By Chynna Cowart
The Department of Local Affairs (DOLA), through the Division of Housing’s (DOH) State Housing Board, awarded $32.5 million to create or preserve 713 rental units. Additionally, the board allocated over $7.8 million to add up to 137 homeownership units and $3 million for 60 supportive housing units, all aimed at making housing more affordable for Coloradans.
Affordable Homeownership Awards
1. Pikes Peak Park Phase I (Pueblo, CO: $2.349M – Adding 57 homeownership units)
NeighborWorks Southern Colorado, Inc., a non-profit organization, was awarded $2.349 million to assist with the On-Site Infrastructure of Pikes Peak Park, Phase I, located North of West 24th Street between Tuxedo and Pueblo Boulevard. The site is currently undisturbed prairie land. When completed, Pikes Peak Park will be a mixed-use, mixed-income community and the catalyst for investment and connectivity for the west side of Pueblo. NeighborWorks Southern Colorado, Inc. will produce low-cost, affordable housing using a shared equity model.
2. Chris Mountain II (Pagosa Springs, CO: $550K – Adding 10 homeownership units)
The Pagosa Springs Community Development Corporation (PSCDC) was awarded a $550,000 Proposition 123- AHOP grant to bridge the gap in funding for the construction of the first phase (10 homes), slated for completion in 2024, of the Chris Mountain II development. The entire project will include 40 new homes. Rising expenses in labor, materials, and the remote nature of Archuleta County have made it increasingly challenging to construct homes within the affordability bracket of 100% Area Median Income (AMI).
3. Habitat for Humanity of Colorado (Statewide: $5.04M – Adding 70 homeownership units)
Habitat for Humanity of Colorado (HFH) was awarded a $5.04 million grant to help their affiliate offices with construction of 70 homes in scattered sites across Colorado. The HFH model traditionally serves households with incomes up to 60% of area median income, and this program will serve up to 100% AMI.
Affordable Rental Awards
1. Gateway Village Apartments (Fort Morgan, CO: $5M – Adding 118 rental units)
The City of Fort Morgan was awarded $5 million for the acquisition of the Gateway Village Apartments. Rocky Mountain Communities will be the developer, rehabilitating the existing units and constructing 24 new units. The project has an existing Section 8 Contract set to expire this year, and this transaction will renew the contract for an additional 20 years.
2. Rendezvous (Montrose, CO: $4.6M – Adding 52 rental units for seniors)
Rendezvous will include 30 renovated apartments in nine one-story townhome style buildings and 22 new construction units in one two-story, elevator-serviced building for seniors aged 55 and over. The project comprises 28 one-bedroom and 24 two-bedroom units. The unit mix and rents are specifically oriented toward offering an array of affordability to accommodate seniors experiencing varying financial circumstances and responding to the Elderly Family and Elderly Living Alone needs in Montrose.
3. Sunshine Peaks Apartments (Montrose, CO: $2.4M – Adding 48 rental units)
The City of Montrose was awarded a $2.4 million Community Development Block Grant (CDBG), which will be distributed through the Montrose County Housing Authority (MCHA) to exercise its right of first refusal as a special limited partner, ensuring the preservation of affordable housing units.
4. Royal Pine Apartments (Colorado Springs, CO: $2.5M – Adding 232 rental units)
DBG Properties, LLC was awarded a SB22-159 loan of $2.5 million to assist with the new construction of Royal Pine Apartments, located in El Paso County. The project will provide 232 affordable units for households at or below 70% AMI, including 17 units for 30% AMI households in northern Colorado Springs. The proposed site is a vacant, previously undisturbed 7.87-acre parcel, one of the few sites in north Colorado Springs that permits multifamily housing and is large enough to fit a sizable multifamily development.
5. 505 Apartments (Salida, CO: $1.9M – Adding 19 rental units)
Chaffee Housing Development, LLC was awarded $1.9 million to assist with acquisition of 505 Apartments, a 19-unit apartment development in Salida. This property consists of 14,688 square feet of energy-efficient interior living spaces, including a 600 square foot resident laundry room. The property also has a 30-space outdoor parking lot and an outdoor picnic table and BBQ area that is common space for tenant use.
6. Parachute Inn/Gateway (Parachute, CO: $5M – Adding 50 rental units)
252 Green Street LLC was recently awarded $5 million to construct 68 new units. The property was acquired in 2022 with Operation Turn Key (OTK) funding from DOH. The existing property is a 2.5-acre parcel to the west of Interstate 70, consisting of a two-story walkup motel constructed in the 1980s known as the Parachute Inn. Located in the heart of Parachute, the property has seen little improvement over the past 12 years and has created a challenging and blighted area in this part of town.
7. Williams Pointe (Lakewood, CO: $6.6M – Adding 44 rental units)
Housing Authority of the City of Lakewood, Colorado dba Metro West Housing Solutions (MWHS), was awarded a DOH loan of $4.4 million and a grant for $2.2 million to assist with new construction of Williams Pointe, a 44-unit apartment building in Lakewood.
Sloans Lake (Denver, CO: $4.5M – Adding 150 rental units)
Zocalo Community Development (ZCD) was awarded $4.5 million in loans to support the development of a 158-unit project, one block from Sloan’s Lake in West Denver. The project site is located at 16th Avenue and Newton Street, next to the Colorado Acute Long Term Hospital, in a Qualified Census Tract. The project will consist of one four-story building and include 73 studios, 62 one-bedroom, 16 two-bedroom, and 7 three-bedroom apartments.
Supportive Housing Awards
1. Henninger Legacy Homes (Denver, CO: $3M – Adding 60 supportive housing units)
Atlantis Community Foundation, a nonprofit entity, is partnering with neighboring nonprofit, Bayaud Enterprises, to request $3 million in order to repurpose Bayaud Enterprises property located at 333 W. Bayaud, Denver, CO., with the new construction of Henninger Legacy Homes, a permanent supportive housing (PSH) project with 60 units to be developed through the 9% Federal Low Income Housing Tax Credit (LIHTC) program and conventional financing, targeting very low-income homeless households. All 60 units will be restricted at 30% of the area median income (AMI).
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.
For complete information on Housing Board grant approvals, please visit the State Housing Board website.
Chynna Cowart is Press Secretary with the Colorado Department of Local Affairs.
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