A 34-unit supportive housing community that would serve young adults who are homeless or at risk of homelessness took a big step forward in Grand Junction, Colo.
The development by general partner Karis, a local nonprofit, received an $8 million low-income housing tax credit (LIHTC) investment from Boston Capital. The firm’s affiliate Boston Capital Finance provided a $5.7 million, 24-month construction loan, which closed into the Boston Capital Intermediate Term Income Fund II, a fixed-rate, construction financing fund.
Situated on 2.2 acres, Karis Apartments will feature a three-story building offering 34 one-bedroom units as well as 4,000 square feet of community space dedicated to management, supportive services, and general community space. Apartments will have full kitchens, bathrooms, and will be fully furnished. The property will also feature front desk reception, a common laundry room, seating areas, a media room, bike storage, and a patio/barbecue area.
Karis Apartments will serve young adults earning no more than 30% of the area median income. Residents will benefit from extensive supportive services provided by Karis in collaboration with two local nonprofits, Rocky Mountain Health Plans and Mind Springs Health.
Rocky Mountain Health Plans will provide access to specialty medical care, medication management or monitoring, health and wellness education, nursing/visiting nurse care, and home health-aide services. Mind Springs Health will provide access to general supportive services, including case management, psychosocial assessment, and individualized service planning. Mind Springs Health will also provide mental health, substance abuse, and employment services.
BlueLine Development, an experienced Montana-based LIHTC developer and consultant, will oversee the development of the community.
A national housing tax credit syndicator and real estate investment and advisory firm, Boston Capital has invested in more than 5,330 affordable apartments in Colorado.