Boston Capital announced that it is investing in the construction of the first new fully affordable seniors housing built in Boulder, Colo., in more than 30 years.
The firm will provide more than $4.5 million in low-income housing tax credit equity to the 59-unit project being developed by Boulder Housing Partners, the area's housing authority.
Highlands Apartments will feature 38 one-bedroom and 21 two-bedroom units located in a three-story building. Each unit will feature air-conditioning, a washer and a dryer, a dishwasher, a patio or a balcony, a walk-in closet, nine-foot ceilings, and an emergency call system. Nine units will be handicapped accessible.
Additionally, residents will be provided with a free Boulder Eco Pass for bus service. Units will be available to seniors ages 62 and older earning no more than 60 percent of the area median income.
The apartments are designed to meet the Enterprise Green Communities high-performance building criteria and are 60 percent more energy efficient than a code-built structure. The development will feature a 100kW roof-mounted solar photovoltaic array, which will provide electricity for the residents and some of the common areas. Additional energy-efficiency measures include high-performance windows, as well as super-insulated walls, foundations, and roof systems.
The construction of Highlands Apartments will generate $5.7 million in local income and create approximately 85 jobs in the Boulder area. Boston Capital's investment in the development adds 59 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in more than 3,200 units of affordable housing in Colorado.