The Colorado Housing and Finance Authority is based at 1981 Blake St. in Denver. (BusinessDen file)
A dozen planned income-restricted housing projects in the state have been awarded federal 9 percent low-income housing tax credits.
The Colorado Housing and Finance Authority (CHFA), which allocates both state and federal housing tax credits in Colorado, released a list this week of the projects. Combined, they will have 605 income-restricted units.
There are two types of federal housing tax credits: 9 percent and 4 percent. The 12 projects were chosen from 26 applications that CHFA received for the 9 percent credits this cycle.
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.
Below is basic information about each of the projects:
1. 10th and Sheridan, Denver
Developer: Mental Health Center of Denver, dba WellPower
Address: 5045 and 5055 W. 10th Ave.
Units: 60 one bedrooms
Income restrictions: 30 percent area median income (AMI)
9 percent credit awarded: $1.45 million
Other details: The project will offer supportive housing for people exiting homelessness with an emphasis on addressing resident mental health needs.
2. The Benedict, Glenwood Springs
Developer: Archdiocesan Housing Inc.
Address: 2800 Midland Ave.
Units: 34 one bedrooms
Income restrictions: 7 at 30 AMI, 4 at 40 AMI, 17 at 70 AMI, 6 at 80 AMI
9 percent credit awarded: $1.45 million
Other details: The units will house those age 55 and older.
3. Brigit’s Village, Frederick
Developer: Jon Peterson
Address: 131 Aspen Drive
Units: 40 (22 one bedrooms, 15 two bedrooms, 3 three bedrooms)
Income restrictions: 8 at 30 AMI, 8 at 50 AMI, 11 at 60 AMI, 13 at 70 AMI
9 percent credit awarded: $1.42 million
4. Diagonal Plaza, Boulder
Developer: Boulder Housing Partners
Address: 3320 28th St.
Units: 73 (40 one bedrooms, 27 two bedrooms, 6 three bedrooms)
Income restrictions: 10 at 30 AMI, 11 at 40 AMI, 14 at 50 AMI, 38 at 60 AMI
9 percent credit awarded: $1.45 million
5. Henninger Legacy Homes, Denver
Developer: Atlantis Community Foundation
Address: 333 W. Bayaud Ave.
Units: 60 one bedrooms
Income restrictions: 30 AMI
9 percent credit awarded: $1.45 million
6. Jacoby Meadows, Windsor
Developer: Windsor Housing Authority and Loveland Housing Authority
Address: 15th Street at Windshire Drive
Units: 61 (49 one bedrooms, 12 two bedrooms)
Income restrictions: 8 at 30 AMI, 8 at 40 AMI, 10 at 50 AMI, 19 at 60 AMI, 10 at 70 AMI, 6 at 80 AMI, 1 employee unit
9 percent credit awarded: $1.45 million
Other details: The units will house those age 55 and older.
7. Mineral Point, Crested Butte
Developer: TWG Development LLC
Address: 601, 603, 605 and 607 Butte Ave.
Units: 34 (4 studios, 24 one bedrooms, 6 two bedrooms)
Income restrictions: 4 at 30 AMI, 3 at 40 AMI, 6 at 50 AMI, 21 at 60 AMI
9 percent credit awarded: $1.25 million
8. Point of the Pines Villas, Colorado Springs
Developer: MEJansen Development Co.
Address: 360 Elkton Drive
Units: 30 one bedrooms
Income restrictions: 10 at 30 AMI, 20 at 60 AM
9 percent credit awarded: $1.14 million
Other details: The Medicaid-eligible assisted living development will house elderly residents and persons with disabilities.
9. Rifle Apartments, Rifle
Developer: Evergreen Real Estate Group
Address: Highway 6 and access road
Units: 60 (30 one bedrooms, 20 two bedrooms, 10 three bedrooms)
Income restrictions: 14 at 30 AMI, 18 at 50 AMI, 8 at 60 AMI, 10 at 70 AMI, 10 at 80 AMI
9 percent credit awarded: $1.45 million
10. StarRise at North Weld Village, Greeley
Developer: High Plain Housing Development Corp.
Address: 123 9th Ave.
Units: 58 one bedrooms
Income restrictions: 30 AMI
9 percent credit awarded: $1.45 million
Other details: The supportive housing development will serve individuals who have been chronically homelessness.
11. Trails at Pagosa Springs, Pagosa Springs
Developer: Generation Housing Partners LLC
Address: Highway 160 and Alpha Drive
Units: 50 (22 one bedrooms, 12 two bedrooms, 16 three bedrooms)
Income restrictions: 5 at 30 AMI, 11 at 50 AMI, 14 at 60 AMI, 14 at 70 AMI, 6 at 80 AMI
9 percent credit awarded: $1.45 million
12. Williams Pointe, Lakewood
Developer: Metro West Housing Solutions
Address: 1515 Whippoorwill Drive
Units: 44 (5 studios, 8 one bedrooms, 16 two bedrooms, 15 three bedrooms)
Income restrictions: 6 at 20 AMI, 15 at 40 AMI, 13 at 60 AMI, 10 at 70 AMI
9 percent credit awarded: $1.43 million
The Colorado Housing and Finance Authority is based at 1981 Blake St. in Denver. (BusinessDen file)
A dozen planned income-restricted housing projects in the state have been awarded federal 9 percent low-income housing tax credits.
The Colorado Housing and Finance Authority (CHFA), which allocates both state and federal housing tax credits in Colorado, released a list this week of the projects. Combined, they will have 605 income-restricted units.
There are two types of federal housing tax credits: 9 percent and 4 percent. The 12 projects were chosen from 26 applications that CHFA received for the 9 percent credits this cycle.
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.
Below is basic information about each of the projects:
1. 10th and Sheridan, Denver
Developer: Mental Health Center of Denver, dba WellPower
Address: 5045 and 5055 W. 10th Ave.
Units: 60 one bedrooms
Income restrictions: 30 percent area median income (AMI)
9 percent credit awarded: $1.45 million
Other details: The project will offer supportive housing for people exiting homelessness with an emphasis on addressing resident mental health needs.
2. The Benedict, Glenwood Springs
Developer: Archdiocesan Housing Inc.
Address: 2800 Midland Ave.
Units: 34 one bedrooms
Income restrictions: 7 at 30 AMI, 4 at 40 AMI, 17 at 70 AMI, 6 at 80 AMI
9 percent credit awarded: $1.45 million
Other details: The units will house those age 55 and older.
3. Brigit’s Village, Frederick
Developer: Jon Peterson
Address: 131 Aspen Drive
Units: 40 (22 one bedrooms, 15 two bedrooms, 3 three bedrooms)
Income restrictions: 8 at 30 AMI, 8 at 50 AMI, 11 at 60 AMI, 13 at 70 AMI
9 percent credit awarded: $1.42 million
4. Diagonal Plaza, Boulder
Developer: Boulder Housing Partners
Address: 3320 28th St.
Units: 73 (40 one bedrooms, 27 two bedrooms, 6 three bedrooms)
Income restrictions: 10 at 30 AMI, 11 at 40 AMI, 14 at 50 AMI, 38 at 60 AMI
9 percent credit awarded: $1.45 million
5. Henninger Legacy Homes, Denver
Developer: Atlantis Community Foundation
Address: 333 W. Bayaud Ave.
Units: 60 one bedrooms
Income restrictions: 30 AMI
9 percent credit awarded: $1.45 million
6. Jacoby Meadows, Windsor
Developer: Windsor Housing Authority and Loveland Housing Authority
Address: 15th Street at Windshire Drive
Units: 61 (49 one bedrooms, 12 two bedrooms)
Income restrictions: 8 at 30 AMI, 8 at 40 AMI, 10 at 50 AMI, 19 at 60 AMI, 10 at 70 AMI, 6 at 80 AMI, 1 employee unit
9 percent credit awarded: $1.45 million
Other details: The units will house those age 55 and older.
7. Mineral Point, Crested Butte
Developer: TWG Development LLC
Address: 601, 603, 605 and 607 Butte Ave.
Units: 34 (4 studios, 24 one bedrooms, 6 two bedrooms)
Income restrictions: 4 at 30 AMI, 3 at 40 AMI, 6 at 50 AMI, 21 at 60 AMI
9 percent credit awarded: $1.25 million
8. Point of the Pines Villas, Colorado Springs
Developer: MEJansen Development Co.
Address: 360 Elkton Drive
Units: 30 one bedrooms
Income restrictions: 10 at 30 AMI, 20 at 60 AM
9 percent credit awarded: $1.14 million
Other details: The Medicaid-eligible assisted living development will house elderly residents and persons with disabilities.
9. Rifle Apartments, Rifle
Developer: Evergreen Real Estate Group
Address: Highway 6 and access road
Units: 60 (30 one bedrooms, 20 two bedrooms, 10 three bedrooms)
Income restrictions: 14 at 30 AMI, 18 at 50 AMI, 8 at 60 AMI, 10 at 70 AMI, 10 at 80 AMI
9 percent credit awarded: $1.45 million
10. StarRise at North Weld Village, Greeley
Developer: High Plain Housing Development Corp.
Address: 123 9th Ave.
Units: 58 one bedrooms
Income restrictions: 30 AMI
9 percent credit awarded: $1.45 million
Other details: The supportive housing development will serve individuals who have been chronically homelessness.
11. Trails at Pagosa Springs, Pagosa Springs
Developer: Generation Housing Partners LLC
Address: Highway 160 and Alpha Drive
Units: 50 (22 one bedrooms, 12 two bedrooms, 16 three bedrooms)
Income restrictions: 5 at 30 AMI, 11 at 50 AMI, 14 at 60 AMI, 14 at 70 AMI, 6 at 80 AMI
9 percent credit awarded: $1.45 million
12. Williams Pointe, Lakewood
Developer: Metro West Housing Solutions
Address: 1515 Whippoorwill Drive
Units: 44 (5 studios, 8 one bedrooms, 16 two bedrooms, 15 three bedrooms)
Income restrictions: 6 at 20 AMI, 15 at 40 AMI, 13 at 60 AMI, 10 at 70 AMI
9 percent credit awarded: $1.43 million
