Thirteen affordable housing developments have been selected to receive $13.1 million in low-income housing tax credits (LIHTCs) by the Colorado Housing and Finance Authority.
The awards, which will support the construction or preservation of 692 affordable rental homes, mark the second round of allocations this year.
A total of 43 applications seeking more than $41 million in housing credits were received.
The following affordable housing developments were reserved LIHTCs in round two:
• Atlantis Apartments in Denver
Developer: Atlantis Community Foundation
Atlantis Apartments will be designed to be adaptable and accessible to persons with disabilities (physical, developmental, mental, vision, or hearing impaired). The development will be supported by 15 HUD Sec. 811 project-based vouchers, which will help the sponsor to meet its goals of integrating people with disabilities into the general population. Atlantis Apartments will be within walking distance of the Alameda light-rail station.
60 units: 34 one-bedroom; 26 two-bedroom
15 at 30% AMI; 15 at 40% AMI; 16 at 50% AMI; 14 at 60% AMI
Credit awarded: $1,194,304
• Attention Homes in Boulder
Developers: Gardner Capital, Attention Homes, and First United Methodist Church of Boulder
This development will serve homeless youth between 18 and 24 years of age. Attention Homes, an experienced service provider for this population and an affiliate of the church, will provide on-site services. Attention Homes will be supported with 40 project-based vouchers and is located in the historic Whittier neighborhood of Boulder, which is within walking distance of grocery stores, shops, and other amenities.
40 units: 26 studio; 13 one-bedroom; one two-bedroom
12 at 30% AMI; 28 at 60% AMI
Credit awarded: $844,130
• Broadmoor Bluffs Apartments in Colorado Springs
Developer: Commonwealth Development Corp.
Broadmoor Bluffs will serve families in southwest Colorado Springs near Cheyenne Mountain, which is in the second highest-rated public school district in Colorado. The sponsor will co-manage the project with Greccio Housing, a local nonprofit that will also provide services to the residents.
60 units: six one-bedroom; 30 two-bedroom; 24 three-bedroom
Six at 30% AMI; six at 40% AMI; 48 at 50% AMI
Credit awarded: $1,100,000
• Collegiate Commons in Buena Vista
Developer: Urban, Inc.
Collegiate Commons will provide housing for the workforce and families in Buena Vista. It will be the first LIHTC-supported development in the town and will help mitigate the severe lack of affordable housing in the area. Demand for affordable housing has grown in Chaffee County due to its growing and diversified economy, resulting in an increase in year-round service sector jobs.
48 units: 18 one-bedroom; 24 two-bedroom; six three-bedroom
Three at 30% AMI; three at 40% AMI; 42 at 60% AMI
Credit awarded: $952,365
• Greenway Flats in Colorado Springs
Developers: Norwood Development and Colorado Springs Rescue Mission
This development will be a partnership between a private for-profit developer and a nonprofit service provider that will serve chronically homeless individuals. It will be adjacent to the Springs Rescue Mission facilities and will also be close to many amenities such as grocery stores, parks, and bus lines. Greenway Flats will be supported by Sec. 8 project-based vouchers for 62 of the units.
65 units: All studios
62 at 30% AMI; three at 40% AMI
Credit awarded: $1,100,794
• Journey Home in Canon City
Developer: Cardinal Capital Management
Journey Home will be the first permanent supportive housing development in Canon City and will provide homeless people with affordable housing and on-site services. Loaves and Fishes Ministries, a local nonprofit service provider, will be the special limited partner in the project and will provide the services.
30 units: 22 one-bedroom; eight two-bedroom
Five at 30% AMI; 25 at 60% AMI
Credit awarded: $703,258
• Lakota Ridge Senior in New Castle
Developer: Community Resources and Housing Development Corp.
This development will serve seniors age 55 and older and will be the first senior LIHTC project in Garfield County. The residents will have access to a wide variety of services through the New Castle Senior Program and Garfield County senior programs and will have free transportation throughout the Roaring Fork Valley via the Roaring Fork Transit Authority transportation program.
50 units: 40 one-bedroom; 10 two-bedroom
Five at 30% AMI; five at 40% AMI; 10 at 50% AMI; 30 at 60% AMI
Credit awarded: $913,656
• Littleton Crossing in Littleton
Developer: Summit Housing Group
Littleton Crossing will serve workforce and families in one of the few remaining sites available for development in downtown Littleton. The development is one block from historic Main Street and within walking distance of the downtown Littleton light-rail station. The developers worked closely with the city to attempt to mitigate neighborhood concerns about design and parking. The final design of the site is a near-mirror match of the nearby market-rate units, and parking provided will exceed the existing zoning requirements. Additionally, Littleton Crossing will provide several amenities such as a rooftop deck and a community garden.
63 units: 46 one-bedroom; 17 two-bedroom
17 at 40% AMI; 17 at 50% AMI; 15 at 60% AMI; 13 unrestricted; one employee unit
Credit awarded: $1,240,000
• Paris Family Housing in Aurora
Developer: Brothers Redevelopment
This project will be service-enriched and will serve both low-income families and families at risk of homelessness. Brothers Redevelopment will provide an array of services such as after-school tutoring, English as a second language, computer skills, and job readiness to the residents. The development will receive nine Sec. 8 project-based vouchers from the Aurora Housing Authority.
39 units: 24 two-bedroom; 15 three-bedroom
Nine at 30% AMI; 11 at 40% AMI; 19 at 50% AMI
Credit awarded: $553,397
• Roaring Fork Apartments in Basalt
Developer: Real America
Roaring Fork Apartments will be built upon an existing foundation that was to be developed as a hotel but never came to fruition. It will be the first LIHTC development in the town of Basalt, which identified a shortfall of 200 affordable for-sale and rental housing units in a 2015 housing study. Roaring Fork Apartments will be located within walking distance of a major bus stop and downtown Basalt.
56 units: 45 one-bedroom; 11 two-bedroom
Six at 30% AMI; 11 at 50% AMI; 27 at 60% AMI; 12 unrestricted
Credit awarded: $1,096,625
• SloHi Flats in Denver
Developer: SW Development Group
SloHi Flats will provide workforce and family units at the southwest boundary of the Highlands neighborhood on Sheridan Street. The area has a dedicated bike lane that will link the development with downtown Denver. The sponsor will provide bike rentals through a partnership with Chase Bank, and will offer financial and first-time home buyer education to the residents.
45 units: 39 one-bedroom; six two-bedroom
Three at 30% AMI; six at 40% AMI; 11 at 50% AMI; 25 at 60% AMI
Credit awarded: $890,601
• Uplands Townhomes in Pueblo
Developer: Pueblo Housing Authority
Uplands Townhomes will be the first of a three-phase new construction project to replace the Sangre de Cristo public housing units that were built in 1952. The sponsor will utilize the Department of Housing and Urban Development’s Rental Assistance Demonstration program to convert the public housing assistance to Sec. 8 project-based subsidy. The development will offer the residents currently living in the existing public housing units updated, safe, and quality housing.
72 units: eight one-bedroom; 40 two-bedroom; 24 three-bedroom
43 at 30% AMI; 18 at 40% AMI; eight at 50% AMI; three at 60% AMI
Credit awarded: $1,235,124
• Vida at St. Anthony’s in Denver
Developer: Denver Housing Authority
This development, which is part of the St. Anthony’s Redevelopment Plan on West Colfax, will serve independent seniors and disabled households. It will provide Sec. 8 project-based vouchers or public housing rental assistance for all of the units. The residential portion of the project will be financed with a combination of 4% and 9% LIHTCs. A health clinic is planned on the ground floor of the building and will be financed with New Markets Tax Credits.
9% credit
64 units: all one-bedroom
Eight at 30% AMI; 20 at 40% AMI; 20 at 50% AMI; 16 at 60% AMI
9% credit awarded: $1,250,000
4% credit
112 units: all one-bedroom
13 at 30% AMI; 36 at 40% AMI; 37 at 50% AMI; 25 at 60% AMI; one employee unit
4% credit awarded: $1,067,781
