10 Colorado housing projects awarded state and federal tax credits

Colorado housing projects get tax credits

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

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 7o 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.

Colorado housing projects get tax credits

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

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 7o 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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