Christian Church Homes (CCH) has unveiled its latest community—a 77-unit affordable housing development for seniors in Colorado Springs, Colo.
Hatler May Village crowns six years of development efforts by the nonprofit organization. The $14 million community was originally conceived as a federal Sec. 202 project, but program cuts required the development to convert to a low-income housing tax credit (LIHTC) development, according to Oakland, Calif.-based CCH.
After multiple applications, CCH received a 9% LIHTC award from the Colorado Housing and Finance Authority (CHFA) in 2014. The housing credit equity is generating approximately $12.2 million in funds for the development. Together with an award of $500,000 from the city and $300 000 from the state, CCH was able to secure the needed financing. Other funding partners include JPMorgan Chase and National Equity Fund.
Hatler May Village is named after the Rev. Gay Hatler, retired minister of First Christian Church in Colorado Springs, and posthumously after Bill May, a retired Air Force officer and local real estate agent.
“Moments such as these speak clearly to the commitment CCH, its partners, and supporters have made to providing affordable housing to the local commonwealth,” said Don Stump, CCH CEO and president. “This can only be topped by the handing of keys to the newest members of this wonderful community.”
Established in 1961, CCH is a nonprofit that builds and manages affordable housing communities for seniors. Having served over 100,000 seniors over 50 years, CCH has grown to 57 communities in seven states.