Denver-based MGL Partners (MGL), a multifamily, senior, workforce and affordable housing developer, has been awarded 9 percent competitive Federal Low Income Housing Tax Credits (LIHTCs) for the construction of 50 units of affordable senior housing in Denver’s Central Park from the Colorado Housing Finance Authority (CHFA).
“The St. Stephen Senior Apartment community is a project that encapsulates everything we strive to create at MGL,” said Dani Vachon, development manager at MGL Partners. “We are incredibly proud to receive the award for St. Stephen, because not only are these tax credits highly competitive, but this was also the only Denver development out of 12 state-wide recipients. By investing in and developing more affordable senior housing options in Denver, we are creating the foundation for a stronger, more sustainable future for Colorado.”
Designed by Santulan Architecture, St. Stephen is slated to close in May 2023, with a 12–14-month construction timeline. MGL intends to complete the development by summer 2024 when leasing will begin.
When it opens, St. Stephen Senior Apartments will serve seniors 62 and older who make between 30 percent and 60 percent of the area median income. The development is being made possible through a unique partnership between MGL and St. Stephen Missionary Baptist Church, which owns the land and will provide a low-cost land lease and community resources to future residents, including a food bank and van transit to local amenities.
MGL is an experienced LIHTC developer in Colorado, having developed 13 LIHTC projects as the general partner and more than 14 projects as a development consultant. LIHTCs 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.
“The site is surrounded by a single-family home neighborhood, several schools, and low traffic volume streets, making it an ideal environment for seniors,” said Vachon, adding that the site is within walking distance of an RTD bus stop which routes to a medical clinic, convenience store, grocery store, neighborhood shopping center and a pharmacy.
