A 50-unit affordable housing development for older adults has opened in Denver’s University Hills neighborhood.
Iliff Terrace features 44 one- and six two-bedroom units for residents 62 and older. The development serves households earning between 30% and 80% of the area median income (AMI), with an average affordability level of 55%.
“For older adults living on a fixed income, finding an affordable home can mean having to leave a neighborhood they know or move farther from the people and services they rely on,” said Danielle Vachon Bell, development director at MGL Partners. “We developed Iliff Terrace to give residents more choices about where and how they age. From the location and accessible design to the spaces for gathering with neighbors, this community is built to help people stay independent, connected, and comfortably housed.”
Each apartment features an in-unit washer and dryer, Energy Star appliances, solid-surface countertops, and spacious closets. Shared amenities include a community room, a fitness room, a community garden, and a sky lounge with mountain views, as well as access to a fourth-floor deck.
Through a partnership with Eaton Senior Communities, a part-time, on-site service coordinator will connect residents with local resources and support services, develop wellness programming, and help residents maintain their health and independence. opportunities to participate in community life.
Financing for the $25.8 million community includes 9% federal low-income housing tax credits and state housing tax credits allocated by the Colorado Housing and Finance Authority and purchased by RBC Community Investments and Sugar Creek Capital, respectively.
Additional support came from Denver’s Department of Housing Stability, Impact Development Fund, and the Colorado Health Foundation, along with all-electric rebates from Denver’s Office of Climate Action, Sustainability and Resiliency.
Other project partners include Santulan Architecture, BC Builders, Silva Management Partners as property manager, and Eaton Senior Communities as service coordinator and special limited partner supporting the project’s property tax exemption.
MGL Partners is a Denver-based multifamily, senior, workforce and affordable housing developer.