Colorado Housing and Finance Authority (CHFA) is pleased to announce that it has completed the third and final Low Income Housing Tax Credit (LIHTC) allocation round of 2015.
In Round Three, 31 applications were received seeking nearly $28 million in housing credit. CHFA is awarding allocations to 14 developments, with a total amount of $12,942,141 in credit reserved. These 14 developments will support the new construction or preservation of 901 affordable rental housing units in total.
Earlier this year, CHFA announced awards for the State LIHTC program. In those rounds, 15 developments were awarded state and federal credit, supporting 1,802 units. All three 2015 rounds combined will provide 2,803 units of affordable rental housing. This represents an increase of 76 percent compared to the most recent five-year average of units supported annually.
“The opportunity for CHFA to leverage state LIHTC with federal LIHTC available has made a historic impact in our ability to support the development and preservation of affordable rental housing across Colorado,” said Cris White, CHFA executive director and CEO. “This has been critical given that rents continue to rise and vacancy rates remain low.”
“Too many Coloradans are struggling to find housing that is affordable to them. In order for Colorado to succeed, we must ensure that families, seniors, and veterans have a safe and affordable place to call home. I’m very pleased to see the positive impact that the State Housing Credit is having across the state. While our progress is good, there is much more work to be done. I look forward to partnering with CHFA and community leaders to help further our efforts”, said Colorado State Representative and House Majority Leader Crisanta Duran, who co-sponsored HB-1017, which renewed Colorado’s state LIHTC program.
Information about previous 2015 allocation rounds is available on CHFA’s website. The following affordable housing developments were awarded federal LIHTC in Round Three.
40 West Residences, Lakewood
Developer: Archway Housing and Services
40 West Residences will provide 25 permanent supportive housing units for formerly homeless veterans. These units will be subsidized with Veterans Affairs Supportive Housing (VASH) vouchers. The remaining 35 units will serve low income individuals and families. The project will be located on West Colfax Avenue, which is served by a high frequency bus system and is within walking distance to the Lamar light rail station on the West Line. LIHTC award amount: $960,726.
Brighton Village Phase II, Brighton
Developer: Brighton Housing Authority and Hendricks Communities
Brighton Village Phase II will serve seniors and provide a variety of supportive services and activities for the residents. The 63-unit project will be located within three miles of the Brighton Senior Center. LIHTC award amount: $1,117,700.
Burlington Manor Apartments, Burlington
Developer: Steele Properties
Burlington Manor is a 100 percent subsidized, Section 8 project that was originally constructed in 1973. Steele Properties will provide much-needed renovation for this 54-unit property including health and safety improvements, upgraded kitchens and bathrooms, and a new community room. LIHTC award amount: $423,747.
The Foundry Apartments, Englewood
Developer: SW Development Group
The Foundry Apartments will serve individuals and families as part of an 18-acre redevelopment, located in Englewood. The redevelopment includes 158 for-sale townhomes and future phases of commercial, retail and additional multifamily units. The Foundry Apartments will provide 70 units of affordable rental housing, is located along a recently re-routed RTD bus line, and is within close walking proximity to the Englewood light rail, schools, parks, biking paths, a library, community gardens and other amenities. LIHTC award amount: $971,044.
Hidden Lake Homes, Westminster
Developer: Jefferson County Housing Authority
This 72-unit project will serve seniors and will be located in Jefferson County. The project will offer a number of attractive outdoor amenities including a large central courtyard, a community garden, a dog park, and a seasonal farmers market. LIHTC award amount: $1,185,974.
The Highlands, Grand Junction
Developer: Grand Junction Housing Authority
The Highlands, a 64-unit development, will be the first LIHTC project serving only seniors in Mesa County. The Grand Junction Housing Authority will partner with a number of organizations to provide support, life enrichment, and health care services for residents. The Highlands will also provide a variety of outside amenities such as walking paths, areas for outdoor events, and raised garden beds. LIHTC award amount: $1,250,000.
Mariposa Phase VII, Denver
Developer: Denver Housing Authority
Denver Housing Authority’s (DHA) Mariposa Phase VII will serve families and seniors with 21 family units and 45 senior units. When completed, the multiphased Mariposa project will provide a net gain of 528 residential units by replacing 270 public housing units with 505 affordable units and 293 market-rate units. DHA is using a combination of 9 percent and 4 percent LIHTCs to support the development of this project. LIHTC award amount (9 percent): $577,665. LIHTC award amount (4 percent): $299,561.
Oakshire Commons, Pueblo
Developer: ME Jansen Development Company
Oakshire Commons will include the rehabilitation of 50 existing assisted living units and the new construction of 49 new assisted living units, all of which will be combined to provide a total of 99 single-occupant homes for seniors in need of assisted care. The project will have one large dining facility with a commercial kitchen and a large living room in the common area. The owner will provide transportation services for residents. The developer is using a combination of 9 percent and 4 percent LIHTCs to support the development of this project. LIHTC award amount (9 percent): $387,345. LIHTC award amount (4 percent): $300,352.
Renaissance Downtown Lofts, Denver
Developer: Colorado Coalition for the Homeless
Renaissance Downtown Lofts will provide 101 units of permanent supportive housing to formerly homeless individuals and families. The project will participate in Denver’s Social Impact Bond (SIB) program, which will serve to help close the gap in funding needed to support services for chronically homeless individuals that are considered “super utilizers” of criminal justice and emergency services (such as arrests, jail bed days, detox, and emergency room visits). By providing comprehensive services in and near an individual’s residence, the housing success rate is greater and the cost savings to public resources are estimated to be significant over time. The developer is using a combination of 9 percent and 4 percent LIHTCs to support the development of this project. LIHTC award amount (9 percent): $1,250,000. LIHTC award amount (4 percent): $299,561.
The Reserves at Steamboat Springs, Steamboat Springs
Developer: Overland Property Group and Yampa Valley Housing Authority
The Reserves at Steamboat Springs will be the first 9 percent LIHTC project in its community. The 48-unit development will serve families and larger households. The City of Steamboat Springs and Routt County have recognized the severe need for affordable housing and will provide financial support for the project. LIHTC award amount: $1,094,544.
St. Francis at Cathedral Square, Denver
Developer: St. Francis Center
This project will provide project-based vouchers to all 50 of the units to serve formerly homeless individuals and families. The St. Francis Center will provide a comprehensive services package for the residents as well as community amenities such as roof-top gardens. The project will be centrally located with easy access to transit, grocery stores, and other services. LIHTC award amount: $907,489.
Sanderson Apartments, Denver
Developer: Mental Health Center of Denver, Denver
Sanderson Apartments will serve formerly homeless individuals and families, and will offer a robust package of supportive services for residents. The 60-unit project will participate in Denver’s Social Impact Bond (SIB) program which will serve to help close the gap in services funding needed to support chronically homeless individuals that are considered “super utilizers” of criminal justice and emergency services (such as arrests, jail bed days, detox, and emergency room visits). By providing comprehensive services in and near an individual’s residence, the likelihood of success is greater and the cost savings to public resources is estimated to be significant over time. LIHTC award amount: $1,144,159.
Valley View Apartments, Woodland Park
Developer: AmericaWest Housing Solutions
Valley View will be the first LIHTC project in Woodland Park and will help meet an overwhelming demand for affordable housing options in the town and Teller County. The 24-unit project will be within walking distance of schools, parks, and recreation facilities. LIHTC award amount: $421,748.
Westminster Station, Westminster
Developer: Adams County Housing Authority
This 70-unit project serving families will be located within the South Westminster Urban Renewal District, fewer than three blocks from the Westminster light rail station, which is scheduled to open in 2016. The project is a result of a public/private partnership between Adams County Housing Authority (ACHA) and Gorman and Company, a private developer. ACHA will provide a number of services for residents including life skills, parenting, GED, and health services. LIHTC award amount: $1,250,000.
About Colorado Housing and Finance Authority (CHFA)
CHFA finances the places where people live and work. Created in 1973 by the Colorado State Legislature, CHFA strengthens communities by making loans to low- and moderate- income homebuyers, affordable multifamily rental housing developers, and small and medium sized businesses. CHFA also provides education and technical assistance about affordable housing and economic development. CHFA is a self-sustaining public enterprise. CHFA issued debt is not the obligation of the state. For more information about CHFA please visit www.chfainfo.com. Contact our Denver office at 1.800.877.chfa (2432), or our Western Slope office at 1.800.877.8450.
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