
Developers have started construction on a 60-unit affordable housing community in Rifle, Colorado.
The development is the first family-oriented low-income housing tax credit (LIHTC) project built in Rifle in more than 20 years, according to Evergreen Real Estate Group.
“Rifle Apartments is a pioneering development that will bring much-needed affordable housing to the largest undeveloped parcel in the city’s central business district, where shops, restaurants and other services—including a major regional bus route—are a short walk away,” said Javonni Butler, vice president of development and head of Evergreen’s Denver office. “The team worked closely with city officials to integrate the development into Rifle’s existing infrastructure, and the result will be a modern, highly functional residential community that provides the amenities, beautiful mountain views, and green space renters are looking for in this area. With hundreds of individuals and families on the local housing authority’s waiting list, we are pleased to help provide homes for those most in need in this vibrant community.”
Comprising a trio of three-story buildings, Rifle Apartments will offer 30 one-, 20 two-, and 10 three-bedroom units, reserved for households earning between 30% and 80% of the area median income (AMI). Fourteen apartments will be set aside as project-based voucher units for families who are at or below 30% of the AMI. The community will be managed by Evergreen, with pre-leasing expected to begin in summer 2025.
Homes at the all-electric property will feature open layouts with market-comparable finishes, including vinyl plank flooring, LED lighting, full kitchens with Energy Star appliances, baths with step-in showers and low-flow plumbing fixtures, and in-unit laundry.
“This project provides a significant benefit to downtown Rifle and is the culmination of decades of planning and foresight by the city of Rifle,” said mayor Sean Strode. “We are now one step closer to delivering 60 new, affordably priced residences right here in downtown Rifle. In addition to providing needed housing to local workers, the community will allow area families to live close to schools, the public library, and other amenities like Centennial Park.”
Financing for the approximately $29 million community includes support from the Transformational Housing Loan Fund and gap funds from the Colorado Division of Housing; 9% LIHTCs and permanent debt from the Colorado Housing and Finance Authority; Capital Magnet Funds from Impact Development Fund; and Affordable Housing Investment Fund capital from the Colorado Clean Energy Fund.
Evergreen is also developing a 170-unit income-restricted rental housing community in Denver’s Globeville neighborhood. The project will have 20,000 square feet of community-serving commercial space, including a co-located Denver Public Library branch.The Chicago-based firm owns and manages more than 13,400 units of multifamily housing.