Summit Housing Group has secured $11.4 million in federal low-income housing tax credit equity to build a 50-unit affordable housing development in Broomfield, Colorado.
Hunt Capital Partners is providing the financing through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 37.
“There is a gap of 1,286 affordable housing units in Broomfield,” said Dana Mayo, Hunt Capital Partners executive managing director. “We are pleased to work with Summit Housing Group on the Academy Place development as it moves the city closer to closing this gap and gives more families access to affordable housing.”
Once completed, the development will provide eight one-, 26 two-, and 16 three-bedroom units with modern amenities set aside for households earning up to 30%, 40%, 50%, and 60% percent of the area median income.
Residents will also enjoy a business center, a community room, an exercise facility, a picnic area, a playground, on-site management, and off-street parking spaces.
Broomfield FISH, a nonprofit organization and member of the Family Resource Center Association, will provide services such as financial literacy, transportation services, and job skills workshops to the residents free of charge.
The total development cost for Academy Place is $17.3 million. BBVA USA provided a $12.95 million construction loan, and Rocky Mountain Community Reinvestment Corp. provided a $5.1 million permanent loan.
For Academy Place, Summit Housing Group teamed up with general contractor CMC Group, architect Encompass Design, and property manager Highland Property Management