Seven developments have been selected to receive $6.4 million in low-income housing tax credits (LIHTCs) from the Colorado Housing and Finance Authority (CHFA).
The projects were selected out of 28 applications requesting more than $24.7 million in credits. The seven developments receiving LIHTC reservations will support the development or preservation of 318 affordable rental housing units.
CHFA will hold its second allocation round in July, with awards scheduled to be announced in September.
The developments awarded LIHTCs in the first round were:
Auburn Ridge in Castle Rock
Developers: Atlantic Development and Douglas County Housing Partnership
Annual credit allocated: $1.25 million
Auburn Ridge will be an affordable senior housing development located in Castle Rock. The property will feature 90 newly constructed units and will include attractive community amenities such as a community garden, a dog park, a fitness center, and multiple gathering areas for community events and activities. The property is located within four miles of the Castle Rock Senior Center, which coordinates social activities for seniors and assists them in accessing services.
Chinook Wind Apartments in Greeley
Developer: Accessible Space, Inc.
Annual credit allocated: $931,584
Chinook Wind Apartments will be a 60-unit service-enriched independent living senior housing community. Designed to meet the needs of residents as they age in place, Chinook Wind Apartments is being developed by a national nonprofit organization with significant experience in developing and operating affordable housing for people with physical disabilities, including the elderly. The property will be adjacent to the new Poudre Valley Health Care Center and is within proximity to a grocery store, a pharmacy, a medical clinic, a public library, and a fitness center. Chinook Wind will be the first new construction senior LIHTC project in Greeley in 15 years.
Loveland Lofts in Loveland
Developer: Artspace Projects, Inc.
Annual credit allocated: $559,944
Loveland Lofts will provide 30 units of permanently affordable live and work space units for income-eligible artists and their families. The development will be located on the site of the historic Loveland Feed and Grain Building, which will later be redeveloped to include a community arts center. Loveland Lofts is a key component of the city of Loveland’s Downtown Strategic Plan and will provide much needed affordable housing in the community.
Mariposa IV in Denver
Developer: Denver Housing Authority
Annual credit allocated: $1.1 million
Mariposa IV is the fourth phase of the Denver Housing Authority’s South Lincoln Park redevelopment. Mariposa IV will include 77 mixed-income units near the 10th and Osage light rail station and is adjacent to the Santa Fe Arts District. Overall, the 16.5-acre South Lincoln Park redevelopment will transition 15 acres of public housing as well as vacant and underutilized land into a mixed-use, mixed-income transit-oriented community. The redevelopment was awarded a HOPE VI Revitalization Grant in 2010. This year’s LIHTC award is the third installment of a five-year LIHTC set-aside that was approved by CHFA’s board of directors in 2010 to support the Denver Housing Authority’s HOPE VI grant application.
Redtail Ponds Permanent Supportive Housing in Fort Collins
Developer: Fort Collins Housing Authority and Villages, LTD
Annual credit allocated: $768,393
Redtail Ponds Permanent Supportive Housing will include 60 units designed to meet the special housing needs of homeless individuals with disabilities, homeless veterans, and other low-income populations. This will be Larimer County’s first permanent supportive housing development and is supported by the city of Fort Collins’ Homeward 2020 Plan, which identified the need for supportive housing as critical to meeting their goal of ending homelessness. On-site supportive services will be provided by the Fort Collins Housing Authority, Touchstone Health Partners, Veterans Affairs, and the University of Colorado Health. All services will be designed to help residents make a healthy transition from the streets to a home.
Tabor Grand Apartments in Leadville
Developer: Tabor Grand, LLC
Annual credit allocated: $652,836
Tabor Grand Apartments will preserve 37 units of affordable rental housing in Leadville. Rehab to this historic building, formerly a hotel built in 1885, will include health and safety improvements; structural and foundation repair; a new roof; upgrades to mechanical, plumbing, and electrical systems; additional green components; and upgrades to all of the units including new energy-efficient appliances. Tabor Grand Apartments will serve families.
Village at Westerly Creek Building 2 in Aurora
Developer: Aurora Housing Authority
Annual credit allocated: $1.1 million
The Village at Westerly Creek Building 2 is the second phase of the Buckingham Gardens public housing redevelopment in Aurora that will replace the remaining older two-story walkup buildings with newer accessible units for the seniors of this community. The Village at Westerly Creek Building Two will include 65 units in one four-story building and will feature supportive services for senior and disabled residents.