A 50-unit apartment community has become the first affordable family development to be built in Broomfield, Colorado, in more than 22 years.
Academy Place Apartments moves the city closer to reducing the 1,286 affordable rental unit gap for renters earning less than $20,000 per year, according to officials.
Developed by Summit Housing Group, the development features one-, two-, and three-bedroom apartments with varying levels of rent subsidy plus a community room, a community garden, a business center, a fitness room, and a children’s play area.
Each unit has many amenities that are not typically seen in affordable rental housing units in Broomfield, including a patio or balcony for each unit, efficient heating and cooling systems, dishwashers, microwave ovens, refrigerators with freezers, garbage disposals, self-cleaning ovens, and in-unit washers and dryers. All appliances are Energy Star rated.
The $17.3 million property is within a mile of essential services, job opportunities, and schools, making it an ideal location for families.
Hunt Capital Partners provided $11.4 million in 9% low-income housing tax credit (LIHTC) equity financing through its Hunt Capital Partners Tax Credit Fund 37. The fund has eight investors, including Aetna, a CVS Health company, which is working closely with Broomfield FISH, a nonprofit organization, to offer several health and wellness resources to residents.
“We know that when people have access to housing, they’re able to improve their overall health and well-being,” said London Lomax, vice president and chief strategic advisor at Aetna, a CVS Health company. “That’s why we’re committed to addressing housing insecurities at the local level through investments like Academy Place and providing people with resources that can help them achieve better health and create positive change in their lives.”
Other funding sources include a $12.95 million construction loan from BBVA USA, a $5.1 million permanent loan from the Rocky Mountain Community Reinvestment Corp., a $500,000 loan from the Colorado Department of Housing, and waivers for $337,084 provided by the city of Broomfield. The Broomfield Housing Authority also provided a real estate tax exemption.
“Hunt Capital Partners recognizes the need for affordable living for the families of Broomfield,” said Amy Dickerson, managing director, investor relations, at Hunt Capital Partners. “We are pleased to partner with The Summit Cos. in the creation of 50 new energy-efficient affordable homes with additional amenities that make healthy living accessible. When families spend less on housing-related expenses, they then have more freedom for everyday essentials such as food, clothing, activities, and education. In times like these, where costs are rising rapidly, affordable housing is even more essential.”
Residents will have access to financial literacy programs, transportation services, and job skills workshops. Summit Housing Group is a growing development company based in Missoula, Montana, specializing in market-rate, townhome, build-to-rent, and LIHTC developments.