Housing authority announces low-income tax credit

Awards to support construction of affordable housing units in Colorado

Staff report
Posted 10/14/19

Colorado Housing and Finance Authority has awarded the final low-income housing tax credit awards for 2019. The housing authority is the allocating agency of federal low incoming housing tax credits …

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Housing authority announces low-income tax credit

Awards to support construction of affordable housing units in Colorado

Posted

Colorado Housing and Finance Authority has awarded the final low-income housing tax credit awards for 2019. The housing authority is the allocating agency of federal low incoming housing tax credits in Colorado.

Thirty applications requested $34.9 million of the authority’s 9 percent federal tax credits, and $17,111,701 was awarded to 15 developments. The awards will support the construction of 723 affordable rental housing units in Colorado.

The following developments in the Colorado Community Media coverage area were awarded federal low income housing tax credits:

Academy Place, Broomfield

Academy Place will serve families and individuals and will be the first low-incoming housing tax credit-supported family development in the City and County of Broomfield in more than 20 years.

The developer will partner with local family resource center, Broomfield FISH, to provide services and referrals to the residents. It will be within walking distance to an elementary school and with be within one mile of many shopping centers.

Developed by Summit Housing Group, Academy Place will include 50 units — eight one-bedroom, 26 two-bedroom and 16 three-bedroom units. The 9 percent credit award is $1,254,749.

Flats at Ford Street, Golden

Flats at Ford street will be developed in an area with limited opportunities for future development of affordable rental housing. The development will be across the street from Golden High School, one block from three RTD bus lines, and within walking distance of grocery stores, retail, and other amenities. The development of the site will include removal of blighted buildings. Family Tree will provide services and referrals for the residents.

The Jefferson County Housing Authority development will include 1 studio, 19 one-bedroom, 20 two-bedroom and four three-bedroom units for a total of 44 units. The 9 percent credit award is $915,000.

Legacy Senior, Arvada

Legacy will serve seniors ages 55 and older. The developer, Cornerstone Associates, will partner with HealthSET to provide on-site wellness assessments and nutrition classes and with Denver Urban Gardens to provide an accessible community garden with raised garden beds. The development will help meet the city council of Arvada’s strategic plan to facilitate a minimum of 50 units of attainable senior housing by 2019.

The developments 72 units will include 36 one-bedroom and 36 two-bedroom units. The 9 percent credit award is $1,350,000.

Oakwood Senior, Castle Rock

Oakwood will serve seniors age 55 and older. Three older buildings at the site are being demolished and replaced with more housing units and community amenities, such as a large community room with flex space for events and a roof-top deck. The new common amenities will benefit the new residents as well as the existing residents in the developer’s adjacent property.

Developed by the Douglas County Housing Partnership, the community will include 53 units — 45 one-bedroom and eight two-bedroom. The 9 percent credit award is $1,165,747.

Shoshone, Denver

The Shoshone development will serve families in Denver’s Highlands neighborhood, an area facing significant gentrification due to rising property values and the high cost of living. Ten older public housing units will be demolished and the residents who moved from these units will be given the right of first refusal to return to a new unit at the site with a project-based voucher.

The developer Denver Housing Authority will offer a range of services for the residents to support self-sufficiency and quality of life. The development will be within walking distance to schools, shops, restaurants, and public transit.

The 53 units will include 14 one-bedroom, 22 two-bedroom and 17 three-bedroom units. The 9 percent credit award is $1,200,000.

To see all of the properties in Colorado that received the credit award, go to www.chfainfo.com/arh/lihtc/Pages/2019-round-two-awards.aspx.

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