Fourteen planned income-restricted housing projects in Colorado have been awarded state and federal 4 percent low-income housing tax credits.
The Colorado Housing and Finance Authority, which allocates both types of tax credits in the state, released a list this week of the projects. Combined, they will have 1,373 income-restricted units.
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 allocates federal 9 percent tax credits. The organization announced in May that it had awarded those credits to 13 projects.
Below are details about each of the projects that received credits in the latest round:
Address: 2700 Wewatta Way
Units: 56 (52 one bedrooms, 4 two bedrooms)
Restrictions: 28 units at 30 percent area median income, 28 at 50 percent AMI
State credit awarded: $781,055
Federal 4 percent credit awarded: $684,816
Other details: The Denargo Market project will house residents ages 18 to 24 who are transitioning from homelessness or foster care.
Developer: Archdiocesan Housing
Address: 2559 S. Federal Blvd
Units: 63 (4 studios, 59 one bedrooms)
Restrictions: 12 at 30 percent AMI, 5 at 40 percent AMI, 12 at 50 percent AMI, 34 at 60 percent AMI
State credit awarded: $735,380
Federal 4 percent credit awarded: $588,304
Other details: The project adjacent to the Archdiocese of Denver’s Church of All Saints will house residents ages 62 and older.
Developer: Element Properties
Address: 2445 30th St.
Units: 40 (8 studios, 32 one bedrooms)
Restrictions: 30 percent AMI
State credit awarded: $733,107
Federal 4 percent credit awarded: $586,486
Other details: The project will house individuals and households exiting homelessness, with no age restrictions.
Developer: Medici Development
Address: 3750 S. Federal Blvd.
Units: 149 (75 one bedrooms, 65 two bedrooms, nine three bedrooms)
Restrictions: Nine at 30 percent AMI, 12 at 40 percent AMI, 48 at 50 percent AMI, 80 at 60 percent AMI
State credit awarded: $995,137
Federal 4 percent credit awarded: $1.73 million
Other details: This will be the first new-construction income-restricted development in Sheridan.
Developer: Community Housing Partners
Address: 14875 E. 2nd Ave.
Units: 93 (21 one bedrooms, 48 two bedrooms, 24 three bedrooms)
Restrictions: 11 at 30 percent AMI, 13 at 40 percent AMI, 49 at 50 percent AMI, 20 at 60 percent AMI
State credit awarded: $1 million
Federal 4 percent credit awarded: $1.56 million
Other details: Homeless families in the Aurora@Home Rapid Rehousing Program will be given preference for 11 units.
Developer: Denver Housing Authority
Address: 930 N. Bryant St.
Units: 212 (202 one bedrooms, 10 two bedrooms)
Restrictions: 83 at 30 percent AMI, 23 at 50 percent AMI, 106 at 60 percent AMI
State credit awarded: $900,000
Federal 4 percent credit awarded: $3.87 million
Other details: The Sun Valley project will house residents ages 55 and up.
Developer: Community Housing Development Association
Address: 10150 E. Colorado Ave.
Units: 81 (23 one bedrooms, 44 two bedrooms, 14 three bedrooms)
Restrictions: 9 at 30 percent AMI, 7 at 40 percent AMI, 15 at 50 percent AMI, 38 at 60 percent AMI, 12 at 80 percent AMI
State credit awarded: $799,070
Federal 4 percent credit awarded: $1.45 million
Developer: Archway Investment Corp.
Address: 7150 Montview Blvd.
Units: 154 (3 studios, 55 one bedrooms, 70 two bedrooms, 26 three bedrooms)
Restrictions: 10 at 30 percent AMI, 19 at 50 percent AMI, 125 at 60 percent AMI
State credit awarded: $1 million
Federal 4 percent credit awarded: $1.91 million
Other details: The Park Hill project will reuse four dormitory buildings on what was previously the Denver campus of Johnson & Wales University.
Developer: Boulder Housing Partners
Address: 3485 Stanford Court
Units: 60 (54 one bedrooms, 6 two bedrooms)
Restrictions: 11 at 30 percent AMI, 5 at 40 percent AMI, 40 at 50 percent AMI, 4 at 60 percent AMI
State credit awarded: $662,227
Federal 4 percent credit awarded: $1.18 million
Other details: The project for ages 55 and older will involve reusing a former church, as well as new construction.
Developer: Volunteers of America National Services
Address: 920 S. Chelton Road and 3140 Mallard Drive
Units: 126 (117 one bedrooms, 9 two bedrooms)
Restrictions: 50 at 30 percent AMI, 6 at 40 percent AMI, 6 at 50 percent AMI, 63 at 60 percent AMI, 1 employee unit
State credit awarded: $1 million
Federal 4 percent credit awarded: $1.49 million
Other details: The project will serve residents ages 62 and up.
Developer: Chrisman Development
Address: 611 Miller Ave. in Brighton, 1250 Acacia Drive and 1256 Community Drive in Estes Park and 440 1st Ave. in Limon
Units: 118 (71 one bedrooms and 46 two bedrooms)
Restrictions: 17 at 30 percent AMI, 9 at 50 percent AMI, 81 at 60 percent AMI, 8 at 80 percent AMI, 3 employee units
State credit awarded: $930,002
Federal 4 percent credit awarded: $1.21 million
Developer: Aurora Housing Authority
Address: 3002 Peoria St.
Units: 72 (20 one bedrooms, 34 two bedrooms, 18 three bedrooms)
Restrictions: 8 at 30 percent AMI, 6 at 40 percent AMI, 20 at 50 percent AMI, 38 at 60 percent AMI
State credit awarded: $970,004
Federal 4 percent credit awarded: $943,092
Developer: Mile High Development and Brinshore Development
Address: 58th Avenue at Garrison Street
Units: 102 (66 one bedrooms, 32 two bedrooms, 4 three bedrooms)
Restrictions: 8 at 30 percent AMI, 15 at 40 percent AMI, 16 at 50 percent AMI, 32 at 60 percent AMI, 31 at 70 percent AMI
State credit awarded: $1 million
Federal 4 percent credit awarded: $1.14 million
14. Wintergreen Ridge, Keystone
Developer: Gorman and Co.
Address: 0235 Antlers Gulch Road
Units: 46 units (12 one bedrooms, 29 two bedrooms, 5 three bedrooms)
Restrictions: 3 at 30 percent AMI, 5 at 50 percent AMI, 38 at 60 percent AMI, 1 employee unit
State credit awarded: $700,000
Federal 4 percent credit awarded: $879,000
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