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This past October, in order to provide Coloradans with more affordable housing alternatives throughout the state, the Department of Local Affairs (DOLA), through the Division of Housing's State Housing Board, has approved and granted more than 19 million dollars in funding.
The State of Colorado seeks to offer a continuum of housing options for households with various needs and Area Median Incomes (AMI), as well as for those looking for housing accompanied by supportive services, in order to meet the difficulties of a continually changing population.
Affordable Housing in Development
1. East Village Apartments ($1.5M)
In the East Village Apartments, there will be 6 one-bedroom units at 80% AMI, 6 one-bedroom units at 120% AMI, 1 two-bedroom unit at 80% AMI, 13 two-bedroom units at 120% AMI, 2 three-bedroom units at 80%, and 4 three-bedroom units at 120% AMI. The project's primary objective is to offer workforce households in the San Luis Valley with affordable homes in the "missing middle" or workforce income range.
2. Timberview Apartments ($1.35M)
The Timberview Apartments will have 8 one-bedroom units at 80% AMI, 4 one-bedroom units at 120% AMI, 2 two-bedroom units at 80% AMI, and 10 two-bedroom units at 120% AMI. This apartment complex’s aim is to supply affordable housing for Trinidad's "missing middle" or workforce income group of individuals and families.
3. SP Crossing ($2.3M)
With an average AMI of 53.3%, SP Crossing will offer 60 apartments for households in Adams County with an AMI of 30-80%. Two studios, 29 one-bedroom units, 26 two-bedroom units, and three three-bedroom units make up the unit mix.
4. Central park IV Condominiums ($1.87M)
In the northern part of the Central Park area in Denver, the new Central Park IV Condominiums (CP IV) development will comprise 70 for-sale, deed-restricted condominiums that are intended for homebuyers earning at or below 80% AMI.
5. Castle Rock Senior Apartments ($5M)
The new construction of Castle Rock Senior Apartments (Castle Rock Senior) will be located near the intersection of North Meadows Drive and Highway 85 in Castle Rock. The development will be made up of 200 one and two-bedroom units available for seniors (ages 55 and higher) with household incomes between 30% and 60% AMI. All units will be in a single building with three elevators.
6. Bonsai Apartments ($2.2M)
The City of Sheridan will be the site of the newly constructed Bonsai Apartments (Bonsai). In Sheridan, this will be the first low-income housing tax credit (LIHTC) project to be built.
Eleven of the 149 one, two, and three bedroom units in the proposed development will be made available to households making no more than 30% of the area median income (AMI). For qualifying households up to 40% AMI, an additional 10 units will be available. An additional 10 units will serve eligible households up to 40% AMI. 48 more units will be offered to 50% AMI households. The balance of the units will serve families earning up to 60% AMI. Overall, 69 units will serve eligible families with incomes up to 50% AMI. The average affordability for Bonsai will be 53.4% AMI.
7. Gateway Village ($5M)
Gateway Village is a proposal for a master-planned, mixed-income housing development on 43 Acres outside of Leadville. There will be 378 rental units and 22 for-sale units. 336 of the rentals are proposed to be a mix of one, two, and three bedroom units serving households from 60% to 140% AMI.
An additional 42 units are proposed as market rate rentals. 246 of the total 378 rental units will target households at 120% AMI or less. The project will consist of 14 buildings, each comprising 24 apartment buildings (336 units), seven 6-unit townhome buildings (42 units), and 22 single family lots.
For complete information on Housing Board grant approvals, please visit cdola.colorado.gov/state-housing-board.