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,
Developer: Gorman & Company,
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
Mission Village of Greeley,
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
Oakshire Trails, Pueblo
Developer: Four Corners
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
Pathways Village, Grand
Developer: Cardinal Capital
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,
Developer: Belmont Development
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,
Developer: Longmont Housing
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
will provide 668 units of affordable housing. Information about 2014
Round One allocations can be found
303.297.7429, for more information.