What’s Working: How an Estes Park workforce housing program is rewarding renters ...Middle East

Tracy Ross

Reporter

Quick links: Workforce housing gap stats | Data on Denver restaurants’ struggles | Why Hello Brew is getting a billboard | Buy Colorado Day | Take the reader poll

ESTES PARK — The irony of Nikimbré Daniels is that after living outdoors outside of Colorado for decades — on a farm, in a meadow, on Bureau of Land Management land and in a national forest — she wanted to live indoors when she landed in the town closest to a Colorado national park.

And the 40-year-old couldn’t have imagined when she moved to Estes Park that she’d fall into a first-of-its kind statewide program that rewards residents with cash for paying their rent on time, property equity, a stronger credit profile and the possibility of long-term financial stability.

“I spent years living in yards and campers and all kinds of things” while working various jobs around the country, she said. But last fall, she got to the point where she wanted her own place again, even though she knew that’s hard for people without significant means.

In October 2023, Fortune reported that the U.S. housing market had gotten so expensive, income for many would have to jump by 55% to make it “affordable.” And a 2023 workforce housing report by the Colorado Association of Ski Towns and Northwest Colorado Council of Governments said “the cumulative impact of rising mortgage rates, lack of housing stock, lack of construction workers, and the pandemic boom cycle widened a chronic affordability gap considerably.”

But Daniels lucked out when she arrived in Estes Park last fall. Within a week, residents were asking her what she needed, and not long after, she found her way to the Estes Park Housing Authority, which jumped at the chance to put her in workforce housing.

Officials in the town of around 6,000 were able to help — no small feat in a landscape of housing scarcity.

The Mountain Migration Report says in 2021, 70% of newcomers and “a greater percentage of part-time residents to the high country” arrived job-attached with annual wages averaging above $150,000, and that 60% of full-time residents, most of whose earnings are tied to the local economy, earn notably less than that amount per year.

The wave of newcomers never receded, and a line was blurred between the markets, the report said. “The marketplace for attainable housing is broken,” the authors concluded, “and the only way most local workers can step into the housing marketplace (even to rent) is with some combination of a handup from government-subsidized housing, down-payment assistance and market regulation.”

Closing the workforce housing gap

Many towns in Colorado’s mountains have been working hard at closing the gap. Breckenridge is in the midst of a multiyear effort to add 900 new deed-restricted units to its stock; Durango is turning a Best Western and land around it into 120 apartments; Ouray business owners bought a hotel to house workers; and a Steamboat Springs billionaire recently acquired a 104-unit apartment complex for more than $95 million, then offered units for rent at well below market rates, for example.

And in October 2024, after longtime owner John Cullen sold the iconic Stanley Hotel to a public-private partnership, the Estes Park Housing Authority acquired a beautiful resort property linked to the deal called Fall River Village. Their plan: Convert the short-term rental lodging units into 66 long-term, affordable rentals for local workers earning 60-80% of the region’s median income of around $86,000, according to the U.S. Census Bureau.

The housing authority purchased the property for $35 million, with around $7 million coming from Proposition 123, which created a dedicated state income tax revenue stream for housing. Another $750,000 came from funds raised through a local ballot initiative, which increased the lodging tax by 3.5% to support child care and workforce housing. The rest of the debt will be paid down by the sale of “14ish” units in a second complex on a hill overlooking the lower one, “then the debt will be serviced by the rents paid by our residents,” said Scott Moulton, executive director of the Estes Park Housing Authority.

The agency got to work readying Fall River Village for move-in in April. Now, 32 of 66 units are leased. “My J-1’s are coming soon,” said Susan Sullivan, Estes Park Housing Authority property manager for Fall River Village, referring to the flood of international workers who come on nonimmigrant exchange visitor visas to work in the busy local tourist economy each summer. A retired couple comes on the same work-vacation mission. Same with young adults headed to Rocky Mountain National Park or Cheley Colorado Camps.

Daniels is a different kind of Fall River Village tenant — one who plans to live in the community year-round, works locally and hopes to stay in Estes Park giving back for as long as she can. And now all three of these groups, plus families, are going to get something in return for simply being lucky enough to find housing.

The program Daniels stumbled into is Colorado Renter Rewards, which is for renters living in Proposition 123 properties. Colorado is the first state to have this kind of program and it’s being implemented through a partnership involving the Office of Economic Development and International Trade, the Colorado Housing and Finance Authority, and Stake, a financial technology company.

With her income putting her in the 70% of AMI range, Daniels pays around $1,700 a month for a two-bedroom, two-bath, 600-square-foot apartment. Her utility bills are capped at $100 a month. A local ministry pays $400 of her rent. She chose her unit because the windows face south, letting in beams of sunlight. And she feels safe, surrounded by families and others who are part of Estes Park’s workforce.

The other big benefit of Colorado Renter Rewards: Qualifying tenants receive 2% cash back with every on-time rent payment. And if they save that cash for 12 months they receive a match of what they’ve saved, up to an additional 2% of their rent. On-time rent payments are reported to the credit bureaus at no cost to residents — good for strengthening credit scores. And as communities supported by the program perform over time, renters may receive annual equity distributions, which would begin after the fund has grown over several years.

Daniels said she couldn’t be happier to live in the complex that was once a resort for the highfalutin. There are two hot tubs, a pool, community grills and a deck attached to every unit. The Fall River flows lazily around the edge of the property. Climbing chalk smudges two granite cliffs. Daniels can walk a bike path to the library where she volunteers creating a seed bank. And best? She’s surrounded by forests, where she can gather rocks, tree boughs and wildflowers to her heart’s content.

Dusk Wednesday found her adjusting a wreath she made encircling a candle, a piece of quartz and some dried wildflowers on her living room table. “I’m always picking up things out in nature and bringing them in with me,” she said.

Section by Tracy Ross | Reporter

Denver’s misunderstood restaurant industry shares data on challenges

A joint report from city economic agencies concluded that the local restaurant industry is shrinking, not recovering. The 68-page Denver Restaurant Liaison Survey report, published Friday, noted that between 2019 to 2024, costs rose a lot — labor was 50-55% higher, rents rose 23% and the cost of goods were up 22%.

Page after page noted how much more expensive Denver has become, including outpacing wages in New York City. Worker pay was a key issue. The city’s minimum wage has increased 69.5% since 2019 while tipped workers, who make less per hour but keep all their tips, have seen their pay increase 95.4%. But as restaurants raised menu prices an average of 28% to offset increases, earnings fell an average of 19.7% since 2019, the report said.

There’s a lot to unpack and we hope to get to more of it soon at The Colorado Sun. I’ll share one thing I noticed: A major recommendation was to change how people are paid. Three options suggested:

>> See the report (Spot something interesting? Email me what and why.)

Section by Tamara Chuang | Business/Technology Reporter

Take the poll: The Restaurant biz

As a consumer, you may not think too much about what goes on behind-the-scenes of a local restaurant, let alone how it survives when the main product can go bad overnight. But do restaurants have it worse than other small businesses or even consumers who are just trying to get through to the next paycheck and, perhaps, enjoy life a little bit?

Take the latest What’s Working reader poll and help us track what Coloradans are experiencing. >> cosun.co/WWfoodie26

Sun economy stories you may have missed

➔ Award-winning Vietnamese restaurant in Denver finds its James Beard future on ice. A monthslong behind-the-scenes battle goes public when sắp sửa chef Ni Nguyen tells his side. Meanwhile, the prestigious restaurant awards organization stays silent. >> Read story

➔ Xcel posts nearly $1B operating profit from Colorado as the utility seeks rate increases for gas, electric customers. Settlements related to the Marshall fire trimmed the bottom line to $678 million, the lowest in four years. >> Read story

➔ Federal judge clears way for luxury Berlaimont developers to build their access road near Edwards through Forest Service land. Environmental groups that sued say they have additional claims still pending. >> Read story

➔ Greeley voters reject project that would have built a new arena for the Colorado Eagles. But backers of the Catalyst and Cascadia projects say they will continue their fight. >> Read story

➔ Taxes have never been higher for Colorado vacationers. But little of that revenue is supporting tourism. Nearly 40 communities this year are budgeting $77 million in new or redirected lodging taxes to support housing, child care and roads while spending for tourism promotion reaches record lows. >> Read story

➔ AI chatbots operating in Colorado would have to take steps to protect kids, prevent suicides under bipartisan bill. The measure represents the legislature’s latest attempt to address artificial intelligence as the technology becomes increasingly prevalent. >> Read story

➔ How these Colorado businesses changed course during the chaotic 2025 tariff wars. One company moved some manufacturing to the U.S. from China, while another is moving it to Denmark. Both blame the tariffs. >> Read story

Other working bits

➔ Fort Collins taproom gets noticed for its “third space.” Hello Brew Co. is a place to get a local beer but also to view an art show, or host a nonprofit fundraiser or just meet up with other local businesses. For that, the company’s “third space,” or somewhere else folks can hang out other than at work or home, was picked as one of five national winners of Gusto’s annual impact awards this year.

Nearly 10,000 small businesses applied, said payroll and HR services company Gusto, which has an office in Denver. Hello Brew owners Christine Luckasen and Ryan Maliski, who opened the taproom in 2020, will be honored March 24 at an event for finalists and winners. As part of the award, Gusto is providing free support plus a $10,000 cash award to winners, which Hello Brew plans to use to pay the first bonuses to its employees.

Also part of the honor? Gusto is putting up a Hello Brew billboard right here, just west of Interstate 25 in Fort Collins, to support the business. >> Check it out

➔ Quantum jobs get elevated by state. The state’s labor department partnered with Elevate Quantum, a consortium of local governments, businesses and educators marketing Colorado’s quantum-technology industry. The partnership is within the state’s job board, at Connecting Colorado to better match job seekers to quantum openings if the candidate’s skills seem similar. In other words, someone with advanced manufacturing experience might see a quantum-manufacturing job that they might not have otherwise known about. The partnership also will suggest quantum training opportunities, according to the labor department.

➔ March 3 is Buy Colorado Day. Yes, it’s a made-up day that started last year after state lawmakers legislated it into place. It’s happening again Tuesday (that’s March 3, if you didn’t realize it). Ricardo Baca, a former journalist who runs a public-relations firm, was the vision behind the day to promote the Colorado lifestyle and local brands and try to help boost business during a typically slow period. This year, Baca is turning it into a week-long celebration, which he’s calling Buy Colorado Week, from March 3 to 10.

A three-hour kickoff event starts at 5 p.m. on Tuesday at Stranahan’s Distillery on Kalamath Street in Denver. The 21-older happy hour is open to the public, a panel of local retail professionals and a complimentary cocktail. So far, the panel includes Annelise Loevlie, CEO of Icelantic Skis in Golden; Jake Gardner, CEO of Westbound & Down Brewing Co., with multiple locations; and John McCarvel, former president and CEO of Crocs in Broomfield. >> Detials

Got some economic news or business bits Coloradans should know? Tell us: cosun.co/heyww

You made it through February! Thanks for sticking with us. ~ tamara & tracy

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What’s Working is a Colorado Sun column about surviving in today’s economy. Email [email protected] with stories, tips or questions. Read the archive, ask a question at cosun.co/heyww and don’t miss the next one by signing up at coloradosun.com/getww.

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