chfa celebrates grand opening of ptarmigan flats in leadville

(LEADVILLE) – On August 17, 2026, Colorado Housing and Finance Authority (CHFA) joined local leaders, project partners, and community members to celebrate the grand opening of Ptarmigan Flats, a new affordable rental housing development in Leadville. Ptarmigan Flats is the first property completed through CHFA's Small-scale Housing Finance Pilot Program, which is designed to support affordable housing developments in rural and mountain resort communities.

The development, located at 220 East 11th Street in Leadville, includes four affordable rental homes across two duplex buildings. It was constructed using modular technology and serves renters earning at or below 80 percent of the Area Median Income (AMI), which is $73,520 per year for a two-person household.

“As the first completed development financed through CHFA's Small-scale Housing Finance Pilot Program, Ptarmigan Flats shows the potential of innovative approaches to support community-driven housing solutions,” said Thomas Bryan, executive director and CEO of CHFA. “Ptarmigan Flats helps address the need for housing affordable to local workers and families while demonstrating how small-scale developments can have a meaningful impact.”

"Ptarmigan Flats is exactly the kind of practical, right-sized infill Leadville needs: four deed-restricted rentals that keep working families in the town they love, rather than pricing them out,” added Dana Greene, mayor of Leadville. “It's also the first project built using the City's newly created development agreement process, granting additional housing density in exchange for a commitment to attainable rents. We're grateful to Thelchrest, Inc., for bringing this project to life, and to CHFA for financing it and providing technical assistance along the way.”

Lake County and surrounding mountain communities continue to face significant housing affordability challenges. A 2024 Housing Needs Assessment prepared by Root Policy Research identified a growing need for housing affordable to households earning between 60% and 80% AMI in the region. The sponsor and owner of the project is Thelchrest Inc., a nonprofit organization focused on affordable housing.

"Ptarmigan Flats is a community-driven development and a deeply rewarding project that reflects our long-term investment in Leadville,” said Victor Christian, secretary of Thelchrest, Inc. “Handing keys to our first residents fulfills our pledge to help build a vibrant, enduring future for the town, while proving that innovative infill developments can make a profound impact on rural Colorado's housing supply."

The Small-scale Housing Finance Pilot Program was created to build upon CHFA's Small-scale Housing Technical Assistance program, which helps communities and organizations advance affordable housing developments of 25 units or fewer. The expanded pilot program provides eligible participants with access to financing and ongoing technical assistance to help move projects from the planning phase into construction and completion. CHFA provided $2.2 million in financing and more than 100 hours of pro bono technical assistance to support Ptarmigan Flats. The Colorado Division of Housing (DOH) serves as a key partner in the pilot initiative and provided a $220,000 gap financing grant. Additional pilot program projects are underway in Hayden and Dolores, with goals for completion in 2027.

"Congratulations to CHFA on the first completed development financed through the Small-scale Housing Finance Pilot Program! Leadville's Ptarmigan Flats grand opening represents the progress we can make proactively when we all work together towards a common goal of more housing now," said Maria De Cambra, DOLA executive director. "DOLA is proud to have contributed $220,000 in gap financing to support this project, which brings much needed affordable housing to a beloved mountain community."

Prospective residents interested in learning more about Ptarmigan Flats may contact Centennial Real Estate.

Pictured (left to right): Evan Samora (Housing Development Specialist, Colorado Division of Housing), Tim Reinen (Founder, Reinen Consulting), Dana Greene (Mayor, City of Leadville), Victor Christian (Secretary, Thelchrest, Inc.) and Thomas Bryan (Executive Director and CEO, CHFA) attend a grand opening celebration for Ptarmigan Flats in Leadville on August 17, 2026. Photograph by Scott Dressel-Martin.

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