Colorado (December 28, 2016)
ANB Bank is proud to announce that they will provide over fourteen million dollars in financing to RealAmerica Companies, LLC for the construction of Roaring Fork Apartments, a 56-unit, affordable housing project to be built in Basalt, Colorado along Highway 82.
Roaring Fork Apartments, located at 111 Emma Road, is an affordable housing project that will provide 56 units at below market rents. The apartments will be built in a single, four-story building, and will per month, and 11 two-bedroom units that will be 965 square feet and will range in rents from $550 to $1,450 per month. RealAmerica will be providing all but 12 of the units at rents that are substantially lower than the Area Media Income (AMI). In fact, 44 of the apartments will be rented at only 30-60% of the AMI, with rental rates between $450 and $1,200 per month.
Affordable housing is imperative in every community in the United States. Housing is scarce in communities across the country, with as many as one third of our nation’s households living in rental housing - oftentimes out of necessity. For many families, homeownership is out of reach due to their financial responsibilities, and affordable rental housing allows these individuals to live in communities close to work, education, and transportation. ANB Bank wants to help strengthen the Roaring Fork community by financing an opportunity for these families to live in a comfortable and affordable home.
“We value the Roaring Fork community and are excited to finance this major construction project that will provide affordable housing for individuals and families in our community,” said Vance Wagner, regional bank president of ANB Bank. “It is more important than ever that we support and partner with companies like RealAmerica to help provide housing projects like Roaring Fork Apartments to have an amazing quality of life and a great place to live.”
Across the ANB footprint, the bank has over 30 banking centers serving customers in Colorado, Wyoming, and the Kansas City, Kansas metro area. Its parent company, Sturm Financial Group, Inc. is headquartered in Denver Colorado and has financial strength embodied in over $2.5 billion in assets. ANB Bank ranks in the top 6% of banks nationwide by size and is a true community bank with an unwavering commitment to excellence. The bank helps each of its communities prosper through investment, sponsorship, philanthropy, and employee volunteerism. It is a passion ANB has for banking that makes the difference.