Manaus Fund Finances Affordable Housing

The Manaus Fund of Aspen Community Foundation, a social entrepreneurship Donor Designated Fund, has begun to tackle one of the most significant issues in the valley: affordable housing for local workers. Filling in the gap between government and private enterprise, the Manaus Fund acts as a neutral party by providing ideas and facilitation to solve critical social issues. The Manaus Fund recently provided $800,000 for local nonprofit Mountain Regional Housing Corporation to purchase the land for Keator Grove, a development of 52 affordable housing units in Carbondale. Aspen Skiing Company has guaranteed to buy 30 of the units, which helped to secure a $2 million loan from American National Bank. Dave Bellack, Senior Vice President of Aspen Skiing Company, said that, “Without the Manaus Fund, this very exciting housing project [Keator Grove] simply would not have taken place.” In addition, The Manaus Fund is working with the Roaring Fork Transit Authority (RFTA) and Design Workshop Founder Don Ensign to develop affordable housing units on RFTA’s Park and Ride lots in Aspen, Basalt, and Carbondale. The strategy is to build “up and not out,” creating living and retail spaces above the bus depots and parking lots. Leading the Manaus Fund of Aspen Community Foundation are George Stranahan, Tim McFlynn, Jeff Seltzer, and Michael McVoy.