Media Contact: Chynna Cowart | chynna.cowart@state.co.us
The Department of Local Affairs (DOLA), through the Division of Housing's State Housing Board, recently voted on, approved, and allocated $21,934,735 for 461 new affordable housing units and homeownership programs statewide.
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. The Benedict ($1.7M - Adding 34 units)
Archdiocesan Housing, Inc., doing business as Catholic Charities Housing, and BlueLine Development was awarded $1,700,000 to support the construction of their project, The Benedict.
The Benedict is a new construction senior housing development in Glenwood Springs. The proposal is for a four-story building that includes 34 one-bedroom apartments for persons ages 55 and older.
The AMI mix proposes seven units at 30% AMI, four units at 40% AMI, 17 units at 70% AMI, and six units at 80% AMI.
2. Columbine Towers ($5M - Adding 170 units)
Columbine Towers, a 170 unit, age-restricted property will target seniors (62+) and people with disabilities. Of the 170 units, 149 are currently under a one year Moderate Rehabilitation Contract, and the remaining 21 units are market rate.
The average AMI will be 48.65%. The property consists of 48 studios, 121 one-bedrooms, and 1 two-bedroom unit.
3. The Crossing ($3M - Adding 68 units)
Crossman Development Ltd was awarded $3,000,000 to assist with construction of The Crossing Phase 1 in Chaffee County.
The Crossing is a 15-acre property located within the Town of Buena Vista and was platted for 206 home sites in 1890. This application is for infrastructure only, however the ultimate goal is to add approximately 126 units, including 36 rental units targeting the 80% to 100% AMI for the Chaffee Housing Authority, and 32 permanently deed restricted for-sale housing units targeting the 80% to 100% AMI, managed by the Chaffee Housing Trust. In addition, another 58 market-rate homes will be built, some of which will be priced attainably at up to 160% AMI.
4. Loma Vista Apartments ($1.7M - Adding 17 units)
The project will consist of two 2-story buildings with 38 surface parking stalls. The design is townhome-inspired with each residence having an upstairs and downstairs and only sharing common walls.
There will be studios, 1, 2, and 3 bedroom units offered at both 80% and 120% of AMI. Every unit will have a full suite of appliances, including in-unit laundry.
5. West End ($3M - Adding 6 units)
Chaffee Housing Trust (CHT) was granted $300,000 to assist with acquisition of 6 units in the West End development in Salida. SGP, LLC is developing 49 homes in the West End subdivision in Salida, CO.
The site is located on the west side of town on County Road 140 in a residential neighborhood that includes city annexed properties and properties in county jurisdiction.
6. Residences at Willow Park ($3.44M - Adding 86 units)
The Housing Authority of the City of Aurora (AHA) was awarded $3,440,000 for the rehabilitation and new construction of Residences at Willow Park in Arapahoe County.
AHA plans to rehabilitate 64 of the 68 units, replace four units with 22 new units as well as community space.
7. Joli Project ($3.2M - Adding 80 units)
The Housing Authority of the City and County of Denver (DHA) was awarded $3,200,000 for construction of the Joli project. Joli is one part of Phase Three of the Sun Valley Redevelopment.
In 2016, DHA was awarded a $30 million Choice Neighborhood Initiative (CNI) Implementation Grant from HUD for DHA to implement the transformation of Sun Valley.
8. The Larmier Home Improvement Project ($894K+ for rehabilitation of existing units)
The Larimer Home Improvement Program (LHIP) is a low interest (0-2%) loan program available to qualified, owner-occupied homeowners living in Larimer County.
LHIP was awarded $894,735 to continue the rehabilitation program. The funding will be over a three year period to be deployed in three tranches. The funds will provide approximately 54 rehabilitation loans over a three-year period, to households below 100% AMI at an estimated average of $20,000 per loan.
For complete information on Housing Board grant approvals, please visit the State Housing Board website.
###