The NHP Foundation and Town of Frisco Mark Two Major Housing Milestones, Bringing 106 Affordable and Workforce Homes to Frisco

Partners celebrate groundbreaking of The Bella and opening of The Scout, demonstrating two approaches to expanding housing opportunities in Colorado's high-cost mountain communities

NEW YORK, Sept. 29, 2026 /PRNewswire/ -- The NHP Foundation (NHPF), the Town of Frisco and state and regional partners this week celebrated two major housing milestones that together will bring 106 new affordable and workforce homes to Frisco: the groundbreaking of The Bella, a 52-unit affordable housing community, and the opening of The Scout, a 54-unit workforce housing community.

The two developments, located just blocks apart, represent complementary approaches to one of the most pressing challenges facing Colorado's mountain communities: creating housing that allows people across a range of incomes to live closer to where they work.

On Tuesday, September 22, NHPF, the Town and state housing partners broke ground on The Bella, NHPF's first Low-Income Housing Tax Credit (LIHTC) development in Colorado. Three days later, partners gathered to cut the ribbon on The Scout, NHPF's first Colorado development and a pioneering middle-income housing project.

"These developments are great examples of NHPF's strategy and mission at work. When we partner with cities for the long-term, we are able to provide quality housing to a variety of residents," said Eric Price, President and CEO of NHPF. "The Bella and The Scout together expand affordable and workforce housing so families can live where they work, strengthening Frisco's livability and vitality."

The Bella: 52 New Affordable Homes Located at 101 W. Main Street, The Bella will provide 52 energy-efficient studio, one-bedroom and two-bedroom apartments for households earning 30%, 50% and 80% of Area Median Income (AMI), with average affordability of 60% AMI across the development. The Bella is designed to help working families, local employees and other residents remain in a community where rising housing costs have made it increasingly difficult for many households to find an affordable home.

"Frisco did far more than support these developments; the Town helped make them possible," said Neal Drobenare, Senior Vice President of NHPF. "It approved a density bonus that tripled the site's development capacity and allowed for more parking, passed an Affordable Housing Development Incentive Program that removed hurdles and accelerated the work, and secured additional state funding for The Bella. Just as important, we structured the partnership so the Town will own the land in perpetuity, ensuring these homes remain permanently affordable."

The development is supported by 9% Federal Low-Income Housing Tax Credits and Colorado State Low-Income Housing Tax Credits, with the Colorado Housing and Finance Authority (CHFA) playing a key role in allocating those resources. The financing package also includes construction financing from U.S. Bank, permanent financing from Cedar Rapids Bank & Trust, and grants from the Colorado Division of Housing. 

The Town of Frisco's support includes approximately $4.9 million in soft financing, a property tax abatement, assistance securing a State of Colorado Proposition 123 Land Banking grant and two state infrastructure grants, as well as funding to purchase a small commercial space within the development upon completion. Completion of The Bella is anticipated in November 2027.

The Scout: A New Model for Workforce Housing
On September 25, attention turned just a few blocks away to 602 Galena Street, where NHPF, the Town and their partners celebrated the opening of The Scout, a new 54-unit, all-electric workforce housing community.

The Scout provides long-term, income-restricted housing for the local workforce, with rents capped at 120% of AMI. The development is intended to help teachers, healthcare professionals, service workers and other employees live closer to the communities where they work.

"The Scout delivers 54 new apartments for the workers and families who keep Frisco running," said Governor Polis. "This innovative partnership among NHPF, the Town of Frisco, MIHA, OEDIT, Summit County and DOLA shows what we can accomplish together: more housing Coloradans can afford in the communities they love, and stronger local economies as a result."

The Town of Frisco invested $8.1 million in The Scout in addition to the land purchase, while Summit County helped the Town acquire the property. DOLA awarded the Town a combined $2.8 million through its More Housing Now and Strong Communities programs to fund critical infrastructure supporting the development.

Beyond creating 54 new homes, The Scout breaks new ground in how middle-income housing can be financed.

The Colorado Middle-Income Housing Authority issued $18.6 million in 501(c)(3) bonds to help finance the development, marking MIHA's first bond transaction. The Scout also represents a pioneering use of 501(c)(3) bonds for new-construction middle-income housing in Colorado and the first time NHPF used its S&P AA- credit rating to enhance tax-exempt bonds.

By guaranteeing repayment of the bonds, NHPF's investment-grade rating helped lower borrowing costs, demonstrating an approach with potential application to middle-income and workforce housing in other high-cost communities.

106 Homes, Two Approaches
Together, The Bella and The Scout illustrate how different financing tools can be used to address housing needs across a broader spectrum of incomes.

The Scout uses an innovative middle-income financing structure to create workforce housing with rents capped at 120% of AMI, while The Bella uses federal and state LIHTCs and other public-private financing to reach households at substantially lower income levels.

Together, the communities will provide 106 new homes for individuals and families living and working in Frisco and Summit County, while demonstrating how local government, state agencies, nonprofit developers and private-sector financial partners can collaborate to address housing affordability in high-cost mountain communities.

"The Scout is a great example of what can happen when local and state partners come together around a shared need. The Town of Frisco, Summit County Government, the Colorado Department of Local Affairs, the Middle-Income Housing Authority and the Colorado Department of Labor and Employment each played an important role in helping make this project possible. Together with NHPF and our other partners, we are creating more opportunities for people to live, work and put down roots in Frisco. That kind of collaboration will continue to be essential as we work to address housing needs in our community," summarized Mayor Rick Ihnken.

About The NHP Foundation
Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation (NHPF) was launched in 1989 as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing and single-family homes that are affordable to low- and moderate-income families and seniors and beneficial to their communities.

Through its resident services subsidiary, Operation Pathways, NHPF provides programs and services designed to help residents achieve greater stability and pursue the futures they envision. NHPF works in partnership with financial institutions, government agencies, faith-based organizations and other nonprofit partners to create and preserve affordable housing nationwide.

About the Town of Frisco
The Town of Frisco is located approximately 90 minutes west of Denver in Summit County, Colorado. Situated at the center of one of the country's most popular mountain recreation regions, Frisco is home to approximately 3,000 residents and serves as an important employment and community hub for Summit County. Its economy is closely tied to tourism and the surrounding ski industry, while the Frisco area is also home to Summit County's hospital and key Summit School District facilities.

SOURCE NHP Foundation