The Colorado Housing and Finance Authority at 1981 Blake St. in Denver. (BusinessDen file)
Three proposed Colorado housing developments are moving forward thanks to a new state program.
The Colorado Housing and Finance Authority announced Thursday that two Denver metro projects and one in the mountains will receive a combined $4.8 million in middle-income housing tax credits.
The credits will be sold by the developers to raise equity for the projects, which are income restricted for at least 15-year terms for those making between 80% and 120% of the area median income along the Front Range, and up to 140% in rural and resort counties. Legislation that created the program was passed last year.
Five developments applied for the credits. A 19-unit project in Salida and a 180-unit complex in Fruita didn’t make the cut.
CHFA says the program is the first of its kind in the U.S. The objective is to address the state’s “missing middle,” people who don’t qualify for most income-restricted developments but are also unable to afford typical market-rate housing.
The quasi-governmental agency will disburse another $5 million in tax credits next year, along with $10 million in 2027 through 2029.
The program is not the only one focused on middle-income housing in Colorado. The state has its own Middle Income Housing Authority, which was created in 2022 to issue tax-exempt bonds to developments. And earlier this month, Denver Mayor Mike Johnston and the Denver Housing Authority announced a pilot program for giving tax breaks to similar projects.
Here’s a rundown of the three projects awarded middle income tax credits by CHFA:
Elmwood North, Adams County
Developer: Delwest Development Corp.
Address: 8000 N. Pecos St., unincorporated Adams County
Units: 70 four-bedroom units
Income restrictions: 35 at 80% area median income, 35 at 90% AMI
Credit awarded: $1.65 million
Park Place Apartments, Denver
Developer: Evergreen Real Estate Group
Address: 1275 Decatur St., Sun Valley neighborhood
Units: 80 units (60 three-bedrooms and 20 four-bedrooms)
Income restrictions: 20 at 80% AMI, 20 at 90% AMI, 20 at 100% AMI, 20 at 120% AMI
Credit awarded: $1.64 million
St. Louis Landing Building C, Fraser, Grand County
Developer: Fraser Housing Authority
Address: 123 Edna Tucker Way
Units: 70 units (27 studios, 35 one bedrooms, eight two-bedrooms)
Income restrictions: 26 at 80% AMI, 38 at 100% AMI, six at 120% AMI
Credit awarded: $1.54 million
Other notes: Receiving “significant” support from the Town of Fraser. Will be part of the St. Louis Landing master planned community.
The Colorado Housing and Finance Authority at 1981 Blake St. in Denver. (BusinessDen file)
Three proposed Colorado housing developments are moving forward thanks to a new state program.
The Colorado Housing and Finance Authority announced Thursday that two Denver metro projects and one in the mountains will receive a combined $4.8 million in middle-income housing tax credits.
The credits will be sold by the developers to raise equity for the projects, which are income restricted for at least 15-year terms for those making between 80% and 120% of the area median income along the Front Range, and up to 140% in rural and resort counties. Legislation that created the program was passed last year.
Five developments applied for the credits. A 19-unit project in Salida and a 180-unit complex in Fruita didn’t make the cut.
CHFA says the program is the first of its kind in the U.S. The objective is to address the state’s “missing middle,” people who don’t qualify for most income-restricted developments but are also unable to afford typical market-rate housing.
The quasi-governmental agency will disburse another $5 million in tax credits next year, along with $10 million in 2027 through 2029.
The program is not the only one focused on middle-income housing in Colorado. The state has its own Middle Income Housing Authority, which was created in 2022 to issue tax-exempt bonds to developments. And earlier this month, Denver Mayor Mike Johnston and the Denver Housing Authority announced a pilot program for giving tax breaks to similar projects.
Here’s a rundown of the three projects awarded middle income tax credits by CHFA:
Elmwood North, Adams County
Developer: Delwest Development Corp.
Address: 8000 N. Pecos St., unincorporated Adams County
Units: 70 four-bedroom units
Income restrictions: 35 at 80% area median income, 35 at 90% AMI
Credit awarded: $1.65 million
Park Place Apartments, Denver
Developer: Evergreen Real Estate Group
Address: 1275 Decatur St., Sun Valley neighborhood
Units: 80 units (60 three-bedrooms and 20 four-bedrooms)
Income restrictions: 20 at 80% AMI, 20 at 90% AMI, 20 at 100% AMI, 20 at 120% AMI
Credit awarded: $1.64 million
St. Louis Landing Building C, Fraser, Grand County
Developer: Fraser Housing Authority
Address: 123 Edna Tucker Way
Units: 70 units (27 studios, 35 one bedrooms, eight two-bedrooms)
Income restrictions: 26 at 80% AMI, 38 at 100% AMI, six at 120% AMI
Credit awarded: $1.54 million
Other notes: Receiving “significant” support from the Town of Fraser. Will be part of the St. Louis Landing master planned community.
