Boston Capital announced it is investing in the construction of two affordable housing developments in Boulder, Colo.
The low-income housing tax credit syndicator and real estate investment firm is helping financing the 69-unit Lumine Apartments and the 61-unit Ledges Apartments. The communities are being developed by Koelbel and Co. and Allison Management.
Lumine Apartments and Ledges Apartments will be available to families and individuals earning 60 percent or less of the Area Median Income (AMI). Both communities will include four, three-story apartment buildings. Lumine will feature 35 one-bedroom, 32 two-bedroom and two three-bedroom, garden-style units. Ledges will feature nine studios, 36 one-bedroom and 16 two-bedroom, garden-style units.
All units will include washers and dryers, dishwashers, walk-in closets, ceiling fans, nine-foot ceilings, unit storage and patios/balconies. Community amenities will include shared on-site management, a BBQ area with benches and bicycle racks. Residents will receive a free Eco Pass (local and regional bus pass) for the first two years of operation.
The construction of these developments will generate $13.4 million in local salaries and create nearly 200 new jobs in the Boulder area. To date, Boston Capital has invested in approximately 3,500 units of affordable housing in Colorado.