Auburn Ridge, a proposed 90-unit seniors housing development, has received a $4 million permanent loan from the Colorado Housing and Finance Authority (CHFA).
The loan is in addition to a $1.25 million low-income housing tax credit (LIHTC) award reserved to the development earlier this year. Auburn Ridge will be built in Castle Rock, Colo., by Atlantic Development and Investment, Inc.
The loan is the first approved by the CHFA board, utilizing a new program designed to provide fixed-rate permanent financing for affordable housing projects awarded LIHTCs.
Eighty of Auburn Ridge’s apartments will be affordable to seniors earning no more than 60 percent of the area median income. The remaining 10 will be market-rate units.
Atlantic Development and Investment anticipates opening the $16.5 million project within 12 to 18 months. The construction will generate an estimated $25.5 million in economic impact and support 134 jobs.
This year, CHFA prioritized the development of seniors housing in its qualified allocation plan for allocating LIHTCs. Auburn Ridge will be the first seniors LIHTC development in Castle Rock since the program began in 1986.
Castle Rock is in Douglas County, where the seniors population is expected to grow by 4 percent to 6 percent annually over the next decade and will double by 2029, according to the state demographer.
Additional funding for the project is being provided by the Douglas County Housing Partnership, the Colorado Division of Housing, and Douglas County. National Mortgage Investors is providing the construction financing. CHFA’s loan provides permanent financing for the property, with a 30-year fixed-rate term.