The Colorado Department of Local Affairs-Division of Housing (DOLA-DOH), in partnership with the Colorado Housing and Finance Authority (CHFA), announced more than $40 million in funding to support the construction of 1,035 affordable housing units in areas most impacted by the 2013 floods.
The funding includes $24.7 million in Community Development Block Grant-Disaster Recovery (CDBG-DR) funds, $7.2 million in federal low-income housing tax credits (LIHTCs), and $8.3 million in state LIHTCs. More than 14,500 homes were damaged in Boulder, Larimer and Weld Counties, displacing thousands of Coloradans. More than 950 people still seek a permanent housing solution.
The awards were selected through a joint review process conducted by DOLA-DOH and CHFA. Officials said the collaborative effort was designed to ensure that local, state, and federal housing resources available through both organizations were efficiently deployed and leveraged.
Nine developments were selected. They are estimated to generate $450 million in economic impact and support more than 2,000 temporary and 350 permanent jobs. Each will give priority to households displaced by the floods.
The selected projects are:
· Kestrel in Louisville, sponsored by the Boulder County Housing Authority: This 190-unit development will consist of a 70-unit building serving seniors and an additional 120 units in multiple buildings that will serve families. The development will serve households earning 40%, 50%, and 60% of the area median income (AMI). This will be the first LIHTC-supported project to be constructed in Louisville in more than 15 years.
· Centennial Park in Longmont, sponsored by Summit Housing Group: This 140-unit development will serve families earning no more than 40%, 50%, and 60% of the AMI;
· Copper Peak in Longmont, sponsored by Inland Group: This development will provide 240 units of housing for families earning no more than 50% and 60% of the AMI;
· Crisman Apartments in Longmont, sponsored by Solvera and the Longmont Housing Authority. The development will provide 114 units serving families earning no more than 40%, 50%, and 60% of the AMI;
· The Edge in Loveland, sponsored by the Loveland Housing Authority: This 70-unit development will provide workforce housing for families and 10 units for formerly homeless veterans. The property will serve households earning between 30% and 60% of the AMI;
· Guadalupe Apartments in Greeley, sponsored by Archdiocesan Housing: This development will provide permanent supportive housing for formerly homeless individuals and families. All 47 units will serve households earning at or below 30% of the AMI;
· Oakridge Senior in Fort Collins, sponsored by McDermott Properties: This 126-unit development will serve seniors 62 years and older at household incomes ranging between 30% and 60% of the AMI;
· Village on Redwood in Fort Collins, sponsored by the Fort Collins Housing Authority: The development will provide 72 units for individuals and families with household incomes ranging between 30% and 60% of the AMI; and
· Windsor Meadows II in Windsor, sponsored by the Windsor Housing Authority in partnership with the Loveland Housing Authority: This 36-unit development is the second of two phases serving families earning between 30% and 60% of the AMI.
DOLA-DOH administers the CDBG-DR housing funds, and CHFA allocates the federal and state LIHTCs in Colorado.