The Colorado Housing and Finance Authority has awarded $1.7 million in Tax Credit Assistance Program (TCAP) funds to Community Housing Concepts, Inc. (CHC), to purchase and renovate a 100-unit affordable seniors development in southeast Denver.
The funds will be used by CHC to upgrade the 30-year-old Denver Gardens property and maintain its affordability. The $14 million purchase and renovation is estimated to spur nearly $30 million in economic impact and support 222 jobs.
Created under the American Recovery and Reinvestment Act, TCAP aims to help fill financing gaps in low-income housing tax credit (LIHTC) developments during the recession.
CHC plans to update the property’s apartments with energy-efficient windows and appliances. Units will also receive new paint and other amenities.
Additional funding for Denver Gardens has been obtained through Citi Community Capital and from the sale of LIHTCs awarded to CHC by the state housing agency earlier this year.
The purchaser of the credits, WNC & Associates, is providing about $5.5 million in equity to the project.
CHC also received a pledge for grant money from the Governor’s Energy Office and Energy Outreach Colorado, which will be used toward components such as photovoltaic panels on the roof. Denver’s Road Home has also pledged grant money as several units will be set aside for homeless and at-risk individuals.