A 130-unit development aimed at helping reduce and prevent homelessness celebrated its grand opening in Denver.
A joint development by nonprofits Rocky Mountain Communities and The Delores Project, Arroyo Village features 95 units of family housing and 35 units that are permanent supportive housing for individuals transitioning out of homelessness. In addition, The Delores Project is operating a new shelter with 50 to 60 emergency beds for women and transgender individuals experiencing barriers to housing.
Managed by Rocky Mountain Communities, the community features one-, two-, and three-bedroom apartments for families and individuals earning up to 50% of the area median income (AMI).
To qualify for a unit at The Delores Apartments, individuals must be chronically homeless, have a disability, and make less than 30% of the AMI. The goal of the program is to keep individuals permanently housed in their own apartment with a traditional lease for as long as they desire while also receiving programmatic support to ensure success.
BlueLine Development is also a partner in Arroyo Village.
Financing for the $32 million development includes $16.4 million in federal and state low-income housing tax credit equity provided by Boston Capital and Sugar Creek Capital, a $10.6 million Freddie Mac tax-exempt loan provided by Walker & Dunlop, a $1.3 million grant provided by the city of Denver, a $1 million grant provided by the Colorado Department of Local Affairs Division of Housing, a $750,000 Affordable Housing Program grant from the Federal Home Loan Bank of Topeka, and $1.9 million in deferred developer fees. JPMorgan Chase also provided $19.1 million in construction financing, and the Colorado Division of Housing provided a Colorado Housing Investment Fund construction loan in the amount of $3 million.
