Thirteen proposed low-income housing projects in the state were awarded 9% federal low-income tax credits.
The Colorado Housing and Finance Authority (CHFA), which awards both state and state tax credits for residential real estate in Colorado, released a list of the projects this week. Together they will have 882 restricted income units.
There are two types of residential property tax credits: 9% and 4%. The 13 projects were selected from 25 applications that CHFA received for the 9% credits this year.
According to CHFA, developers are selling the tax credits to investors to raise equity for their projects. Equity reduces the amount of debt or other funding sources required to make the development financially viable with the rental limits required by the programs.
Below you will find basic information about the individual projects:
1. 2275 Wadsworth, Lakewood
Developer: Archway Investment Corp.
Address: 2275 Wadsworth Blvd.
Units: 67 (59 one bedroom 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 granted: $ 1.35 million
Other details: The project is aimed at people aged 55 and over.
2. Central Park II, Denver
Developer: Northeast Denver Housing Center Inc.
Address: Along Central Park Boulevard
Units: 90 (18 one bedroom, 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 granted: $ 1.17 million
3. Crawford Townhomes, Pueblo
Developer: The Housing Authority of the City of Pueblo
Address: 2601 Crawford St.
Units: 49 (eight one bedroom, 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 granted: $ 1.35 million
Other details: The project will replace public housing units that are considered obsolete.
4. Deer Run Apartments, Sterling
Developer: Four Corners Development
Address: 4th Street on Broadway
Units: 50 (42 one bedroom, 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 granted: $ 1.35 million
5. Greyhound Park Empowerment, trading town
Developer: DelWest Financial Corp.
Address: 6200 Dahlia St.
Units: 50 (37 one bedroom, 13 two bedrooms)
Income restrictions: 50 at 30 percent AMI
9 percent credit granted: $ 1.35 million
Other details: The development is aimed at formerly homeless people and families as well as people who are leaving the criminal justice system. It’s part of a master-planned community in the former Mile High Greyhound Park.
6. Joli and Sol, Denver
Developer: Denver Housing Authority
Quite: 2449 W. 9th Ave.
Units: 80 restricted (30 one bedroom, 27 two bedrooms, 11 three bedrooms, 10 four bedrooms, 2 five bedrooms) and 52 standard market (51 one bedroom, 1 two bedrooms)
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 granted: $ 1.35 million
Sol: 1087 N. Bryant St.
Units: 130 restricted (16 one bedroom, 69 two bedrooms, 24 three bedrooms, 21 four bedrooms) and 35 standard market (31 one bedroom, 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 granted: $ 2.98 million
Other details: This new construction development consists of two owner companies, Joli, which is backed with 9 percent federal loans, and Sol, which is funded with private activity bonds and 4 percent federal home loans. The combined development is the third and final phase of the Sun Valley Neighborhood redevelopment that has been completed over the past 13 years and resulted in a total of 850 units.
7. Northwest Apartments, Broomfield
Developer: High Ridge Costa Development
Address: 13741 Vispo Way
Units: 50 (16 one bedroom, 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 granted: $ 1.3 million
8. Powers and Elati, Littleton
Developer: South Metro Housing Opportunities
Address: 5599 South Elati St.
Units: 51 a bedroom
Income restrictions: 17 at 30 percent AMI, 12 at 40 percent, 19 at 50 percent, three at 60 percent
9 percent credit granted: $ 1.22 million
Other details: This new building will replace social housing that is considered obsolete.
9. Residences in Delta, Delta
Developer: TWG development
Address: 15th & Villa Street
Units: 50 bedrooms
Income restrictions: Eight at 30 percent AMI, two at 40 percent, eight at 50 percent, 32 at 60 percent
9 percent credit granted: $ 1.35 million
Other details: The project is aimed at residents aged 55 and over.
10. Solid Ground Apartments, Lakewood
Developer: Foothills Center for Mental Health
Address: 7290 W. 14th Ave.
Units: 40 bedrooms
Income restrictions: 30 percent AMI
9 percent credit granted: $ 1.35 million
Other details: This new building will accommodate former homeless people.
11. St. Valentine Apartments, Loveland
Developer: Archdiocese Housing Inc.
Address: Hayes Avenue
Units: 54 (48 one bedroom, six two bedrooms)
Income restrictions: 30 percent AMI
9 percent credit granted: $ 1.23 million
Other details: This project will accommodate former homeless people and families.
12. Vance Street Flats, Arvada
Developer: Medici Development LLC
Address: 7355 Ralston Road
Units: 50 (four studios, 37 one bedroom, 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 granted: $ 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 bedroom, 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 granted: $ 1.25 million
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