Where do we find the money?

    Much has been made of the “bailout” that the Centennial homeowners have been requesting. After nearly 30 years of living with cold, leaking, mold-infested, structurally unsound homes; countless hours spent reviewing issues, hiring consultants and contractors, deciding on prudent actions, communicating with beset owners; and spending a million dollars enacting repairs in addition to normal operation and maintenance costs, Centennial HOA is hardly asking for a bailout.

The information on this website shows the poor quality product that is Centennial. It also shows that Centennial is unique to our Housing Program, in that it received no financial support or subsidies and was in many ways hindered from being a successful project.

The HOA has pursued every avenue for financing the reconstruction with just the current 92 owners as City staff and officials have directed. The Norris Report and other analysts have indicated that a $3-$4 million special assessment is unrealistic for most free market projects let alone affordable housing. Moving forward in this way will cause: the buildings to further deteriorate; force about half of the owners to sell their homes; the owners who remain to forfeit retirement savings, college tuition, health care expenses, etc.

Centennial owners intend to contribute in every way possible, but it does not escape them that:

1) Centennial has NEVER received any public subsidy

2) Current housing is subsidized to $375,000 per unit

3) The Burlingame affordable housing project is slated to receive $85 million in subsidies alone. Adjusted for inflation, that would have been $37 million in 1984, the year Centennial was built. Centennial’s total construction costs were about $11 million (240 condos/apartments).

4) After Burlingame is paid for, the City is projected to have $41 million in housing funds; the County $10 million

5) After more than a decade of planning, City staff have built Burlingame housing that is too expensive even with $375,000 in per unit subsidies. They have requested and received an additional $2.5-$4 million to buy down the sales prices of these units even further. See HERE

6) Aspen’s Housing Development Fund continues to out-perform expectations resulting in uncertainty as to where to spend the excess. As indicated in these recent articles from local newspapers:

Strong 2014 real estate sales fill city coffers

Aspen contemplates repurposing Wheeler Opera House transfer tax

PitCo needs help spending $10 million on housing

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Centennial Condominiums IS a significant part of Aspen/Pitkin County Affordable Housing, its largest project, and a community asset. NOW would be a great time (and the first time) to invest in this property that most residents would prefer to see succeed.

How ’bout it?

 

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