Silverton affordable-housing project faces $450,000 funding gap as 2026 deadline approaches

Silverton’s planned nine-unit Anvil Townhomes affordable-housing project faces a remaining funding gap of $450,000, according to a town meeting packet dated May 12, 2025. The Silverton Housing Authority said construction costs exceeded the proceeds expected from affordable sale prices by approximately $1 million.

The authority had received $616,000 from the Colorado Division of Housing and identified the additional $450,000 as necessary to retain that state funding, the packet said. The authority was also considering asking San Juan County for up to $100,000 from the county’s Lodgers Tax Housing/Childcare Fund if other funding efforts were unsuccessful.

What the project could add

Anvil Townhomes is planned as an affordable-housing development with nine units. The packet does not establish a construction start date, completion date or occupancy date, and it does not show that the project is fully funded, under construction or complete.

For a town with an official year-round population of approximately 701, the project represents a potential addition to the local supply of income-restricted homes. Silverton’s official community page identifies the town as the only incorporated town in San Juan County and describes it as a high-altitude historic mountain community with a small K-12 school population.

The packet also said an application to the Colorado Health Foundation was in final review. It did not document a final decision on that application, so its outcome cannot be treated as confirmed funding.

A separate 2026 housing deadline

Silverton and the housing authority also face a separate obligation tied to the town’s Proposition 123 commitment. The town packet states that they must build or acquire five additional homes for households earning no more than 100% of area median income by the end of 2026.

If that target is not met, the town and housing authority could lose eligibility to apply for Proposition 123 funding until 2028. The packet does not establish that the five-home target is the same as the nine-unit Anvil Townhomes project.

That distinction matters as local officials weigh the project’s funding needs against the separate state-program deadline. The five-home requirement is not confirmation that Anvil will satisfy it, and the available record does not show whether Silverton has since built or acquired the required homes.

The reviewed record is from May 12, 2025. A newer town or housing-authority record would be needed to confirm the project’s current financing, construction status, occupancy plans, the Colorado Health Foundation’s decision and Silverton’s progress toward the end-of-2026 deadline.