The NHP Foundation (NHPF), a national not-for-profit leader in providing affordable, sustainable housing, has acquired land for its third Colorado deal in 2025, marking another significant step in addressing the region’s housing needs. The 0.9-acre parcel, located at 3701 16th Avenue in Denver’s Sloan’s Lake neighborhood, will be developed by managing partner Zocalo Community Development into 158 new energy-efficient apartments known as Liora at Sloan’s Lake. Rents at Liora will be limited to residents earning 30%, 50% and 60% of Area Median Income. The acquisition closed on September 22, 2025, with construction beginning this fall.
“Liora, and the entire redevelopment of the broader site at Sloan’s Lake, supports our mission to create housing affordability at all levels, both for-sale and for-rent,” said David Zucker, CEO, Zocalo Community Development. “Our partnership with NHPF reinforces Zocalo’s commitment to real estate development that balances investment returns, community, and environmental impact.”
Financing partners for the $60 million development include the Colorado Housing and Finance Authority (CHFA), which provided a tax-exempt bonds and 4% Low Income Housing Tax Credits, the State of Colorado and CHFA which offered $3.85 million Proposition 123 land loan, as well as an $18.5 million loan from Bellwether Enterprise, $24.5 million in LIHTC equity from a PNC Bank-managed fund comprised of a one-third party investor, $9.5 million in subordinate debt from the Colorado Division of Housing and several million dollars in deeply-subordinated loans from Zocalo.
“This project meets all three of the CHFA Proposition 123 Land Banking Program priorities: providing transit-accessible, high-density housing within two miles of downtown Denver; serving households at a mix of income levels; and ensuring environmentally sustainable development,” said Neal Drobenare, SVP of NHPF. “We are proud to expand our footprint in Colorado with another community designed for long-term affordability.”
Tim Pryor, NHPF vice president of acquisitions, added, “Building 158 energy-efficient apartments at Liora is a great way to preserve affordability in an economically flourishing area of Denver. We look at this opportunity as a blueprint for other expansion NHPF is undertaking in areas of need.”
The land was purchased from the long-time land owner in partnership with Zocalo. The development will be built to meet Enterprise Green Communities Plus standards, featuring an all-electric HVAC system and other environmentally conscious design elements.
“A strong, thriving economy includes workforce housing so Colorado workers can live in communities they love and close to their jobs. Projects like Liora at Sloan’s Lake are essential to creating transit-accessible, sustainable communities that meet the diverse housing needs of Colorado residents, and the State of Colorado is proud to support this development through the Proposition 123 Land Banking program,” said Eve Lieberman, executive director of the Colorado Office of Economic Development and International Trade.
“Liora at Sloan’s Lake is a model of what we can achieve when public and private partners come together with a shared commitment to making housing more affordable for Colorado residents. Through $9.5 million in support from the Department of Local Affairs, this collaboration brings over 150 energy-efficient homes to one of Denver’s most vibrant neighborhoods—close to jobs, schools, and transit. By investing in projects like this, we’re not only expanding housing opportunities but strengthening the foundation of our communities across the state.” Maria De Cambra, executive director, Colorado Department of Local Affairs.
With this third deal in Colorado this year, NHPF continues to strengthen its commitment to bringing affordable housing opportunities to communities where demand is critical. Earlier this year, NHPF broke ground on 54 units of workforce housing, Galena St. in Frisco, CO. NHPF also acquired 101 W. Main in Frisco, where the organization will construct 52 units of workforce housing, with ground-floor space reserved for service providers or local businesses. The site includes a creek easement, improving public access to outdoor spaces.
