The first vertical development at Westminster Station has been awarded funding from the Colorado Housing and Finance Authority (CHFA). The $23 million dollar catalyst project for the new RTD commuter FasTracks station will break ground in early 2016. The Adams County Housing Authority (ACHA) will partner with Gorman & Company to develop a mixed use project which includes both low-income housing and office space for non-profit organizations. This project will include 70-units of high quality housing to serve families at 71st and Federal Blvd, less than two blocks from Westminster Station. The CHFA award of Low Income Housing Tax credits will leverage other private financial resources to build permanently affordable housing at Westminster Station.
This is an affordable housing project at a new commuter rail station, in an area that has seen few LIHTC projects, has high demand, and is experiencing an escalation of market-rate development.
Speaking to the importance of these tax credits, ACHA Executive Director Donald May said “Affordable housing is an economic imperative for Adams County. We know that rental rates have been spiking and forcing many households to move to other parts of the County. ACHA is intent on ensuring that affordable housing remains in the Westminster Station area so that low-income households who have called this area “home” can remain and benefit from the new transit, parks and public infrastructure investments.” In anticipation of the FasTracks station opening in July 2016, Westminster Station has been the target for vast and strategic infrastructure improvements by agencies including the City of Westminster, Adams County, RTD, Urban Drainage and CDOT amounting to over $77 million. The funding for affordable housing tax credits is a very competitive process. “We are honored to have been selected for funding, as we know there were many high caliber projects proposed this year.” Mr. May continued “We are extremely pleased to partner with Gorman and Company, the Colorado Housing and Finance Authority, the City of Westminster, Adams County, and the State of Colorado to bring this development to completion.”
“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.”
“We feel honored to be able to work with a dedicated and high capacity Housing Authority to provide affordable housing at a desirable transit oriented development.” Said Kimball Crangle, Colorado Market President for Gorman & Company, Inc. “Our work will ensure that families are not displaced as market rents continue to increase and gentrify neighborhoods.”
About Gorman & Company, Inc.
Gorman & Company, Inc. specializes in revitalizing communities through innovative housing partnerships. As a trusted partner and respected industry leader since 1984, they specialize in downtown revitalization, the preservation of affordable housing, workforce housing and the adaptive reuse of significant historic buildings. Learn more at www.GormanUSA.com.
About the Adams County Housing Authority
Adams County Housing Authority serves county residents for whom conventional housing is unaffordable. We assist individuals, families, seniors and persons with disabilities throughout all of Adams County, including the rural and unincorporated areas. It is the mission of ACHA to work in partnership with diverse communities, to promote economic self-sufficiency, to preserve and expand affordable housing opportunities, and to enhance the livability of neighborhoods in Adams County.