Ulysses Development Group has announced the financial closing of Ponderosa Pines. The community will be income-restricted for families and individuals earning an average of 60% of the area median income. Ponderosa Pines will offer 1-bedroom, 2-bedroom, and 3-bedroom units, providing options to fit a range of family sizes.
Ponderosa Pines will be located at 6010 Pinery Center Blvd, Parker, providing easy access for the local workforce in the south metro Denver area.
Colorado faces a critical gap in available affordable homes. The 2026 Gap Report from the National Low Income Housing Coalition reports that there are only 27 affordable homes available for every 100 households earning below the area median income. In Douglas County, where the median home sale price has climbed to roughly $718,000, essential workers are increasingly priced out of the communities they serve. Ponderosa Pines will provide much-needed housing to essential workers, who would otherwise be forced to live far from their places of work.
“The long-term vision of this community is a place where families can thrive,” said Ahmed Abdelhameed, vice president of UDG. “Ponderosa Pines is going to make a real difference for those who keep our communities running, and the UDG team is proud to be a part of it.”
The community’s shared spaces will include a clubhouse, fitness center, pool, and community spaces for residents to host events and gather. The units are designed to keep families comfortable and will include washers and dryers, energy-efficient stainless-steel appliances, and modern finishes. UDG will break ground immediately, with a targeted completion in Q3 of 2028.
“The Department of Local Affairs is proud to support Ulysses Development Group in our shared goal of creating more housing that’s affordable,” said DOLA Executive Director Maria De Cambra. “The Ponderosa Pines project is a vital investment in local workforce stability and will help ensure more Douglas County families can access high-quality, attainable housing to stay in the communities and neighborhoods they call home.”
Ponderosa Pines financing
The $180 million Ponderosa Pines affordable housing project is being financed through a combination of public and private funding sources, including:
- U.S. Bank: $37.75 million in tax-credit equity and a $66.4 million construction loan
- Citi: $36.19 million permanent loan
- Douglas County Housing Partnership: $27 million in private activity bonds
- CHFA: $15 million in recycled tax-exempt bonds and 4% federal and state low-income housing tax credits
- OEDIT and CHFA: $4.35 million in Proposition 123 concessionary debt
- BlackRock: $4.6 million in subordinate financing
- Colorado Department of Local Affairs: $1 million in subordinate funding
- Department of Local Government and Douglas County: $580,000 through the More Housing Now program
Ulysses Development Group and partners will celebrate the groundbreaking ceremony of Ponderosa Pines on September 30 at 9 a.m.
UDG also recently celebrated the grand reopening of Eagle Villas — a 120-unit community that was preserved from market-rate conversion. Read about how they did it here. UDG’s Harvest Hill is currently under construction in Broomfield and is expected to be complete in Q4. UDG also completed The Meadowmark in Castle Rock in 2025. Stay up to date on all of UDG’s projects by connecting with them on LinkedIn.
