MGL Partners (MGL), a Denver-based multifamily, senior, workforce and affordable housing developer with a mission to build lasting value through the creation of high-quality communities, today celebrated the Grand Opening of the Crisman II Apartments, in partnership with the Longmont Housing Authority (LHA). Located at 680 CO 66 in Longmont, Colorado, Crisman II offers 83 new affordable housing units serving individuals and families earning between 30-80% of area median income (AMI), meeting a crucial need for affordable and workforce housing in the growing corridor.
“This project was made possible by the Longmont Housing Authority’s partnership, and the unwavering support and flexibility of the land seller, Banc of California, Colorado Finance & Housing Authority, and Royal Bank of Canada,” said Greg Glade, partner at MGL Partners. “Everyone involved on this project truly rallied around the vision, and to see it come to fruition today is incredibly gratifying. We all know how important the creation of more affordable and workforce housing is to the long-term growth and vitality of our communities, and this project is a great example of what can be accomplished when the public and private sectors come together.”
Collectively, there is an affordability shortage of 2,173 units for Longmont renters earning less than 50% AMI. Crisman II caters to individuals and families whose incomes fall between 30-80% of the area median income, contributing to the city’s goal of 5,400 affordable units by 2035.
“The City of Longmont is committed to investing in affordable housing to address affordability gaps for renters, but with development costs on the rise, this work has become increasingly challenging,” said Longmont City Manager Harold Dominguez. “The completion of the Crisman II Apartments marks a significant milestone in our ongoing efforts to address housing needs. After the success of Crisman I, we were pleased to continue our partnership with MGL Partners. They brought the expertise to the table to help us secure the necessary funding sources and find the right partners to create a high-quality project that meets our community. We are grateful for their partnership in bringing more affordable housing options online for Longmont families.”
Crisman II consists of four, three-story walk-up buildings serving a range of income levels. Importantly, the unit mix in this complex is designed to meet the needs of low-income families. The community offers one- and two-bedroom options as well as a number of three-bedroom units, community gardens, on-site leasing and management, a community and exercise room, a picnic area with BBQ and gazebo, a community pool, and a new children’s play area. Ideally located in north central Longmont just .01 miles from an RTD station, the site offers easy access to area jobs, services and shopping along Longmont’s Main Street.
Over the last two decades, MGL Partners has developed some of Colorado’s most successful multifamily rental communities across all income levels, including more than a dozen Low-Income Housing Tax Credit (LIHTC) projects. Crisman II will be the 15th affordable housing project for which MGL Partners has served as a General Partner here in Colorado.
In addition to the 4% Federal LIHTCs the project was awarded by Colorado Housing & Finance Authority (CHFA), the Colorado Division of Housing approved $2.075 million in gap financing for the project in April of this year, CHFA approved $975,000 of Capital Magnet subordinate financing, the Longmont Housing Authority approved $1.27 million in gap financing, and the City of Longmont approved $600,000 of gap financing, 50% fee waivers on the project as well as a Payment in Lieu of Taxes (PILOT). Banc of California is providing the construction and perm loans, and Royal Bank of Canada is providing the low-income housing tax credit equity.
To learn more about MGL Partners’ work to develop housing that serves Coloradoans across income levels, please visit: www.mglpartners.com/about.
