2/27/25
The Town of Ignacio is addressing its workforce housing shortage with the Rock Creek housing development, which will add 10 new single-family modular homes—made possible in part by loan assistance from First Southwest Bank.
Like many communities, Ignacio struggles to provide affordable housing for its workforce. With home prices averaging $475,000 in La Plata County, many residents are forced to rent rather than own. To help working families buy homes, the town needed financial support to develop lower-cost housing options.
With help from First Southwest Bank, a $2 million infrastructure grant from the Colorado Affordable Housing Incentives Grant Program, and funding from the Catalyst Loan Fund through the Regional Housing Alliance, Ignacio is developing 10 modular homes. These three-bedroom, 1,300-square-foot homes are available to families earning under 140% of the area median income ($154,700 for a family of four). Local nonprofit HomesFund is also providing homebuyer training and down payment assistance.
This project will give local workers the opportunity to buy homes in their own community. A second phase will add 11 more homes by 2025. Ignacio officials continue working to secure additional funding to expand the project. Thanks to First Southwest Bank’s support, more families can achieve homeownership, strengthening the local workforce and economy.
"I spoke on a panel with regional partners at the Housing Colorado HAPPEN, where we discussed how to structure the financing required to make these workforce housing projects viable. No doubt, we are in some tough economic times as it pertains to attainable housing construction here in the Southwest. However, Rock Creek Housing Project in Ignacio receiving a statewide award reminds us what is possible when we come together as a community to tackle big economic issues." -Sarah Tober, Executive Director, La Plata Economic Development Alliance
Learn more about the Affordable Housing Investment Fund (AHIF) here.