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CHFA tax credits to finance 4 low-income housing projects in region

DENVER – Four projects in the Boulder Valley and Northern Colorado were among 12 around the state that received competitive low-income housing tax credits this week from the Colorado Housing Finance Authority.

CHFA received 26 applications for the 9% federal tax credits, and the 12 awards will help build a total of 605 new affordable housing units for individuals – including families, seniors and veterans – who don’t have stable housing. Developers sell the credits to investors to raise equity for the projects, thus lowering the debt the developer would have to borrow for the project and keeping the rents affordable.

One such award, worth $1.45 million, went to High Plains Housing Development Corp., a nonprofit organization serving Weld County, enabling it to build the StarRise Apartments at North Weld Village, 123 Ninth Ave. in Greeley, on the site of the former North Weld Produce property. The 58-unit StarRise Apartments is the initial phase of a campus that will provide a comprehensive response to the housing crisis, with future phases accommodating a 90-unit multi-family property targeting very low-income households at 30% or less of area median income. Additionally, phases 3 and 4 will deliver further housing options and employment opportunities.

“During the recent cold-weather season, more than 500 people faced the harsh reality of homelessness in Greeley, with only a handful of housing options available,” said Jodi Hartmann, executive director of High Plains Housing Development Corp., in a prepared statement. “StarRise Apartments will provide permanent housing with comprehensive support services to our most vulnerable and chronically homeless neighbors, offering safety, stability and an opportunity to again have a home.”

Workshop8 in Boulder will do the architectural design, while KCI Construction in Longmont will be general contractor. High Plains Housing Development Corp. will partner with Volunteers of America, North Range Behavioral Health and Sunrise Community Health to offer on-site behavioral health services, case management, employment assistance and  support for daily living and health-management skills. The developer leveraged a private land donation, financial backing from the city of Greeley, a Weld Trust Flagship Award, program funding from the Colorado Department of Local Affairs’ Division of Housing and ongoing fundraising efforts to help launch the project.

Other projects in the Boulder Valley and Northern Colorado that were picked to receive the tax credits include:

  • Brigit’s Village, at 131 Aspen Drive in Frederick. Developer Jon Peterson will use the $1.42 million tax credit to help build 40 one- , two-  and three-bedroom units with income restrictions ranging from 30% to 70% of area median income.
  • Diagonal Plaza, at 3320 28th St. in Boulder. Boulder Housing Partners won a 9% $1.45 million tax credit to build 73 one-, two- and three-bedroom units with income restrictions ranging from 30% to 60% AMI.
  • Jacoby Meadows, 15th Street and Windshire Drive in Windsor. The Windsor and Loveland housing authorities will use a 9% credit worth $1.45 million to build 61 one- and two-bedroom units with income restrictions ranging from 30% to 80% AMI.

Source: BizWest