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PROPERTY EVENT: GALENA STREET GROUNDBREAKING Galena Apartments Break Ground to House Essential Workers in Colorado’s High-Cost Mountain Communities In a transformative public-private partnership, NHPF is using its AA- credit rating from Standard & Poor’s to finance construction of Galena Apartments, a 54-unit, income-restricted workforce housing development in Frisco, Colorado. The development addresses the acute housing shortage for essential workers—teachers, nurses, and service professionals—priced out of one of the country’s most expensive resort regions. “In a ski-country county where some teachers were sleeping in cars, we’re building homes where they can thrive,” said Neal Drobenare, Senior Vice President at NHPF. “I’ll never forget attending a homelessness meeting at the Summit County Library and seeing not just advocates—but actual working professionals, desperate for a safe place to park and sleep.” Soon after, the Town of Frisco purchased an obsolete state office building on Galena Street, temporarily opening the parking lot to unhoused workers. That gesture laid the groundwork for a bolder move. When NHPF acquired a Main Street site for low-income housing, the Town asked if it could co- develop the Galena parcel to serve the “missing middle”—residents who earn too much to qualify for traditional affordable housing but too little to afford market rents. Working with the Town, NHPF helped draft the Workforce Housing Incentive Act, legislation that streamlined zoning, relaxed parking requirements, and quadrupled the site’s allowable density. The result is a model for middle-income housing across Colorado and beyond.
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PERSONNEL NEWS The NHP Foundation Announced the Appointment of Joseph P. Weatherly as Chief Investment Officer (CIO)
RECENT ACQUISITION NHPF's Third Colorado Acquisition in 2025: 158 Units of Affordable Housing to be Built at Sloan’s Lake
With more than 23 years of success in multifamily housing acquisition, finance, and
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