​​ CHFA eNews:Tax Credit
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September 22, 2014

CHFA Announces Round Two Low Income Housing Tax Credit Awards

Colorado Housing and Finance Authority (CHFA) is pleased to announce that it has completed the second and final Low Income Housing Tax Credit (LIHTC) allocation round of 2014. Based on a population-driven formula, each U.S. state received a specific amount of competitive LIHTC to award each year (9 percent), and CHFA is the allocating agency of LIHTC in Colorado.

In Round Two, 18 applications were received seeking nearly $16 million in housing credit combined. CHFA is awarding allocations to six developments, with a total amount of $4,999,167 in annual credit reserved. These six developments will support the development or preservation of 288 affordable rental housing units in total.

The following affordable housing developments were awarded LIHTC in Round Two. The full Round Two Award Report can be found here.

Grove Street Apartments, Denver

Developer: Gorman & Company, Inc.

Grove Street Apartments will be a mixed-use development in Denver’s Westwood neighborhood, incorporating 42 units of affordable rental housing and the primary office space for a local community nonprofit. The annual credit awarded totals $915,504.

 

Mission Village of Greeley, Greeley

Developer: Commonwealth Development Corporation

Mission Village of Greeley will provide 50 new, family-sized units in an increasingly tight rental market in a county that was devastated by the 2013 floods. The annual credit awarded totals $990,000.

 

Oakshire Trails, Pueblo

Developer: Four Corners Development

Oakshire Trails will be a newly constructed residential community for moderately active, independent seniors ages 55+. Featuring 62 one and two-bedroom units, Oakshire Trails will be designed to promote active engagement among residents. The annual credit awarded totals $1,107,010.

 

Pathways Village, Grand Junction

Developer: Cardinal Capital Management, Inc.

Pathways Village will be a new 40-unit development for homeless individuals and families. Developed in partnership with Homeward Bound of the Grand Valley, Inc., this supportive housing project will be the first of its kind along Colorado’s Western Slope. All 40 units will be supported by Project Based Section 8 rental subsidies from the Grand Junction Housing Authority, ensuring that units will be available to serve the lower-income residents. The annual credit awarded totals $785,116.

 

South Fork Heights Apartments, South Fork

Developer: Belmont Development Company

South Fork Heights Apartments is a 34-unit property, originally constructed in 1990 in Southwestern Colorado. Today, the property requires significant investment to update the project. Without this additional investment, funding from Rural Development could be at risk. The annual credit awarded totals $312,589.

 

Spring Creek Apartments, Longmont

Developer: Longmont Housing Development Corporation

Spring Creek Apartments is a proposed 60-unit affordable senior housing development within the Prairie Village subdivision in Longmont. The development has been ranked as the top rental housing priority within Boulder County for receipt of CDBG-DR funds available to support flood recovery efforts. The project will be managed by the Longmont Housing Authority and will serve extremely low income seniors. The annual credit awarded totals $888,948.

 

In total, 13 developments have been awarded credit in 2014. These developments

will provide 668 units of affordable housing. Information about 2014 Round One allocations can be found here.

Contact Tasha Weaver at 303.297.7429, for more information.


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