Affordable Senior Housing in the Works for Colorado Springs
Denver-based MGL Partners, a multifamily, senior, workforce, and affordable housing developer, has been selected by nonprofit Silver Key Senior Services to develop a new affordable senior living facility in Colorado Springs.
“This partnership with Silver Key allows us to further pursue a crucial piece of our mission—bringing quality housing to the communities that need it most,” said Dani Vachon, development manager at MGL Partners. “Together, we will pursue financing that will allow us to bring 50-70 much-needed
MGL and Silver Key will seek Low-Income Housing Tax Credits (LIHTCs) from the Colorado Housing and Finance Authority in 2022, with the goal of building one- and two-bedroom units on Silver Key’s campus in Colorado Springs. These highly competitive credits are awarded annually to developers of income-restricted housing projects and can then be used as part of a larger financing package to complete the projects.
MGL’s deep roots in the development community and successful track record of securing LIHTCs for affordable housing projects in Colorado make it an ideal partner to bring needed income-restricted senior housing to the rapidly growing Colorado Springs area. Like most of the Front Range, the city has experienced dramatic increases in home prices in the last decade and is popular with retirees who enjoy the many recreational opportunities in the area.
Over the last 50 years, Silver Key has helped more than half a million seniors. The organization’s commitment to developing new affordable senior housing, in addition to its current campus, marks an important step in the evolution of its services.
“Ensuring access to affordable, quality housing is a critical element of our work to support a healthy quality of life for seniors, allowing them to age safely with dignity and independence,” said Jason DeaBueno, chief executive officer from Silver Key. “We’re excited to partner with MGL and leverage their expertise and relationships in the development and affordable-housing finance worlds to continue growing and serving those who need us most.”