public.