The Colorado Housing and Finance Authority (CHFA) has awarded federal 9% low-income tax credits to 12 housing projects throughout Colorado.
After receiving 26 applications this round, CHFA awarded 12 development projects with 9% low-income tax credits that will help create a total of 605 new affordable housing units for families, older adults, veterans and individuals who currently don’t have stable housing.
Denver, Glenwood Springs, Frederick, Boulder, Windsor, Crested Butte, Colorado Springs, Rifle, Greeley, Pagosa Springs and Lakewood are the cities and towns that will be getting these new housing developments.
Developers sell federal housing tax credits to investors raising equity for projects, which lowers the debt that the developer would have to borrow for the project, according to CHFA. This allows the developers to keep the rents affordable to new residents.
Below are the projects recently selected to receive federal 9% low-income tax credits:
10th and Sheridan
Address: 5045 and 5055 W. 10th Ave. in Denver
Developer: Mental Health Center/WellPower
Description: 60 one-bedroom units for individuals at 30% of the area median income
9% credit awarded: $1.45 million
The Benedict
Address: 2800 Midland Ave. in Glenwood Springs
Developer: Archdiocesan Housing, Inc.
Description: 34 one-bedroom units, with seven units with income restrictions ranging from 30% of the area median income (AMI) to 80% AMI
9% credit awarded: $1.45 million
Brigit’s Village
Address: 131 Aspen Drive in Frederick
Developer: Jon Peterson
Description: 40 one-bedroom, two-bedroom and three-bedroom units with income restrictions ranging from 30% to 70% AMI
9% credit awarded: $1.42 million
Diagonal Plaza
Address: 3320 28th St. in Boulder
Developer: Boulder Housing Partners
Description; 73 one-bedroom, two-bedroom and three-bedroom units with income restrictions ranging from 30% to 60% AMI
9% credit awarded: $1.45 million
Address: 333. W. Bayaud Ave. in Denver
Developer: Atlantis Community Foundation
Description: 60 one-bedroom units with income restrictions at 30% AMI
9% credit awarded: $1.45 million
Jacoby Meadows
Address: 15th Street and Windshire Drive in WindsorDeveloper: Windsor Housing Authority and Loveland Housing Authority
Description: 61 one-bedroom and two-bedroom units with income restrictions ranging from 30% to 80% AMI
9% credit awarded: $1.45 million
Mineral Point
Address: 601, 603, 605 and 607 Butte Ave. in Crested Butte
Developer: TWG Development, LLC
Description: 34 studio, one-bedroom and two-bedroom units with income restrictions ranging from 30% to 60% AMI
9% credit awarded: $1.25 million
Point of the Pines Villas
Address: 360 Elkton Dr. in Colorado Springs
Developer: MEJansen Development Company
Description: 30 one-bedroom units with income restrictions at 30% and 60% AMI
9% credit awarded: $1.14 million
Rifle Apartments
Address: Highway 6 and Access Road in Rifle
Developer: Evergreen Real Estate Group
Description: 60 one-bedroom, two-bedroom and three-bedroom with income restrictions ranging from 30% to 80% AMI
9% credit awarded: $1.45 million
StarRise at North Weld Village
Address: 123 9th Ave. in Greeley
Developer: High Plain Housing Development Corp.
Description: 58 one-bedroom units with income restrictions at 30% AMI
9% credit awarded: $1.45 million
Trails at Pagosa Springs
Address: US Highway 160 and Alpha Drive in Pagosa Springs
Developer: Generation Housing Partners, LLC
Description: 50 one-bedroom, two-bedroom and three-bedroom units with income restrictions ranging from 30% to 80% AMI
9% credit awarded: $1.45 million
Williams Pointe in Lakewood
Address: 1515 Whippoorwill Dr. in Lakewood
Developer: Metro West Housing Solutions
Description: 44 studio, one-bedroom, two-bedroom and three-bedroom units with income restrictions ranging from 20% to 70% AMI
9% credit awarded: $1.43 million
