By Chynna Cowart
Recently, the Department of Local Affairs (DOLA), through the Division of Housing’s State Housing Board, voted on, approved, and awarded more than $19 million for 559 additional affordable housing units across the state.
The State of Colorado seeks to offer a continuum of housing alternatives for households with various requirements and Area Median Incomes (AMI), as well as for individuals looking for housing in combination with social services, in order to meet the demands of an ever-changing population.
Ruby Vista ($3.9 million – Adding 97 units). Gorman & Company, dba 1900 South, LLC, a for profit developer, was awarded $3,888,000 for the new construction of Ruby Vista, formerly known as 1900 South, 97 units of affordable, multi-family housing. Ruby Vista offers one-, two-, three- and four-bedroom units to those earning between 30%-60% AMI.
Carbonate Street Phase I ($2.9 million – Adding 60 units). Fading West Development was awarded $5,000,000 to assist with vertical construction for Carbonate Street Phase I in Buena Vista. Carbonate Street Phase 1 will provide 60 deed-restricted rental apartment homes. Included in Phase 1 is a publicly owned early childhood education center’s core and shell. The land on which the project will be built was part of a land-swap between the Town of Buena Vista and the BV School District finalized in 2016. The current site plan includes two three-story walk-up apartment buildings, each consisting of 30 units. Carbonate Street Phase 1 will deliver a majority of smaller housing units, which aligns with the recommendations in the housing needs assessment. The project will serve households earning between 80% and 120% of the Area Median Income (AMI) with average income of 97.5%.
Sheridan on 10th ($3 million – Adding 60 units). Mental Health Center of Denver dba WellPower, a nonprofit, was awarded $3,000,000 for the construction of Wellpower 10th & Sheridan, 60 units of permanent supportive housing. The Project will consist of 60 one-bedroom, one bath units for chronically homeless individuals. The targeted area median income (AMI) level will be 30% AMI and below and each unit will have a State-funded project-based voucher provided by the Colorado Division of Housing (DOH).
West Holden Place ($2 million – Adding 67 units). West Holden Place LLC, a for-profit developer, was awarded $2,134,820 for the West Holden Place project, 77 total units of which 67 units will be affordable, middle income housing for families in Denver, Colorado. The project will have 16 one bedroom units at 80% of AMI, 51 one bedroom units at 120% of AMI, and ten two bedroom units at Market Rate.
Villa Andrea ($1.1 million – Adding 31 units). Posada, Inc., a Community Housing Development Organization (CHDO), was awarded $1,105,000 to assist with the acquisition of Villa Andrea. The 32 unit development, with 12 two-bedroom units and 20 one-bedroom units, provides housing to the following income eligible households: 2 units at 30% AMI, 16 units at 40% AMI, 12 units at 50% AMI, 1 unit at 60% AMI.
Fitzsimons Gateway ($5 million – Adding 210 units). Fitz Affordable Owner, LLC, a private for profit developer, is requesting $5,000,000 for the construction of Fitzsimons Gateway, 210 units of LIHTC (Low Income Housing Tax Credit) housing for families. The project is located at the SE Corner of East Colfax Avenue and Peoria Street in Aurora, Colorado.
Mineral Point ($1.8 million – Adding 34 units). TWG Development, doing business as Mineral Point TBD, LLP, was awarded $1,800,000 for gap funding to complete their project Mineral Point, a new-construction project in Crested Butte, CO. The property will consist of 34 units (four studios, 24 one-bedrooms, and six two-bedrooms) serving incomes from 30-60% AMI.
For complete information on Housing Board grant approvals, please visit the State Housing Board website.