Press Release
Aspen City Council approves ballot measure for voter consideration on funding
Lumberyard affordable housing project
Aspen, CO — Aspen City Council has approved placing a ballot question on the Nov. 4, 2025 election, asking Aspen voters to authorize the issuance of up to $70 million in municipal revenue bonds to fund the Lumberyard affordable housing project.
This measure would not increase taxes for city of Aspen residents. Council’s decision follows its July 14 approval of an agreement with Gorman & Co. to develop the project.
If the full $70 million in debt is issued, annual debt service is projected to account for approximately 15% to 18% of the city’s annual housing fund revenues. This approach preserves City Council’s ability to pursue future affordable housing projects, while still advancing the Lumberyard project. Staff projects that the housing fund balance will grow at a pace that could allow the debt to be retired earlier than the full 30-year term, reducing overall interest costs.
If approved by voters in November, the funding would allow the city and Gorman & Co. to implement the full Lumberyard project as envisioned, with construction beginning in 2026. Tentative annual budgets to complete the project are feasible under current housing fund performance, starting with $110 million in 2026 from the city’s housing fund.
If the measure is not approved, the city would need to reevaluate how to allocate available funds toward a phased implementation plan, likely extending the project timeline significantly.
The November ballot measure will appear in compliance with state law requirements for public debt authorization, ensuring that voters have a clear and transparent choice regarding the future of Aspen’s affordable housing.
For more information about the Lumberyard affordable housing project, visit aspencommunityvoice.com/lumberyard.
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For more information, please contact:
Chris Everson, affordable housing development senior project manager
Phone: 970-319-7529
Email: chris.everson@aspen.gov
Madie Bailey, communications coordinator
Phone: 970-309-1569
Email: madie.bailey@aspen.gov