Ulysses Development Group (UDG) has successfully closed on the construction and permanent financing of the Harvest Hill property, paving the way for the construction of a new 152-unit affordable housing community in Broomfield. Harvest Hill is a Transit Oriented Development (TOD) community that will offer Broomfield families an affordable lifestyle that combines reduced housing costs with the low-cost public transportation available at RTD’s Broomfield Station, located only a quarter a mile away from the project.
Harvest Hill includes one-, two-, and three-bedroom units and will be home to individuals and families who earn between 30% and 70% of the area median income. A groundbreaking ceremony will take place on June 11, 2025, and construction is expected to be completed in spring 2027.
This development is planned with future residents in mind, with amenities such as hard-stone countertops, in-unit washers and dryers, and Energy-Star rated appliances. In addition to the amenities in the units, the community will feature several shared amenities to help create a vibrant community. These include a pocket park, an outdoor grill area, a fitness center, an event and craft room, and on-site leasing offices.
“UDG is ecstatic to bring more high-quality, affordable housing to the great state of Colorado,” said Kirsty Greer, chief development officer of Ulysses Development Group. “We are grateful to all of our mission-driven partners who are helping to create a vibrant community in Broomfield.”
This development is made possible thanks to a variety of funding sources:
- Federal and State Tax Credits with equity provided by US Bank:
- Over $20 million in federal tax credits
- $4.8 million in accelerated state tax credits
- Colorado Department of Local Government’s More Housing Now Grant: $2 million
- Colorado Clean Energy Funds:
- $650,000 from the Affordable Housing Investment Funds
- $1.15 million from Clean Conversion Loan funds
- City and County of Broomfield: $2 million
- Colorado Department of Local Affairs:
- $2.6 million in HOME Investment Partnership Program funding
- Eight Section 811 vouchers to support individuals who are currently or at risk of being homeless
“The City and County of Broomfield is thrilled to be able to support the development of Harvest Hill,” said Deven Shaff, mayor pro tem, Broomfield. “This community showcases our commitment to making housing more attainable in our city, and we are proud to partner with developers like UDG who are helping make this commitment a reality.”
UDG develops, acquires, and invests in affordable housing, harnessing best-in-class practices and long-term solutions for all stakeholders and communities. UDG currently owns communities across five states and has plans to build or preserve 1300 more housing units by the end of 2026.
