The Colorado Housing and Finance Authority at 1981 Blake St. in Denver. (BusinessDen file)
Twelve 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 592 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.
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:
- Bluebird Longmont, Longmont
Developer: Element Properties
Address: 2000 Sunset Way
Units: 55 one bedrooms
Income restrictions: 30 percent of the area median income, or AMI
9 percent credit awarded: $653,854
Other details: The development on land subsidized by the City of Longmont and the Longmont Housing Authority will serve individuals and families exiting homelessness.
- Brush Village II, Brush
Developer: Northpointe Development II Corp.
Address: Mill Street and Boxer Street
Units: 45 (29 one bedrooms and 16 two bedrooms)
Income restrictions: 5 at 30 percent AMI, 19 at 50 percent, 21 at 60 percent
9 percent credit awarded: $1.3 million
Other details: Brush Village II will be the first development in the Brush community supported with housing tax credits in 28 years and leverages financial support from the city of Brush.
- Fruita Mews, Fruita
Developer: Indibuild LLC
Address: 1138 18 ½ Road
Units: 50 (10 one bedrooms, 30 two bedrooms, 10 three bedrooms)
Income restrictions: 4 at 30 percent AMI, 4 at 40 percent, 12 at 50 percent, 24 at 60 percent, 6 market-rate units
9 percent credit awarded: $1.3 million
Other details: Fruita Mews will be the first development supported with housing tax credits without rental subsidy constructed in the city of Fruita.
- The Ives, Wheat Ridge
Developer: Foothills Regional Housing
Address: 4470 Wadsworth Blvd.
Units: 50 one-bedrooms
Income restrictions: 15 at 30 percent AMI, 10 at 50 percent, 24 at 60 percent, one employee unit
9 percent credit awarded: $1.2 million
Other details: The Ives will serve 25 individuals exiting homelessness.
- Launchpad Apartments, Colorado Springs
Developer: Cohen-Esrey Development Group
Address: 810 N. 19th Ave.
Units: 50 (47 one bedrooms, 3 two bedrooms)
Income restrictions: 30 percent AMI
9 percent credit awarded: $1.2 million
Other details: Launchpad Apartments will be a supportive housing development for individuals aged 18 to 24 that are at-risk of or exiting homelessness.
- The Osborn, Rocky Ford
Developer: Total Concept
Address: 515 Elm Ave.
Units: 30 (24 one bedrooms, 6 two bedrooms)
Income restrictions: 9 at 30 percent AMI, 21 at 60 percent AMI
9 percent credit awarded: $930,000
Other details: The project will serve individuals and families exiting homelessness.
- Puwagaan Kaan, Cortez
Developer: The Piñon Project and Blueline Development
Address: Empire Street
Units: 42 (14 one bedrooms, 14 two bedrooms, 14 three bedrooms)
Income restrictions: 30 percent AMI
9 percent credit awarded: $1.2 million
Other details: The project, whose name means “healing home” in Ute, will serve families exiting homelessness.
- Residences at Dry Cedar Creek, Montrose
Developer: RealAmerica Development LLC
Address: 65919 Ogden Road
Units: 60 (12 one bedrooms, 36 two bedrooms, 12 three bedrooms)
Income restrictions: 6 at 30 percent AMI, 21 at 50 percent, 27 at 60 percent, 6 market-rate units
9 percent credit awarded: $1.4 million
- Silver Key Senior Apartments, Colorado Springs
Developer: Silver Key Senior Services
Address: 1575 S. Murray Blvd.
Units: 50 (48 one bedrooms, 2 two bedrooms)
Income restrictions: 13 at 30 percent AMI, 10 at 40 percent, 13 at 50 percent, 14 at 60 percent
9 percent credit awarded: $1.3 million
Other details: Thirteen units will serve older-adult veterans exiting homelessness. The project will be adjacent to the developer’s headquarters.
- SP Crossing, Commerce City
Developer: Nesbitt Development LLC and Brinshore Development
Address: 7190 Colorado Blvd.
Units: 60 (2 studios, 29 one bedrooms, 26 two bedrooms, 3 three bedrooms)
Income restrictions: 8 at 30 percent AMI, 12 at 40 percent, 22 at 50 percent, 6 at 70 percent, 12 at 80 percent
9 percent credit awarded: $1.4 million
Other details: The development is supported by a land lease from Urban Land Conservancy.
- St. Stephen Apartments, Denver
Developer: MGL Partners
Address: 2050 N. Uinta St.
Units: 50 (45 one bedrooms, 5 two bedrooms)
Income restrictions: 5 at 30 percent AMI, 12 at 40 percent, 18 at 50 percent, 15 at 60 percent
9 percent credit awarded: $1.3 million
Other details: The project will be built in partnership with St. Stephen Missionary Baptist Church.
- Willoughby Corner Phase IA Senior, Lafayette
Developer: Boulder County Housing Authority
Address: 120th Street and Emma Street
Units: 63 (50 one bedrooms, 13 two bedrooms)
Income restrictions: 7 at 30 percent AMI, 7 at 40 percent, 24 at 50 percent, 25 at 60 percent
9 percent credit awarded: $1.4 million
Other details: The city of Lafayette partnered to support the development with a land donation and funding. The developer will create a preference for income-qualified residents displaced by the Marshall Fire in Boulder County.
The Colorado Housing and Finance Authority at 1981 Blake St. in Denver. (BusinessDen file)
Twelve 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 592 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.
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:
- Bluebird Longmont, Longmont
Developer: Element Properties
Address: 2000 Sunset Way
Units: 55 one bedrooms
Income restrictions: 30 percent of the area median income, or AMI
9 percent credit awarded: $653,854
Other details: The development on land subsidized by the City of Longmont and the Longmont Housing Authority will serve individuals and families exiting homelessness.
- Brush Village II, Brush
Developer: Northpointe Development II Corp.
Address: Mill Street and Boxer Street
Units: 45 (29 one bedrooms and 16 two bedrooms)
Income restrictions: 5 at 30 percent AMI, 19 at 50 percent, 21 at 60 percent
9 percent credit awarded: $1.3 million
Other details: Brush Village II will be the first development in the Brush community supported with housing tax credits in 28 years and leverages financial support from the city of Brush.
- Fruita Mews, Fruita
Developer: Indibuild LLC
Address: 1138 18 ½ Road
Units: 50 (10 one bedrooms, 30 two bedrooms, 10 three bedrooms)
Income restrictions: 4 at 30 percent AMI, 4 at 40 percent, 12 at 50 percent, 24 at 60 percent, 6 market-rate units
9 percent credit awarded: $1.3 million
Other details: Fruita Mews will be the first development supported with housing tax credits without rental subsidy constructed in the city of Fruita.
- The Ives, Wheat Ridge
Developer: Foothills Regional Housing
Address: 4470 Wadsworth Blvd.
Units: 50 one-bedrooms
Income restrictions: 15 at 30 percent AMI, 10 at 50 percent, 24 at 60 percent, one employee unit
9 percent credit awarded: $1.2 million
Other details: The Ives will serve 25 individuals exiting homelessness.
- Launchpad Apartments, Colorado Springs
Developer: Cohen-Esrey Development Group
Address: 810 N. 19th Ave.
Units: 50 (47 one bedrooms, 3 two bedrooms)
Income restrictions: 30 percent AMI
9 percent credit awarded: $1.2 million
Other details: Launchpad Apartments will be a supportive housing development for individuals aged 18 to 24 that are at-risk of or exiting homelessness.
- The Osborn, Rocky Ford
Developer: Total Concept
Address: 515 Elm Ave.
Units: 30 (24 one bedrooms, 6 two bedrooms)
Income restrictions: 9 at 30 percent AMI, 21 at 60 percent AMI
9 percent credit awarded: $930,000
Other details: The project will serve individuals and families exiting homelessness.
- Puwagaan Kaan, Cortez
Developer: The Piñon Project and Blueline Development
Address: Empire Street
Units: 42 (14 one bedrooms, 14 two bedrooms, 14 three bedrooms)
Income restrictions: 30 percent AMI
9 percent credit awarded: $1.2 million
Other details: The project, whose name means “healing home” in Ute, will serve families exiting homelessness.
- Residences at Dry Cedar Creek, Montrose
Developer: RealAmerica Development LLC
Address: 65919 Ogden Road
Units: 60 (12 one bedrooms, 36 two bedrooms, 12 three bedrooms)
Income restrictions: 6 at 30 percent AMI, 21 at 50 percent, 27 at 60 percent, 6 market-rate units
9 percent credit awarded: $1.4 million
- Silver Key Senior Apartments, Colorado Springs
Developer: Silver Key Senior Services
Address: 1575 S. Murray Blvd.
Units: 50 (48 one bedrooms, 2 two bedrooms)
Income restrictions: 13 at 30 percent AMI, 10 at 40 percent, 13 at 50 percent, 14 at 60 percent
9 percent credit awarded: $1.3 million
Other details: Thirteen units will serve older-adult veterans exiting homelessness. The project will be adjacent to the developer’s headquarters.
- SP Crossing, Commerce City
Developer: Nesbitt Development LLC and Brinshore Development
Address: 7190 Colorado Blvd.
Units: 60 (2 studios, 29 one bedrooms, 26 two bedrooms, 3 three bedrooms)
Income restrictions: 8 at 30 percent AMI, 12 at 40 percent, 22 at 50 percent, 6 at 70 percent, 12 at 80 percent
9 percent credit awarded: $1.4 million
Other details: The development is supported by a land lease from Urban Land Conservancy.
- St. Stephen Apartments, Denver
Developer: MGL Partners
Address: 2050 N. Uinta St.
Units: 50 (45 one bedrooms, 5 two bedrooms)
Income restrictions: 5 at 30 percent AMI, 12 at 40 percent, 18 at 50 percent, 15 at 60 percent
9 percent credit awarded: $1.3 million
Other details: The project will be built in partnership with St. Stephen Missionary Baptist Church.
- Willoughby Corner Phase IA Senior, Lafayette
Developer: Boulder County Housing Authority
Address: 120th Street and Emma Street
Units: 63 (50 one bedrooms, 13 two bedrooms)
Income restrictions: 7 at 30 percent AMI, 7 at 40 percent, 24 at 50 percent, 25 at 60 percent
9 percent credit awarded: $1.4 million
Other details: The city of Lafayette partnered to support the development with a land donation and funding. The developer will create a preference for income-qualified residents displaced by the Marshall Fire in Boulder County.
