Volunteers of America National Services (VOANS) has received key financing to develop a new affordable housing community in Colorado Springs, Colorado.
The nonprofit announced that it has been awarded $1 million in state housing credits and $1.5 million in 4% low-income housing tax credits from the Colorado Housing and Finance Authority. The funds raised will go toward Paloma Garden, a development that will combine two adjacent properties into one new affordable housing community.
The $33 million project involves the construction of a new 75-unit building and the renovation of a 50-unit existing building formerly known as Laurel Gardens.
The new community will be home to residents 62 years and older and earning between 30% and 60% of the area median income, ranging from approximately $17,000 to $39,000.
Volunteers of America Colorado will provide property and case management services on-site. A full-time service coordinator will connect residents to programs and resources in the community, with an emphasis on healthy aging. Common areas will include community and exercise rooms and a resident lounge/library.
The apartments will feature walk-in showers, in-unit washers and dryers, and balconies. The new building will elevate healthy affordable housing with high-quality indoor air ventilation and will be built to 2020 Enterprise Green Communities, Zero Energy Homes, and WELL Building standards. The site will feature outdoor common areas between the two buildings, raised garden beds, bike storage, and a walking loop for residents.
Expected to break ground in the third quarter of 2022, Paloma Garden will provide a beautiful service-enriched environment for residents to thrive and age in place.
Other funding sources include tax-exempt bonds, a construction loan, and a permanent loan. Additional financing will be provided by the city of Colorado Springs and the state Division of Housing.
“Volunteers of America National Services has been a long-term operator and service provider in the Colorado Springs community and is thrilled to be bringing additional high-quality, service-enriched affordable senior housing to Colorado Springs. The recent award of housing tax credits from Colorado Housing and Finance Authority will allow us to provide much-needed housing in area that has not had a great deal of investment,” said Doug Snyder, vice president regional real estate development.
VOANS, part of the Volunteers of America family of organizations, provides affordable housing and health care services in over 40 states in Puerto Rico. One of the largest nonprofit affordable housing owners and operators in the nation, the VOANS portfolio includes over 240 properties and 15,000 affordable housing units. It also operates over 46 senior health care programs, including skilled nursing, assisted living, home health care, adult day care, and Program for All Inclusive Care for the Elderly.
