chfa announces round three low income housing tax credit awards
Colorado Housing and Finance Authority (CHFA) is pleased to announce that it has completed the
third and final Low Income Housing Tax
Credit (LIHTC) allocation round of 2015. Based on a population-driven formula, each U.S. state receives a specific amount of competitive
LIHTC to award each year (9 percent), and CHFA is the allocating agency of LIHTC in Colorado.
In Round Three, 31 applications were received seeking nearly $28 million in housing credit combined. CHFA is awarding allocations to 14
developments, with a total amount of $12,942,141 in annual credit reserved. These 14 developments will support the development
or preservation of 751 affordable rental housing units in total. Among these, three developments combined the 4% Federal credit with
the 9% credit resulting in an additional 150 units.
The following affordable housing developments were awarded LIHTC in Round
Three. The full
Round Three Award Report can be found here.
40 West Residences, Lakewood
Developer: Archway Housing and Services
40 West Residences will provide 25 permanent supportive housing units for formerly homeless veterans. The units will be subsidized with
Veterans Affairs Supportive Housing (VASH) vouchers. The remaining 35 units will serve individuals and families between 30% and 60% of
the Area Median Income (AMI). The project will be located on West Colfax which is served by a high-frequency bus system and is within
walking distance to the Lamar light rail station on the West Line.
60 Units: 54 One-Bedroom; 6 Two-Bedroom
9 @ 30% AMI; 10 @ 40% AMI; 34 @ 50% AMI; 6 @ 60% AMI; 1 Employee Unit
Annual Credit Awarded: $960,726
Brighton Village Phase II, Brighton
Developer: Brighton Housing Authority and Hendricks Communities
Brighton Village Phase II will serve seniors and provide a variety of supportive services and activities for the residents. The project is located within 3 miles of the Brighton Senior Center. The property is being developed as a result of a public/private partnership between Brighton Housing Authority and for-profit developer, Hendricks Communities.
63 Units: 37 One-Bedroom; 26 Two-Bedroom
20 @ 30% AMI; 27 @ 40% AMI; 11 @ 50% AMI; 5 @ 60% AMI
Annual Credit Awarded: $1,117,700
Burlington Manor Apartments, Burlington
Developer: Steele Properties
Burlington Manor is a 100% subsidized, Section 8 project that was originally constructed in 1973. Steele Properties will provide much-needed renovation for this property including health and safety improvements, upgraded kitchens and bathrooms and a new community room.
54 Units: 22 One-Bedroom; 20 Two-Bedroom; 8 Three-Bedroom;
54 @ 60% AMI
Annual Credit Awarded: $423,747
Foundry Apartments, Englewood
Developer: SW Development Group and Winslow Crane Company
Foundry Apartments will serve individuals and families as part of an 18-acre redevelopment site, located in Englewood on the corner of South Elati Street and West Bates Avenue. The redevelopment will eventually include a mix of rental, for-sale housing, and commercial space. Foundry Apartments will be within walking distance of grocery stores and other shopping, schools, a library, and the Englewood light rail station.
70 Units: 42 One-Bedroom; 28 Two-Bedroom
2 @ 30% AMI; 13 @ 40% AMI; 23 @ 50% AMI; 32 @ 60% AMI
Annual Credit Awarded: $971,044
Hidden Lake Homes, Westminster
Developer: Jefferson County Housing Authority
This project will serve seniors and will be located in Jefferson County within an area of Westminster that was formerly part of the Shoenberg Farm. The project will offer a number of attractive outdoor amenities including a large central courtyard, a community garden, a dog park, a butterfly garden and a seasonal farmers market.
72 Units: 42 One-Bedroom; 30 Two-Bedroom
8 @ 30% AMI; 15 @ 40% AMI; 29 @ 50% AMI; 20 @ 60% AMI
Annual Credit Awarded: $1,185,974
The Highlands, Grand Junction
Developer: Grand Junction Housing Authority
The Highlands will be the first LIHTC project serving only seniors in Mesa County. The Grand Junction Housing Authority will partner with a number of organizations to provide support, life enrichment, and health care services for the residents. The Highlands will also provide a variety of outside amenities such as walking paths, areas for outdoor events, and raised garden beds.
64 Units: 52 One-Bedroom; 12 Two-Bedroom
8 @ 30% AMI; 14 @ 40% AMI; 26 @ 50% AMI; 15 @ 60% AMI; 1 Employee Unit
Annual Credit Awarded: $1,250,000
Mariposa Phase VII, Denver
Developer: Denver Housing Authority
This project represents the final year of the five-year set-aside that was established to leverage a $22 million HOPE VI grant to support the redevelopment of Denver Housing Authority’s (DHA’s) South Lincoln Homes public housing project, now known as Mariposa. When completed, this multi-phased project will provide a net gain of 528 residential units by replacing 270 public housing units with 505 affordable units and 293 unrestricted units. DHA is using a combination 9% and 4% LIHTC structure to more effectively leverage the 9% credits.
9% Family Units
21 units: 16 Three-Bedroom; 5 Four-Bedroom
13 @ 50% AMI; 8 @ 60% AMI
Annual 9% Credit Awarded: $577,665
4% Senior Units
45 Units: 39 One-Bedroom; 6 Two-Bedroom
10 @ 50% AMI; 35 @ 60% AMI
Annual 4% Credit Awarded: $299,561
Oakshire Commons, Pueblo
ME Jansen Development Company
Oakshire Commons will include the rehabilitation of 50 existing assisted living units and the new construction of 49 new assisted living units all of which will be combined to provide a total of 99 single-occupant homes for seniors in need of assisted care. The project will have one large dining facility with a commercial kitchen and a large living room in the common area. The owner will provide transportation services for residents. The developer is using a combination 9% and 4% LIHTC structure to more effectively leverage the 9% credits.
30 Units: 30 One-Bedroom
10 @ 30% AMI; 5 @ 50% AMI; 15 @ 60% AMI
Annual 9% Credit Awarded: $387,345
50 Rehab and 19 New Construction Units: 69 One-Bedroom
6 @ 30% AMI; 22 @ 40% AMI; 41 @ 60% AMI
Annual 4% Credit Awarded: $300,352
Renaissance Downtown Lofts, Denver
Developer: Colorado Coalition for the Homeless
Renaissance Downtown Lofts will be constructed on a site formerly used as U.S. Bank drive-through and will provide permanent supportive housing to formerly homeless individuals and families. The project will participate in Denver’s Social Impact Bond (SIB) program, which will serve to help close the gap in funding needed to support services for chronically homeless individuals that are considered “super utilizers” of criminal justice and emergency services (such as arrests, jail bed days, detox, and emergency room visits). By providing comprehensive services in and near an individual’s residence, the housing success rate is greater and the cost savings to public resources are estimated to be significant over time. The sponsor is using a combination 9% and 4% LIHTC structure to more effectively leverage the 9% credits.
65 Units: 60 One-Bedroom; 5 Two-Bedroom
29 @ 30% AMI; 12 @ 40% AMI; 16 @ 50% AMI; 7 @ 60% AMI; 1 Employee Unit
Annual 9% Credit Awarded: $1,250,000
36 Units: 36 One-Bedroom
14 @ 30% AMI; 8 @ 40% AMI; 12 @ 50% AMI; 2 @ 60% AMI
Annual 4% Credit Awarded: $299,561
Reserves at Steamboat Springs, Steamboat Springs
Developer: Overland Property Group and Yampa Valley Housing Authority
The Reserves at Steamboat Springs will be the first 9% LIHTC project in this community and will serve families and larger households. The City of Steamboat Springs and Routt County have recognized the severe need for affordable housing and will provide financial support for the project.
48 Units: 24 Two-Bedroom; 24 Three-Bedroom
15 @ 40% AMI; 11 @ 50% AMI; 22 @ 60% AMI
Annual Credit Awarded: $1,094,544
St. Francis at Cathedral Square, Denver
Developer: St. Francis Center
This project will provide project-based vouchers to all 50 of the units to serve formerly homeless individuals and families earning 30% or less of the AMI. The St. Francis Center will provide a comprehensive services package for the residents as well as community amenities such as roof-top gardens. The project will be centrally located with easy access to transit, grocery stores, and other services.
50 Units: 50 One-Bedroom
50 @ 30% AMI
Annual Credit Awarded: $907,489
Sanderson Apartments, Denver
Developer: Mental Health Center of Denver, Denver
Sanderson Apartments will serve formerly homeless individuals and families in 100% of the units utilizing project-based vouchers and a robust package of supportive services. The project will participate in Denver’s Social Impact Bond (SIB) program which will serve to help close the gap in services funding needed to support chronically homeless individuals that are considered “super Utilizers” of criminal justice and emergency services (such as arrests, jail bed days, detox, and emergency room visits). By providing comprehensive services in and near an individual’s residence, the likelihood of success is greater and the cost savings to public resources is estimated to be significant over time.
60 Units: 60 One-Bedroom
15 @ 30% AMI; 6 @ 40% AMI; 39 @ 50% AMI
Annual Credit Awarded: $1,144,149
Valley View Apartments, Woodland Park
Developer: AmericaWest Housing Solutions
Valley View will be the first LIHTC project in Woodland Park and will help meet an overwhelming demand for affordable housing options in the town and Teller County. The project will be within walking distance of schools, parks, and recreation facilities.
24 Units: 8 One-Bedroom; 12 Two-Bedroom; 4 Three-Bedroom
3 @ 30% AMI; 3 @ 40% AMI; 9 @ 50% AMI; 9 @ 60% AMI
Annual Credit Awarded: $421,748
Westminster Station, Westminster
Developer, Adams County Housing Authority
This family project will be located within the South Westminster Urban Renewal District and will be less than three blocks from the Westminster light rail station, which is scheduled to open in 2016. The project is a result of a public/private partnership between Adams County Housing Authority (ACHA) and Gorman and Company, a private developer. ACHA will provide a number of services for the residents including life skills, parenting, GED, and health services.
70 Units: 25 One-Bedroom; 40-Two-Bedroom; 5 Three-Bedroom
14 @ 30% AMI; 49 @ 50% AMI; 7 @ 60% AMI
Annual Credit Awarded: $1,250,000
For more information about the LIHTC program or the Round Three recipients, please contact Tasha Weaver, Tax Credit Allocation Manager at 303.297.7429 or