Media Contact: Chynna Cowart | chynna.cowart@state.co.us
The Department of Local Affairs (DOLA), through the Division of Housing's State Housing Board, voted on, approved, and awarded $16,050,000 for 465 additional affordable housing units and $2,388,000 in down payment assistance to an estimated 80 households across the state.
To address the needs of an ever-changing population, the State of Colorado aims to provide a continuum of housing options for households with varying needs and Area Median Incomes (AMI), as well as for persons seeking housing in conjunction with social services.
Affordable Housing and Homeownership Awards
1. Overlook @ Uplands ($3M - Adding 247 units)
St. Charles LIHTC Investors, LLC was awarded $3,000,000 for the construction of Overlook @ Uplands, a proposed 247‐unit, 7 building, 3-story walkup, multifamily community.
The unit mix targets larger working families and single heads of household, with 77 1BR units (31%), 130 2BR units (53%), and 40 3BR units (16%). In addition, 100% of the units are offered to households at or below 40%, 50%, 60% and 70% of AMI.
2. The Edge Phase 3 Apartments ($4.55M - Adding 66 units)
The Loveland Housing Authority was awarded $4,550,000 for the construction of The Edge III, the third phase of their Edge Affordable Apartment Home Community located in Loveland, Colorado.
Upon completion of the final 66 units in Phase III, The Edge will provide 205 units of affordable multi-family housing to Northern Colorado(139 units are currently in service).
The Edge III will consist of studio, one, and two bedroom units, with 12 units serving very low 30% AMI income levels.
3. Pine River Commons ($1.1M - Adding 22 units)
Esquela San Mateo is requesting a $1,100,000 Prop 123 grant to assist with the vertical construction for Pine River Commons Townhomes Phase 1.
Pine River Commons Townhomes will provide 22 deed-restricted for sale townhomes in Bayfield, CO. The project will serve households up to 100% AMI. The entire project will include 66 townhomes and 2 additional construction phases.
The townhomes will be approximately 1280 sq/ft. Built on a combination of slab-on-grade and crawlspace. All 22 townhomes will be visitable for those with disabilities with one to two steps entering the ground floor and a 36 inch entry door at front entry and a sliding door at the patio.
4. Brigit’s Village ($3M - Adding 40 units)
Brigit's Village, a non-profit affiliate of St. Brigit's Episcopal Church, in partnership with the developer Jon Peterson was awarded $3,000,000 to assist with new construction of Brigit's Village in Frederick.
This project will provide 40 rental units, marking the first affordable housing community in Frederick and the first family Low-Income Housing Tax Credit (LIHTC) project in the Primary Metropolitan Area (PMA). This endeavor aims to facilitate low-income seniors' ability to age in place while providing families, including a significant number of single-parent households, the chance to reside in proximity to employment opportunities and educational institutions, mitigating the risk of displacement due to rising housing costs.
5. Sawmill Meadow Villas ($3M - Adding 10 units)
San Luis Valley Housing Coalition, in partnership with Sawmill Meadow Development was awarded $3,000,000 for the construction of Sawmill Meadows in South Fork. The development will be a planned-use development which will provide 10 modular units of ownership workforce housing.
These units will be sold upon project completion and will remain affordable in perpetuity.
6. Capitol City Mobile Home Park ($2.5M - Adding 80 units)
Sharing Connexion (SCI), a nonprofit, was awarded $2,500,000 for the acquisition of Capitol City Mobile Home Park (CCMHP). The property was listed for sale in the investor market, and the residents have assigned their right to purchase the park to SCI.
SCI will act as the interim owner while the residents decide on the ownership structure via a Co-op or CLT model. SCI will steward the property during this period, with involvement lasting between 3 to 5 years.
Down Payment Assistance Awards
1. Elevation Community Land Trust – Scattered Sites ($888K - Serving 40 households)
The ECLT Housing Assistance Program increases access to ECLT's permanently affordable homes by providing down payment assistance to ECLT homebuyers for the following eligible uses: principal reduction to reach deeper AMI ranges or meet lender minimum requirements, closing costs to reduce the barrier of cash requirements at closing, or permanent interest rate buy-downs to reduce monthly housing payments and mitigate the high barrier to entry created by prevailing mortgage rates.
ECLT expects to be able to provide 40 down payment assistance loans over their two year contract.
2. City & County of Broomfield ($1.5M - Serving 40 households)
The main objective of the City and County of Broomfield’s (CCOB) Down Payment Assistance Program (DPAP) is to provide financial and technical assistance to eligible borrowers who want to purchase a home in Broomfield.
The loan is deferred at 0% interest to assist middle income borrowers in purchasing their first home. The goal is to stay competitive in this market, as well as provide financial assistance to first time homebuyers in middle income households (up to 120% AMI) to purchase homes and create wealth building opportunities.
Over the next two program years, City and County of Broomfield, Housing Division expects to complete a total of 40 loans; 20 in year 1, and 20 in year 2.
For complete information on Housing Board grant approvals, please visit the State Housing Board website.
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