The largest city-funded affordable housing project to break ground since the formation of Denver’s Department of Housing Stability (HOST) in 2019, officially broke ground in June. Construction is now underway on Holly38, which will provide 253 income-restricted units, including a large portion of three- and four-bedroom homes suitable for larger families.
“Everyone should have the opportunity to affordably live and work in Denver. Projects like Holly38 deliver on that promise,” Mayor Michael B. Hancock said. “We’re working on every level to create and preserve affordable housing for hard-working individuals and families. Today’s groundbreaking continues our momentum in creating a healthy, housed and connected Denver.”
Developed by Delwest Development Corp., Holly38 will offer rental units ranging from one to four bedrooms. All units will be income-restricted for individuals at low- and moderate-income levels, from 30% to up to 80% of the area median income (AMI). Some of the units include project-based housing vouchers from the Denver Housing Authority, which ensures that residents pay no more than 30% of their income on rent, even if they have no income.
“We are extremely proud to embark on this development journey at 38th and Holly in Denver, thanks to the unwavering support of the City, DHA, CDOH, CHFA, and our esteemed partners including Impact Development Fund, HOST, Sharing Connexion, Mercy Community Capital, and Wells Fargo,” said Joe DelZotto, president and CEO of Delwest Development Corp. “Breaking ground fills us with immense pride as we pave the way for 253 affordable homes and a dynamic clubhouse with an educational wing in Northeast Park Hill. This project exemplifies the collective effort required to build a thriving community, proving that it truly takes a village to create a place we can all call home.”
The $92.7 million project is located across a six-acre site at 3800 N. Holly St. and 5909 E. 38th Ave. and will include eight separate three-story buildings. One of the buildings will offer 29 four-bedroom rental townhome units spanning three stories with attached garages.
HOST is providing $8,319,000 in gap financing from American Rescue Plan Act funds and the federal HOME Investment Partnerships program. Other public finance partners include the Colorado Department of Local Affairs, Colorado Housing & Finance Authority, and Denver Housing Authority.
Holly38 is the latest city-supported affordable housing development to begin construction in Denver. Since July 2011, the Hancock Administration has supported the building or preservation of over 10,000 affordable units in neighborhoods across the city. A total of 1,611 affordable units that have received city financing are currently under construction at 16 sites throughout Denver. An additional 541 income-restricted units are in the planning stage. Learn more about this inventory at the Denver Affordable Housing Dashboard.
