Healthy Mountain Communities Director Colin Laird has spent the last two years cobbling together an agreement between Basalt, Carbondale, Glenwood Springs and Garfield County to jointly fund a Roaring Fork Community Housing Fund and put representatives on a board to oversee it.

They've all signed on now - with one small exception. Glenwood Springs will join only if the other members agree to change one word in the agreement that forms the authority: make that "shall" a "should."

That leaves Laird making the rounds of each government again to approve the change, even as he and other housing fund representatives gathered for interviews Friday for a director to oversee the operation.

"Think of this as an affordable housing bank," Laird said. "What we're trying to do is create a fund to create affordable housing."

The organization would be one of about 2,500 such funds across the country, including one in Denver, designed to help create housing for lower- and middle-income residents.

It's a way to help towns throughout the Roaring Fork Valley get housing for employees who can't afford to live there, but without making small towns take on the hefty task of building and overseeing their own affordable housing projects.

Instead, it would help fund the efforts of private and nonprofit developers, and still leave the decision-making process with each community.

"Community housing is in everybody's best interest," Laird said. "We want our firefighters and teachers living in the community."

The program follows a model created by state legislation that allows for a multi-jurisdictional housing authority. That legislation also allows the group to levy taxes to fund it, but in addition to having to go to a vote of the people, under TABOR requirements, it would also require a unanimous vote of the fund's board.

Laird said he hopes the fund will act as an important piece in the valley's affordable housing puzzle by bringing together local investors with state and national funds and be able to offer low-interest loans to interested developers.

Laird said Alpine Bank in particular had expressed interest in chipping in funds, and in trying to bring other banks on board.

The four governments have agreed to put in $111,000, which would fund the director's position and could be the first step in pulling together other funds to pay for affordable housing. Garfield County has offered $27,000. Carbondale has offered $23,000. Basalt has offered $13,000. Glenwood has offered the most - $48,000 - so long as that word changes.

Eagle County, which has its own housing program, dropped out.

The authority's board would consist of representatives from each participating government.

In a meeting on Thursday, Glenwood City Councilman Joe O'Donnell worried about language in the intergovernmental agreement creating the authority that says representatives "shall" represent the housing fund, not their individual communities, when they meet.

That seemed a little strong, O'Donnell said.

So instead, council voted to change the word to "should." If every other community agrees, the fund will get into motion.

Laird said he's not worried about other members agreeing to the change.

David Frey can be reached at gordonfrey@sopris.net.