Colorado Housing and Finance Authority (CHFA) has reserved $12.8 million in federal low-income housing tax credits (LIHTCs) for its second and final allocation of 2017.
The competitive 9% LIHTCs will support the new construction or preservation of 633 affordable rental units for families, seniors, and the formerly homeless.
Demand for the housing tax credits outweighed supply this round, with CHFA receiving 28 applications requesting over $30 million.
The developments receiving LIHTC reservations include:
- Aria Apartments, Phase II, in Denver: This 65-unit family development by Perry Rose is part of the master redevelopment of the former Marycrest Convent Campus.
- Cornell Senior Apartments in Aurora: This 50-unit project by Community Housing Development Association will serve seniors 62 and older; 10 of the units will be set aside for individuals with special needs.
- Crossing Pointe in Thornton: This 64-unit development by the Adams County Housing Authority will serve seniors 62 and older.
- Freedom Springs in Colorado Springs: This 50-unit permanent supportive housing development by Vecino Group will serve those who are homeless or at risk of homelessness, with a special preference for veterans.
- Highlands 2 in Grand Junction: The second phase of a two-phase project, the 72-unit development by the Grand Junction Housing Authority will serve seniors 62 and older.
- Lumien Apartments II in Durango: This 36-unit family development by Solvera Advisors will include nine permanent supportive housing units.
- Providence at the Heights in Aurora: The 50-unit development by BlueLine Development and Second Chance Center will be the first permanent supportive housing project for the city.
- Trinidad Artspace Lofts in Trinidad: The 41-unit project by Artspace will serve families and local artists.
- Valley Sun Village in Cortez: The 50-unit Sec. 8 project will undergo a rehab by Treadstone Cos.
- Walnut Street Lofts in Denver: The 65-unit project by Medici Development will provide affordable housing in the city’s River North district.
- Wintergreen Apartments in Evergreen: This 40-unit development by Gorman & Co. will provide workforce housing in Summit County.
- Woodgate Trails in Montrose: This 50-unit project by Four Corners Development will serve senior 55 and older.
The first round of allocations earlier this year awarded state LIHTCs with 4% housing tax credits. Twelve developments received approximately $11.3 million in federal LIHTCs and approximately $9.5 million in state housing credits to support the new construction or preservation of 1,290 affordable rental units in the state.
