13 Colorado housing projects awarded state and federal tax credits

The Colorado Housing and Finance Authority at 1981 Blake St. in Denver. (BusinessDen file)

Thirteen planned income-restricted housing projects in Colorado have been awarded state and federal 4 percent low-income housing tax credits.

The Colorado Housing and Finance Authority, which allocates both types of tax credits in the state, released a list last week of the projects. Combined, they will have 1,463 income-restricted units.

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 allocates federal 9 percent tax credits. The organization announced in May that it had awarded those credits to 12 projects.

Below are details about each of the projects that received credits in the latest round:

Bentley Commons, Colorado Springs

Developer: GPR Properties III, a partnership between Greccio Housing Unlimited, Partners in Housing and Rocky Mountain Community Land Trust
Address: 2730 Bentley Point
Units: 192 (60 one bedroom, 105 two bedroom, 27 three bedroom)
Restrictions: 27 at 30% AMI; 19 at 40% AMI; 102 at 50% AMI; 44 at 60% AMI
State credit awarded: $1 million
Federal 4% credit awarded: $2.74 million
Other: Project will include the acquisition and rehabilitation of 24 units as well as new construction of 168 units.

Elevate at Aurora, Aurora

Developer: Columbia Ventures Colorado LLC
Address: 1672 Altura Blvd.
Units: 137 (6 studio, 62 one bedroom, 52 two bedroom, 17 three bedroom)
Restrictions: 7 at 30% AMI; 7 at 40% AMI; 34 at 50% AMI; 55 at 60% AMI; 34 at 70% AMI
State credit awarded: $1 million
Federal 4% credit awarded: $2.69 million
Other: The development is supported by Living Hope Community Church, which owns the site. The project will include construction of a facility for the nonprofit CrossPurpose, a provider of workforce development services.

Heartside Hill, Fort Collins

Developer: CARE Housing Inc.
Address: 6501 Brittany St.
Units: 71 (6 one bedroom, 29 two bedroom, 30 three bedroom, 6 four bedroom)
Restrictions: 5 at 30% AMI; 8 at 40% AMI; 8 at 50% AMI; 50 at 60% AMI
State credit awarded: $989,961
Federal 4% credit awarded: $1.17 million
Other: The land is being donated by Heart of the Rockies Christian Church.

Irving at Mile High Vista, Denver

Developer: Urban Land Conservancy and Cho Development
Address: 3270 W. Colfax Ave.
Units: 102 (6 studio, 78 one bedroom, 12 two bedroom, 6 three bedroom)
Restrictions: 5 at 20% AMI; 20 at 30% AMI; 29 at 50% AMI; 17 at 60% AMI; 31 at 80% AMI
State credit awarded: $1 million
Federal 4% credit awarded: $1.94 million

Legacy Senior Residences, Arvada

Developer: Cornerstone Housing Group LLC
Address: 5430 W. 64th Ave.
Units: 72 (38 one bedroom, 34 two bedroom)
Restrictions: 8 at 30% AMI; 4 at 50% AMI; 60 at 60% AMI
State credit awarded: $1 million
Federal 4% credit awarded: $1.08 million
Other: The development will house those 55 and older.

Marshall Homes, Arvada

Developer: Family Tree Inc. and Blueline Development Inc.
Address: 5549 Marshall St.
Units: 85 (70 one bedroom, 15 two bedroom)
Restrictions: 85 at 30% AMI
State credit awarded: $648,429
Federal 4% credit awarded: $1.55 million

Rally Apartments, Boulder

Developer: Boulder Housing Partners
Address: 2727 29th St.
Units: 100 (24 studio, 62 one bedroom, 14 two bedroom)
Restrictions: 10 at 30% AMI; 5 at 40% AMI; 22 at 50% AMI; 63 at 60% AMI
State credit awarded: $1 million
Federal 4% credit awarded: $1.78 million

Reserves at Eagle Point, Aurora

Developer: Overland Property Group
Address: Steven D. Hogan Parkway at Picadilly Road
Units: 192 (48 one bedroom, 96 two bedroom, 48 three bedroom)
Restrictions: 20 at 30% AMI; 20 at 40% AMI; 22 at 50% AMI; 86 at 60% AMI; 28 at 70% AMI; 16 at 80% AMI
State credit awarded: $1 million
Federal 4% credit awarded: $3.28 million

Residences at Acoma, Denver

Developer: Second Chance Center
Address: 1501 S. Acoma St.
Units: 128 (121 one bedroom, 7 two bedroom)
Restrictions: 60 at 30% AMI; 68 at 60% AMI
State credit awarded: $953,024
Federal 4% credit awarded: $1.62 million

RidgeGate Senior, Lone Tree

Developer: Koelbel and Company
Address: Approx. 12500 E. Ridgegate Pkwy.
Units: 101 (74 one bedroom, 27 two bedroom)
Restrictions: 11 at 30% AMI; 11 at 40% AMI; 17 at 50% AMI; 38 at 60% AMI; 16 at 70% AMI; 8 at 80% AMI
State credit awarded: $1 million
Federal 4% credit awarded: $1.85 million
Other: The project will house those 62 and older.

Smith Ranch Apartments, Silverthorne

Developer: Gorman and Company LLC
Address: 105 Ruby Ranch Road
Units: 65 (27 one bedroom, 24 two bedroom, 13 three bedroom, 1 two-bed manager unit)
Restrictions: 4 at 30% AMI; 60 at 60% AMI; 1 manager unit
State credit awarded: $300,000
Federal 4% credit awarded: $1.35 million

Warren Village III at Alameda, Denver

Developer: Warren Village Inc.
Address: 1394 W. Alameda Ave.
Units: 89 (7 one bedroom, 63 two bedroom, 19 three bedroom)
Restrictions: 40 at 30% AMI; 44 at 50% AMI; 5 at 60% AMI
State credit awarded: $1 million
Federal 4% credit awarded: $2.48 million

Willoughby Corner Phase IB Family, Lafayette

Developer: Boulder County Housing Authority
Address: 120th Street and Emerson Street
Units: 129 (87 one bedroom, 30 two bedroom, 12 three bedroom)
Restrictions: 7 at 30% AMI; 9 at 40% AMI; 52 at 50% AMI; 61 at 60% AMI
State credit awarded: $1 million
Federal 4% credit awarded: $3.1 million
Other: The developer will create a preference for income-qualified residents displaced by the Marshall Fire in Boulder County.