A 70-unit development moved a step closer to providing affordable homes for families in Westminster, Colo., a suburb of Denver.
Enterprise Community Investment announced it has syndicated $14.75 million in low-income housing tax credit equity provided by investor American Express to help finance the $29 million project.
When construction is completed in October 2017, Alto will provide one-, two-, and three-bedroom apartments for families making between 30% and 60% of the area median income or between $23,970 and $47,940 for a family of four. Rents will range from $406 to $1,176 per month.
Developed by the Adams County Housing Authority, Alto is located within three blocks of a new light rail station offering nonstop trips to downtown Denver in 12 minutes. The development will also meet the Enterprise Green Communities criteria for creating and preserving sustainable affordable housing.
“Locating affordable housing close to public transit is a key part of our mission to connect residents to opportunity, especially in urban areas where low-income families often find it difficult to afford homes close to work,” said Melinda Pollack, vice president and Denver market leader of Enterprise Community Partners, the parent of Enterprise Community Investment. “The housing credit provides the flexibility necessary to create homes like Alto that can respond to the most pressing housing needs in the community.”
The announcement comes on the heels of poll results released in May by Make Room, a national campaign to give voice to struggling renters sponsored by Enterprise Community Partners, which revealed 80% of Coloradans agreed that more affordable rental homes should be developed for families in their communities.
An earlier Make Room analysis found that nearly 98,000 households, or 25% of renters, in the Denver metropolitan area pay more than 50% of their income toward housing costs, up from 22% in 2005.
Alto’s location will offer residents easy access to nearby grocery stores, schools, medical facilities, and recreation areas. At home, residents will enjoy plenty of amenities, including a community room, a fitness center, a computer room, a picnic area, and bike storage. Alto also contains commercial space that will be used as the South County location for the Adams County Housing Authority and the Center for Career and Community Enrichment (3CE), a nonprofit community center. 3CE will provide services, including job search training, housing counseling, life skills and parenting classes, and GED preparation.
Shears Adkins Rockmore is the architect, and Swinerton Builders and Gorman & Co. will serve as the contractor and contract developer, respectively