The Colorado Housing and Finance Authority (CHFA) has reserved $12.9 million in low-income housing tax credits (LIHTCs) to 14 developments in the agency’s third and final allocation round of the year.
The developments, which will provide 901 affordable housing units, were selected from 31 applications seeking nearly $28 million in housing credits.
“The opportunity for CHFA to leverage state LIHTC with federal LIHTC available has made a historic impact in our ability to support the development and preservation of affordable rental housing across Colorado,” said Cris White, CHFA executive director and CEO. “This has been critical given that rents continue to rise and vacancy rates remain low.”
In the earlier rounds this year, 15 developments were awarded state and federal credits, supporting 1,802 units.
The following affordable housing developments were awarded federal LIHTC in round three:
West Residences, Lakewood
Developer: Archway Housing and Services
40 West Residences will provide 25 permanent supportive housing units for formerly homeless veterans. These units will be subsidized with Veterans Affairs Supportive Housing (VASH) vouchers. The remaining 35 units will serve low-income individuals and families. LIHTC award amount: $960,726.
Village Phase II, Brighton
Developer: Brighton Housing Authority and Hendricks Communities
Brighton Village Phase II will serve seniors and provide a variety of supportive services and activities for the residents. The 63-unit project will be located within three miles of the Brighton Senior Center. LIHTC award amount: $1,117,700.
Manor Apartments, Burlington
Developer: Steele Properties
Burlington Manor is a 100% subsidized, Sec. 8 project that was originally constructed in 1973. Steele Properties will provide much-needed renovation for this 54-unit property including health and safety improvements, upgraded kitchens and bathrooms, and a new community room. LIHTC award amount: $423,747.
Foundry Apartments, Englewood
Developer: SW Development Group
The Foundry Apartments will serve individuals and families as part of an 18-acre redevelopment in Englewood. The redevelopment includes 158 for-sale townhomes and future phases of commercial, retail, and additional multifamily units. The Foundry Apartments will provide 70 units of affordable rental housing, is located along a recently re-routed RTD bus line, and is within close walking proximity to the Englewood light rail, schools, parks, biking paths, a library, community gardens and other amenities. LIHTC award amount: $971,044.
Lake Homes, Westminster
Developer: Jefferson County Housing Authority
This 72-unit project will serve seniors and will be located in Jefferson County. The project will offer a number of attractive outdoor amenities, including a large central courtyard, a community garden, a dog park, and a seasonal farmers market. LIHTC award amount: $1,185,974.
Highlands, Grand Junction
Developer: Grand Junction Housing Authority
The Highlands, a 64-unit development, will be the first LIHTC project serving only seniors in Mesa County. The Grand Junction Housing Authority will partner with a number of organizations to provide support, life enrichment, and health-care services for residents. The Highlands will also provide a variety of outside amenities such as walking paths, areas for outdoor events, and raised garden beds. LIHTC award amount: $1,250,000.
Phase VII, Denver
Developer: Denver Housing Authority
Denver Housing Authority’s (DHA) Mariposa Phase VII will serve families and seniors with 21 family units and 45 senior units. When completed, the multi-phased Mariposa project will provide a net gain of 528 residential units by replacing 270 public housing units with 505 affordable units and 293 market-rate units. DHA is using a combination of 9% and 4% LIHTCs to support the development of this project. LIHTC award amount (9%): $577,665. LIHTC award amount (4%): $299,561.
Developer: ME Jansen Development Co.
Oakshire Commons will include the rehabilitation of 50 existing assisted-living units and the new construction of 49 new assisted-living units, all of which will be combined to provide a total of 99 single-occupant homes for seniors in need of assisted care. The project will have one large dining facility with a commercial kitchen and a large living room in the common area. The owner will provide transportation services for residents. The developer is using a combination of 9% and 4% LIHTCs to support the development of this project. LIHTC award amount (9%): $387,345. LIHTC award amount (4%): $300,352.
Downtown Lofts, Denver
Developer: Colorado Coalition for the Homeless
Renaissance Downtown Lofts will provide 101 units of permanent supportive housing to formerly homeless individuals and families. The project will participate in Denver’s Social Impact Bond (SIB) program, which will serve to help close the gap in funding needed to support services for chronically homeless individuals that are considered “super utilizers” of criminal justice and emergency services (such as arrests, jail bed days, detox, and emergency room visits). By providing comprehensive services in and near an individual’s residence, the housing success rate is greater and the cost savings to public resources are estimated to be significant over time. The developer is using a combination of 9% and 4% LIHTCs to support the development of this project. LIHTC award amount (9%): $1,250,000. LIHTC award amount (4%): $299,561.
The Reserves at Steamboat Springs,
Developer: Overland Property Group and Yampa Valley Housing Authority
The Reserves at Steamboat Springs will be the first 9% LIHTC project in its community. The 48-unit development will serve families and larger households. The city of Steamboat Springs and Routt County have recognized the severe need for affordable housing and will provide financial support for the project. LIHTC award amount: $1,094,544
Francis at Cathedral Square, Denver
Developer: St. Francis Center
This project will provide project-based vouchers to all 50 units to serve formerly homeless individuals and families. The St. Francis Center will provide a comprehensive services package for the residents as well as community amenities such as roof-top gardens. The project will be centrally located with easy access to transit, grocery stores, and other services. LIHTC award amount: $907,489.
Developer: Mental Health Center of Denver, Denver
Sanderson Apartments will serve formerly homeless individuals and families, and will offer a robust package of supportive services for residents. The 60-unit project will participate in Denver’s SIB program, which will help close the gap in services funding needed to support chronically homeless individuals that are considered “super utilizers” of criminal justice and emergency services (such as arrests, jail bed days, detox, and emergency room visits). By providing comprehensive services in and near an individual’s residence, the likelihood of success is greater and the cost savings to public resources is estimated to be significant over time. LIHTC award amount: $1,144,149.
View Apartments, Woodland Park
Developer: AmericaWest Housing Solutions
Valley View will be the first LIHTC project in Woodland Park and will help meet an overwhelming demand for affordable housing options in the town and Teller County. The 24-unit project will be within walking distance of schools, parks, and recreation facilities. LIHTC award amount: $421,748.
Developer: Adams County Housing Authority
This 70-unit project serving families will be located within the South Westminster Urban Renewal District, fewer than three blocks from the Westminster light-rail station, which is scheduled to open in 2016. The project is a result of a public/private partnership between Adams County Housing Authority and Gorman and Co., a private developer. ACHA will provide a number of services for residents including life skills, parenting, GED, and health services. LIHTC award amount: $1,250,000.