Colorado Housing and Finance Authority (CHFA) has announced that 12 developments have been awarded a reservation of federal and state Housing Tax Credits to support the construction or preservation of 679 affordable rental housing units in Colorado. This includes awards of Transit-oriented Communities (TOC) credit to seven developments.
The TOC credit is a new state Housing Tax Credit that supports affordable rental housing development near transit. The total private sector equity estimated to be raised by the credit awarded during this round exceeds $207.4 million. Developments awarded will seek to address various housing needs in Colorado, supporting
households with low and moderate incomes, individuals and families transitioning out of homelessness, and older adults. Developments supported will be located in Alamosa, Aurora, Brighton, Denver, Fort Collins, Frisco, Superior, Trinidad, Westminster, and Wheat Ridge.
Since the program was created in 1986, CHFA has served as the allocating agency for Housing Tax Credits in Colorado. Tax credits are the most widely used tool for financing affordable rental housing in the nation. Since its inception, the program has helped build or preserve more than 80,000 affordable rental housing units in Colorado.
The following is a list of the developments receiving award reservations. The CHFA website has full development descriptions and the award report.
101 Main, Frisco
Developer: The NHP Foundation
52 Units: 24 Studio; 17 One-bedroom; 11 Two-bedroom
6 @ 30% AMI; 25 @ 50% AMI; 21 @ 80% AMI
Federal 9% Credit Awarded: $1,600,000
Standard State Credit Awarded: $650,000
Arapahoe PSH, Aurora
Developer: Brothers Redevelopment, Inc.
60 Units: 60 One-bedroom
60 @ 30% AMI
Federal 9% Credit Awarded: $1,600,000
Standard State Credit Awarded: $650,000
TOC Credit Awarded: $78,000
Blossom Commons, Westminster
Developer: Volker Housing Partners, LLC
50 Units: 25 One-bedroom; 25 Two-bedroom
5 @ 30% AMI; 15 @ 50% AMI; 14 @ 60% AMI; 16 @ 70% AMI
Federal 9% Credit Awarded: $1,600,000
Standard State Credit Awarded: $650,000
TOC Credit Awarded: $65,000
Ives II, Wheat Ridge
Developer: Foothills Regional Housing
54 Units: 30 One-bedroom; 20 Two-bedroom; 4 Three-bedroom
6 @ 30% AMI; 7 @ 40% AMI; 12 @ 60% AMI; 29 @ 70% AMI
Federal 9% Credit Awarded: $1,600,000
Standard State Credit Awarded: $650,000
TOC Credit Awarded: $70,200
44 Units: 23 One-bedroom; 16 Two-bedroom; 4 Three-bedroom
4 @ 30% AMI; 8 @ 40% AMI; 5 @ 50% AMI; 1 @ 60% AMI; 25 @ 70% AMI
Federal 4% Credit Awarded: $772,287
Standard State Credit Awarded: $650,000
TOC Credit Awarded: $57,200
Kite Route Crossing, Superior
Developer: Pennrose LLC
50 Units: 44 One-bedroom; 6 Two-bedroom
6 @ 30% AMI; 11 @ 50% AMI; 18 @ 60% AMI; 15 @ 70% AMI
Federal 9% Credit Awarded: $1,600,000
Standard State Credit Awarded: $650,000
Marq, Trinidad
Developer: Commonwealth Development Corporation of America
40 Units: 6 One-bedroom; 17 Two-bedroom; 17 Three-bedroom
6 @ 30% AMI; 24 @ 50%; 10 @ 60%
Federal 9% Credit Awarded: $1,597,195
Standard State Credit Awarded: $650,000
Park Avenue Apartments, Denver
Developer: Colorado Coalition for the Homeless
60 Units: 60 One-bedroom
26 @ 30% AMI; 20 @ 40% AMI; 7 @ 50% AMI; 7 @ 60% AMI
Federal 9% Credit Awarded: $1,600,000
Standard State Credit Awarded: $650,000
TOC Credit Awarded: $78,000
Ravenfield, Brighton
Developer: Brighton Housing Authority
46 Units: 41 One-bedroom; 5 Two-bedroom
9 @ 30% AMI; 11 @ 50% AMI; 26 @ 60% AMI
Federal 9% Credit Awarded: $1,600,000
Standard State Credit Awarded: $650,000
Rita Bass Apartments, Denver
Developer: Evergreen Real Estate Group
60 Units: 20 One-bedroom; 20 Two-bedroom; 20 Three-bedroom
15 @ 30% AMI; 15 @ 60% AMI; 15 @ 70% AMI; 15 @ 80% AMI
Federal 9% Credit Awarded: $1,600,000
Standard State Credit Awarded: $650,000
TOC Credit Awarded: $78,000
Switchgrass Crossing, Fort Collins
Developer: Volunteers of America National Services
45 Units: 39 One-bedroom; 6 Two-bedroom
5 @ 30% AMI; 5 @ 40% AMI; 10 @ 50% AMI; 25 @ 60% AMI
Federal 9% Credit Awarded: $1,600,000
Standard State Credit Awarded: $650,000
TOC Credit Awarded: $58,500
Tapestry LIHTC, Denver
Developer: Gorman and Company, LLC
72 Units: 8 One-bedroom; 32 Two-bedroom; 28 Three-bedroom; 4 Four-bedroom
8 @ 30% AMI; 12 @ 50% AMI; 38 @ 60% AMI; 14 @ 80% AMI
Federal 9% Credit Awarded: $1,600,000
Standard State Credit Awarded: $650,000
TOC Credit Awarded: $93,600
Tierra Azul, Alamosa
Developer: Community Resources and Housing Development Corp.
46 Units: 26 One-bedroom; 16 Two-bedroom; 4 Three-bedroom
5 @ 30% AMI; 4 @ 40% AMI; 3 @ 50% AMI; 19 @ 60% AMI; 9 @ 70% AMI; 6 @ 80% AMI
Federal 9% Credit Awarded: $1,600,000
Standard State Credit Awarded: $650,000
