The Colorado Housing and Finance Authority announced that it has approved nearly $5 million in low-income housing tax credits (LIHTCs) in its second allocation round of 2014.
The six projects allocated LIHTCs will support the development or preservation of 288 affordable housing rental units across the state. Recipients will provide needed housing in flood recovery areas as well as for families, seniors, and formerly homeless households.
CHFA received 18 applications seeking nearly $16 million in LIHTCs in the second round.
Developments receiving LIHTCs in the second round include:
- Grove Street Apartments: 42 new units of affordable rental housing and the primary office space of Mi Casa Resource Center in Denver. Gorman & Co. received a tax credit award of $915,504.
- Mission Village of Greeley: 50 new units of family housing in Greeley, which is located in a county devastated by the 2013 floods. Commonwealth Development Corp. received a tax credit award of $990,000.
- Oakshire Trails: 62 new units of housing for seniors 55 and older in Pueblo. Four Corners Development received a tax credit award of $1,107,010.
- Pathways Village: 40 new units of housing for homeless families and individuals in Grand Junction. Cardinal Capital Management received a tax credit award of $785,116.
- South Fork Heights Apartments: 34 rehabbed units of housing in South Fork. Belmont Development Co. received a tax credit award of $312,589.
- Spring Creek Apartments: 60 new seniors housing units in the Prairie Village subdivision in Longmont. This project has been ranked as the top rental housing priority within Boulder County for receipt of Community Development Block Grant-Disaster Recovery funds to support flood recovery efforts. Longmont Housing Development Corp. received a tax credit award of $888,948.
In May, CHFA approved $6.8 million in LIHTCs in its first round to seven projects with 381 units.