You can now work with Habitat’s team towards homeownership at the L3 Condominiums.
The Green Leaf management company will stay the same, your rent will remain the same, and payments will be made in the same manner.
L3 Condominium Conversion:
A New Path Towards Homeownership
Habitat for Humanity of the Roaring Fork Valley is thrilled to announce the acquisition of L3, an 88-unit apartment complex consisting of one-bedroom and studio apartments. Over the next six months, we will be working closely with the City of Glenwood Springs to convert these units into affordable condominiums. This transformative project will provide more than 100 hardworking individuals and families in our community with the life-changing opportunity of homeownership, offering stability and a brighter future for generations to come.
Habitat RFV is making the dream of homeownership a reality with the local workforce through this acquisition. This opportunity ensures that the “missing middle,” those who make too much to qualify for housing assistance but not enough to purchase a market-rate home, can plant their roots right here in the Roaring Fork Valley. Through this L3 conversion, Habitat RFV will double its impact from the last 25 years in this development alone as over 100 community members will attain homeownership at L3! This is not a low-income housing project; it is an opportunity for working professionals — the fabric of our community — such as teachers, first responders, city and county employees, health care workers, small business owners, and many more, to secure permanence and stability.
All L3 condominiums will be deed-restricted to ensure long-term affordable ownership housing. Habitat RFV has successfully utilized deed restrictions in its other developments, and this model will help maintain the affordability of these homes for future homeowners. The project will create stable housing for today and preserve it for years to come. Habitat RFV partners with several loan programs, including the United States Department of Agriculture (USDA), Impact Development Fund (IDF), Colorado Housing and Finance Authority (CHFA), and several local lenders. The HFH RFV team will work with residents to find the best financing option based on their income, credit score, and down payment capabilities. Purchasers will also be asked to partner with Habitat RFV and participate in Habitat RFV’s “sweat equity” program, where purchasers will contribute a certain number of volunteer hours with other homeowners of the L3 Conversion. Sweat equity helps generate cohesive, thriving communities, as we have experienced in other Habitat RFV neighborhoods in our region.
Studio
Starting at $320,000*
Jr. One Bedroom
Starting at $360,000*
One Bedroom
Starting at $388,000*
* Prices will vary based on individual condo characteristics. These prices represent the starting prices for 80-100% AMI homebuyers. Pricing based on below market mortgage packages available.
FAQ's
How does this impact me as a current L3 resident?
Do I need to move out immediately?
No! Your lease will remain in effect. If you are interested in purchasing prior to the end of your lease, we will work with you to begin the process.
What happens to my lease?
Your lease will remain in effect. If you are interested and eligible to purchase prior to the end of your lease, we will work with you to begin the process.
What if I have a maintenance issue?
Contact Green Leaf in the same manner as described when your lease was signed.
How soon could I become a homeowner?
We anticipate converting all of the apartments into condos within six months. Sales will most likely begin in April/May 2025.
Do I need to low-income to purchase my unit?
You don’t need to be low-income to purchase your unit. Habitat for Humanity RFV has the unique opportunity to provide a mixed-income attainable housing development to the Glenwood Springs community.
Our goal is to work with community members earning between 70-150% of the Area Median Income (AMI) for Garfield County. Your AMI is based on your household annual gross income, the chart below shows where annual incomes will fall for 1 and 2 person households, given the size of the condos available. Your AMI will help determine which loan products you are eligible for and down payment assistance.
What is a deed restriction?
To ensure the long-term affordability of each condo, a deed restriction will be recorded at the time of initial sale. The appreciation will be capped at 3% appreciation per year or CPI, whichever is lower. The condos must be owner-occupied with employment in our region.
Is my parking impacted?
Parking will remain the same until the condo conversion.
How much will the units cost to purchase?
Studios (E2), starting at $320,000
Junior One Bedroom (E1), starting at $360,000
One Bedroom, One Bathroom (A1, A1.1), starting at $388,000
*Each condo will be priced based on the location, view, and amenities.
What if I don't want to buy?
We understand that not everyone is ready or interested in purchasing a home. You can stay in your apartment until your lease ends. Habitat RFV will work on your behalf to help you find other rentals available to move into upon the expiration of your lease.
What happens to my deposit?
Your deposit can be used towards your closing costs or will be returned at the end of your lease upon inspection of your unit.
Do I need a Realtor to purchase my unit/condo?
No, you can purchase directly from Habitat for Humanity. Each condo will be assessed a 1% transfer fee based on the purchase price, due at closing.
What if I would like to buy but do not want the apartment I currently rent?
A waiting list will be established for any current residents who want to purchase a condo they are not currently occupying. This will be on a first-come, first-served basis based on the time of expressed interest.
Will there be HOA dues?
Yes, it will be a flat fee based on the condo's square footage and parking options; these are currently being calculated based on costs being review and will be established in the coming months.
What should I do while I am waiting to purchase?
- Begin saving for closing costs.
- Optimize your credit score- look at your credit report and begin paying down debt.
- Don’t make any significant financial changes- employment, new debt (credit cards, cars, etc)
Who can I contact for more information?
Please reach out to Giovanna Kennedy with any questions or to set up an in-person meeting GiovannaK@HabitatRoaringFork.org.
FAIR HOUSING NONDISCRIMINATION CLAUSE
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin. Habitat is a non-proselytizing organization. We will not offer assistance on the expressed or implied condition that people must (i) adhere to or convert to a particular faith or (ii) listen and respond to messaging designed to induce conversion to a particular faith.
Meet Giovanna, the L3 Condo Sales Manager
Broker Associate & Realtor® | ABR® | SRS
Hello, everyone! I’m Giovanna Kennedy, a proud resident of the Roaring Fork Valley, bilingual, and a licensed broker and realtor. I’m thrilled to support each of you at L3 in your journey toward homeownership. I’d love to connect, answer any questions, and guide you through the process of purchasing your own condominium. Please click below to set up a time to meet. I look forward to meeting you all and helping make your dream of owning a home a reality!
Thank you to our collaborative partners!
These community organizations have taken an impactful step to secure affordable housing opportunities for members of their team. This opportunity would not be possible without the overwhelming support they have showed.
Help us make homeownership possible for the people who serve our community
Your gift will promote and inspire fulfilment in the lives of Habitat homeowners,which in turn translates into the health and happiness they give back to all of us as fellow RoaringFork Valley neighbors.