Denver City Council Approves Two Affordable Housing Projects
The Denver City Council recently approved a pair of affordable housing contracts that will help establish 204 income-restricted homes for low and moderate-income households in the Lincoln Park and Capitol Hill neighborhoods. Loans totaling $5,175,000 have been approved for the La Tela and Olin Apartments projects, which will support affordable homeownership opportunities and senior housing respectively.
“Today we’re taking a big step forward to support permanent affordability through land trusts, as well as helping seniors whose housing options may be limited due to fixed incomes,” said Britta Fisher, executive director of Denver’s Department of Housing Stability (HOST). “These are important investments that we’re proud to help bring forward.”
HOST is providing a $3,675,000 performance loan to support the development of 92 affordable condominiums at the La Tela project at 6th Ave. and Inca St. Developed by Elevation Community Land Trust (ECLT) and designed by Denver-based boutique architectural firm Studio Completiva, La Tela will include 64 studio homes, 24 two-bedroom homes, and four three-bedroom homes. All condos will be income-restricted for households earning up to 80 percent of the area median income (up to $52,000 for a single-person household, or up to $59,400 for a two-person household). Units will range from 352 to 1,050 square feet. ECLT will maintain ownership of the land and it will be leased to owners under a 99-year renewable land lease to maintain permanent affordability. The La Tela homes will be priced from $150,000 to $199,000.
HOST is also providing a $1,500,000 performance loan to support the renovation of the Olin Apartments at 1420 Logan St. The century-old property originally served as a hotel and was converted into affordable senior living by Senior Housing Options in 1982. The non-profit is now undergoing a complete renovation of the property, including the addition of five new units, and upon completion the property will offer a total of 112 income-restricted apartments. All units are exclusively for seniors and individuals with disabilities. The city financing is supporting the renovation of 34 of the apartments, for residents earning up to 30 percent of the area median income (up to $19,500 for a single-person household).
The La Tela loan agreement is financed through Denver’s dedicated Affordable Housing Fund, and the Olin Apartments funding is provided through the federal HOME Investment Partnerships Program.