13 housing projects in Colorado awarded federal 9 percent tax credits

The Colorado Housing and Finance Authority at 1981 Blake St. in Denver. (Thomas Gounley photo)

Thirteen 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 882 income-restricted units.

There are two types of federal housing tax credits: 9 percent and 4 percent. The 13 projects were chosen from 25 applications that CHFA received for the 9 percent credits this year.

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. 2275 Wadsworth, Lakewood

Developer: Archway Investment Corp.

Address: 2275 Wadsworth Blvd.

Units: 67 (59 one bedrooms and eight two bedrooms)

Income restrictions: Seven units at 30 percent area median income, three at 40 percent, 42 at 50 percent, 15 at 60 percent

9 percent credit awarded: $1.35 million

Other details: The project is intended for those ages 55 and older.

2. Central Park II, Denver

Developer: Northeast Denver Housing Center Inc.

Address: Along Central Park Boulevard

Units: 90 (18 one bedrooms, 36 two bedrooms, 36 three bedrooms)

Income restrictions: 36 at 30 percent AMI, 15 at 40 percent, 27 at 50 percent and 12 at 60 percent

9 percent credit awarded: $1.17 million

3. Crawford Townhomes, Pueblo

Developer: The Housing Authority of the City of Pueblo

Address: 2601 Crawford St.

Units: 49 (Eight one bedrooms, 27 two bedrooms, 12 three bedrooms, two four bedrooms)

Income restrictions: 25 at 30 percent AMI, 5 at 40 percent, 13 at 50 percent, six at 60 percent

9 percent credit awarded: $1.35 million

Other details: The project will replace public housing units that are considered outdated.

4. Deer Run Apartments, Sterling

Developer: Four Corners Development

Address: 4th Street at Broadway

Units: 50 (42 one bedrooms, eight two bedrooms)

Income restrictions: Five at 30 percent AMI, three at 40 percent, 19 at 50 percent, 17 at 60 percent, three at 80 percent

9 percent credit awarded: $1.35 million 

5. Greyhound Park Empowerment, Commerce City

Developer: DelWest Financial Corp.

Address: 6200 Dahlia St.

Units: 50 (37 one bedrooms, 13 two bedrooms)

Income restrictions: 50 at 30 percent AMI

9 percent credit awarded: $1.35 million

Other details: The development is intended for formerly homeless individuals and families as well as individuals exiting the criminal justice system. It’s part of a master-planned community at the former Mile High Greyhound Park.

6. Joli and Sol, Denver

Developer: Denver Housing Authority

Joli: 2449 W. 9th Ave.

Units: 80 restricted (30 one bedrooms, 27 two bedrooms, 11 three bedrooms, 10 four bedrooms, 2 five bedrooms) and 52 market-rate (51 one bedrooms, 1 two bedroom)

Income restrictions: 7 at 20 percent AMI, 29 at 30 percent, 13 at 40 percent, 10 at 50 percent, 12 at 70 percent, 12 at 70 percent

9 percent credit awarded: $1.35 million

Sol: 1087 N. Bryant St.

Units: 130 restricted (16 one bedrooms, 69 two bedrooms, 24 three bedrooms, 21 four bedrooms) and 35 market-rate (31 one bedrooms, 4 two bedrooms)

Income restrictions: 13 at 20 percent AMI, 33 at 30 percent, 21 at 40 percent, 12 at 50 percent, 33 at 70 percent, 18 at 80 percent

4 percent credit awarded: $2.98 million

Other details: This new construction development consists of two ownership entities, Joli, supported with federal 9 percent credits, and Sol, financed with private activity bonds and federal 4 percent housing credits. The combined development is the third and final phase of the Sun Valley Neighborhood redevelopment that has occurred over the last 13 years, resulting in a total of 850 units.

7. Northwest Apartments, Broomfield

Developer: High Ridge Costa Development

Address: 13741 Vispo Way

Units: 50 (16 one bedrooms, 26 two bedrooms, eight three bedrooms)

Income restrictions: Three at 30 percent AMI, 10 at 40 percent, 15 at 50 percent, 21 at 60 percent, one employee

9 percent credit awarded: $1.3 million

8. Powers and Elati, Littleton

Developer: South Metro Housing Options

Address: 5599 South Elati St.

Units: 51 one bedrooms

Income restrictions: 17 at 30 percent AMI, 12 at 40 percent, 19 at 50 percent, three at 60 percent

9 percent credit awarded: $1.22 million

Other details: This new building will replace public housing that is considered outdated.

9. Residences at Delta, Delta

Developer: TWG Development

Address: 15th & Villa Street

Units: 50 one bedrooms

Income restrictions: Eight at 30 percent AMI, two at 40 percent, eight at 50 percent, 32 at 60 percent

9 percent credit awarded: $1.35 million

Other details: The project is for residents ages 55 and older.

10. Solid Ground Apartments, Lakewood

Developer: Foothills Center for Mental Health

Address: 7290 W. 14th Ave.

Units: 40 one bedrooms

Income restrictions: 30 percent AMI

9 percent credit awarded: $1.35 million

Other details: This new construction development will house formerly homeless individuals.

11. St. Valentine Apartments, Loveland

Developer: Archdiocesan Housing Inc.

Address: Hayes Avenue

Units: 54 (48 one bedrooms, six two bedrooms)

Income restrictions: 30 percent AMI

9 percent credit awarded: $1.23 million

Other details: This project will house formerly homeless individuals and families.

12. Vance Street Flats, Arvada

Developer: Medici Development LLC

Address: 7355 Ralston Road

Units: 50 (Four studios, 37 one bedrooms, nine two bedrooms)

Income restrictions: Seven at 30 percent AMI, three at 40 percent, 17 at 50 percent, 23 at 60 percent

9 percent credit awarded: $1.22 million

13. Vincent Village, Fort Lupton

Developer: Michaels Development Co.

Address: Northeast Corner of SH-52 and Rollie Avenue

Units: 72 (24 one bedrooms, 36 two bedrooms, 12 three bedrooms)

Income restrictions: 20 at 30 percent AMI, eight at 40 percent, 16 at 60 percent, 10 at 70 percent, 10 at 80 percent

9 percent credit awarded: $1.25 million