Pennrose, Longmont Housing Authority (LHA), and project partners celebrated the grand opening of Ascent at Hover Crossing, a 75-unit affordable housing community with an early childhood education center in Longmont. The $39 million energy-efficient, mixed-income community provides much-needed family housing in one of the country’s fastest-growing cities.
Speakers at the grand opening included: Shannon Cox Baker, regional vice president, Pennrose; Susie Hidalgo-Fahring, mayor, City of Longmont & Chair, Longmont Housing Authority; Steve Johnson, chief operating officer, Colorado Housing and Finance Authority; Marc Cowell, executive director, OUR Center; Chad Mitchell, market president, Boulder County, FirstBank; Ross Kaufman, director, investment manager, RBC Capital Markets; Harold Dominguez, city manager, City of Longmont & executive director, Longmont Housing Authority, and Charlie Adams, president of development, Pennrose.
“Today marks a significant milestone for Longmont as we officially open the doors to Ascent at Hover Crossing,” said Shannon Cox Baker, regional vice president at Pennrose. “This community represents our commitment to addressing the housing needs of growing families while expanding access to quality early childhood education. We’re honored to partner with Longmont Housing Authority to address a pressing community need and create a place where residents of all ages can thrive.”
LHA will manage the property, Deneuve Construction Services acted as the general contractor, and Van Meter Williams Pollack, LLP served as the architect.
Ascent at Hover Crossing is designed with families and children in mind, offering a mix of one-, two-, three-, and four-bedroom apartments across two residential buildings. The mixed-income apartments are available for a variety of incomes, with units ranging from 30% to 80% of the Area Median Income (AMI), about $31,650 to $84,400 for a one-person household.
The spacious apartments feature modern kitchens, in-unit washers and dryers, high ceilings, and oversized closets with additional storage space. Residents will also enjoy a full suite of community amenities, including on-site property management and maintenance, conference rooms, an open-concept lobby, and a centralized community building with a fitness center, multi-purpose space, indoor play area, and outdoor playground and seating.
In addition to on-site amenities, Ascent at Hover Crossing is conveniently located near a full-service grocery store, pharmacy, hospital, outdoor recreation opportunities, public transportation, and more. The building is designed to meet NGBS Bronze standards for sustainability and is 100% Electric. Resident electric utility costs will be reduced thanks to the City of Longmont-owned onsite rooftop solar—an Iluminar Community Solar Installation.
“Ascent at Hover Crossing is a remarkable accomplishment and addresses important city priorities, including the creation of affordable housing and increasing access to affordable, quality childcare. Ascent families will benefit from both housing and childcare that are provided at a manageable cost, creating an opportunity to truly thrive,” said Mayor Hidalgo-Fahring of the City of Longmont.
An important component of the community is the two-story, three-classroom Early Childhood Education (ECE) center with indoor and outdoor play areas, reception center, office space, conference rooms, and kitchen. The ECE will be operated by OUR Center, a long-standing local non-profit provider of subsidized early education programs for low-income families. The center plans to open later this year and will be available to qualified and interested families living at Ascent at Hover Crossing as well as the surrounding Longmont community.
Ascent at Hover Crossing directly responds to robust local research, including LHA’s portfolio data, a project-specific market study, and the City of Longmont’s 2023 housing needs assessment, which identified affordable housing for families as a critical priority. The project also comes at a crucial time for the city, which has seen a 15% increase in population size since the 2010 census, making it one of the fastest growing cities in the country.
The development has garnered significant local support, with LHA, the City of Longmont, Boulder County, State of Colorado Division of Housing and the Colorado Health Foundation all committing financial support to the development. In addition, LHA has committed 18 project-based housing choice vouchers, ensuring Longmont’s most vulnerable residents have the opportunity to live in the new community.
The project was made possible by competitive awards of federal Low-Income Housing Tax Credits, state Affordable Housing Tax Credits, and tax-exempt Private Activity Bonds from the Colorado Housing and Finance Authority. Equity investment in the development was provided by RBC Community Investments and JP Morgan Chase, and FirstBank provided both construction and permanent loan financing.
With a regional headquarters in Denver, Pennrose is committed to delivering high-quality, transformative affordable housing across Colorado and the Mountain region. Pennrose will also celebrate the groundbreaking of Kite Route Crossing this month, bringing 50 units of affordable 55+ housing to downtown Superior.
