Ulysses Development Group is a for-profit, affordable rental housing developer with a national portfolio. It both builds new homes and acquires properties to preserve their long-term affordability, keeping residents in their homes.
Eagle Villas is a 120-unit garden-style apartment community located along the Eagle River in the high-cost mountain town of Eagle, Colorado. Built in two phases in 1994 and 1996 using Low-Income Housing Tax Credits (LIHTC), the property has long served working families earning 45-80% AMI. For decades, it has been one of the few income-restricted housing options in the town of Eagle and Eagle County offering housing stability in a region with rising rents and limited supply. Eagle Villas is now one of the few remaining affordable rental housing in the area.
By late 2023, affordability protections on 100 of the 120 units were set to expire and the property was listed as a market-rate conversion opportunity. Ulysses partnered with the Eagle County Housing & Development Authority to acquire and preserve the property, and paid market price since the expiration of affordability restrictions drives up the market value of a property.
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