By Matt Geiger, BusinessDen
Ten housing projects around Colorado were awarded 4 percent federal tax credits alongside other state tax credits, the Colorado Housing and Finance Authority announced Monday.
CHFA is responsible for the disbursement of these awards, totaling $21.86 million in federal credits and $10.75 million in state credits. These receipts will go towards the construction or renovation of 1,109 income-restricted units in Denver, Aurora, Colorado Springs and beyond.
Developers sell the tax credits to investors to raise equity for their projects, according to CHFA. The equity reduces the amount of debt financing or other funding sources needed to make the development financially feasible with the rent limits required under the programs.
CHFA also awards 9 percent federal tax credits every spring. Here’s an overview of the 10 projects that were selected in this round:
1. 901 Navajo Street, Denver
Developer: Mercy Housing Mountain Plains
Address: 901 Navajo St.
Units: 190 total, including 112 one-bedrooms, 41 two- bedrooms, 31 three-bedrooms and 6 four-bedrooms
Income restrictions: 94 units at 30 percent area median income (AMI), 20 units at 40 percent, 32 units at 50 percent and 44 at 60 percent
State credit awarded: $1.1 million
Federal 4 percent credit awarded: $4.38 million
Other details: The project will be an all-electric design and will focus on American Indian/Alaska Native residents in the Denver metro area.
2. Albion Affordable Apartments, Denver
Developer: Delwest Development Corp.
Address: Northeast corner of Albion Street and Iliff Avenue
Units: 169 total, including 124 two-bedrooms, 29 three-bedrooms and 16 four-bedrooms.
Income restrictions: 27 units at 30 percent AMI, 61 at 60 percent and 81 at 70 percent.
State credit awarded: $1.1 million
Federal 4 percent credit awarded: $3.77 million
Other details: An early childhood education center will be onsite for youth preferably aged 2 1/2 to six years old. All residents will receive an RTD pass.
3. Ascent at Hover Crossing, Longmont
Developer: Pennrose LLC
Address: 1764 and 1780 Hover St.
Units: 75 total, including 18 one-bedrooms, 30 two-bedrooms, 21 three-bedrooms and 6 four-bedrooms.
Income restrictions: 18 units at 30 percent AMI, 9 at 40 percent, 4 at 50 percent, 33 at 70 percent and 11 at 80 percent.
State credit awarded: $1.1 million
Federal 4 percent credit awarded: $1.3 million
4. Chrysalis Apartments, Denver
Developer: The Empowerment Program Inc.
Address: 1777 Franklin St.
Units: 70 total, including 30 studios, 35 one-bedrooms, 5 two-bedrooms
Income restrictions: All 30 percent AMI.
State credit awarded: $1.1 million
Federal 4 percent credit awarded: $1.14 million
Other details: The developer plans to provide supportive services like mental health, trauma and substance-use disorder treatment to residents.
5. Denver Dry Goods, Denver
Developer: Perry Rose LLC
Address: 700 16th St.
Units: 106 total, including 66 one-bedrooms and 40 two-bedrooms
Income restrictions: 17 units at 30 percent AMI, 6 at 40 percent, 12 at 50 percent, 39 at 60 percent, 20 at 70 percent and 12 at 80 percent.
State credit awarded: $1.1 million
Federal 4 percent credit awarded: $2.05 million
Other details: This building’s current office tenants, like Visit Denver, are leaving the historic property to allow for the residential conversion.
6. Edge III, Loveland
Developer: Loveland Housing Authority
Address: 3735 E. 15th St.
Units: 66 total, including 24 studios, 30 one-bedrooms and 12 two-bedrooms
Income restrictions: 12 units at 30 percent AMI, 8 at 40 percent, 20 at 50 percent and 26 at 60 percent.
State credit awarded: $999,389
Federal 4 percent credit awarded: $918,458
Other details: This development is the final phase of The Edge affordable housing development in east Loveland.
7. Gateway Village, Fort Morgan
Developer: Rocky Mountain Communities
Address: 414 Southridge Road
Units: 120 total, 13 one-bedrooms, 30 two-bedrooms, 53 three-bedrooms and 22 four-bedrooms
Income restrictions: 44 units at 50 percent AMI, 53 at 60 percent, and 21 at 80 percent.
State credit awarded: $949,176
Federal 4 percent credit awarded: $2.16 million
8. King’s Crossing, Aurora
Developer: Community Development Partners
Address: 15660 E. 6th Ave.
Units: 179 total, 54 one-bedrooms, 54 two-bedrooms, 54 three-bedrooms and 16 four-bedrooms
Income restrictions: 18 units at 30 percent AMI, 73 at 50 percent, 48 at 70 percent and 39 at 80 percent. There will also be one employee unit.
State credit awarded: $1.1 million
Federal 4 percent credit awarded: $3.6 million
Other notes: Restoration Christian Ministries will provide ancillary services to residents, such as a daycare and employment assistance.
9. Rendezvous, Montrose
Developer: Volunteers of America (VOA) National Services
Address: 2366 Robins Way
Units: 52 total, 28 one-bedrooms and 24 two-bedrooms
Income restrictions: 9 units at 30 percent AMI, 5 at 40 percent, 14 at 50 percent and 24 at 60 percent.
State credit awarded: $1.1 million
Federal 4 percent credit awarded: $958,961
Other notes: This is a community for those age 55 or older.
10. Village at Homewood Point – Phase II, Colorado Springs
Developer: CS Pike Senior II LP
Address: 903 E. Colorado Ave.
Units: 83 total, 50 one-bedrooms and 33 two-bedrooms
Income restrictions: 4 units at 40 percent AMI, 15 at 50 percent, 64 at 60 percent.
State credit awarded: $1.1 million
Federal 4 percent credit awarded: $1.58 million
Other notes: This is a community for those age 62 or older.
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