The financing package was put together by U.S. Bank, the Colorado Housing and Finance Authority and the Fort Collins Housing Authority.
The package includes an $8.9 million construction bridge loan and an $8 million low-income housing tax-credit equity investment through U.S. Bancorp Community Development Corp.
The project will be built on vacant land at the intersection of Fossil Creek Parkway and South College Avenue.
Forty of the 60 units will be set aside for homeless veterans and individuals. The complex, which feature supportive services for its residents, is being built one-half mile from Redtail Grove Natural Area and two blocks from a new transit center with rapid bus service downtown.
“The Redtail Ponds project is a major step forward in addressing the need for affordable housing in Fort Collins,´ said David Bruni, market president for U.S. Bank in Northern Colorado. “This project’s support for homeless veterans aligns directly with U.S. Bank’s core values.”
It will be for people earning up to 50 percent of the area median income, as calculated by the U.S. Department of Housing and Urban Development Survey. As of July 1, area medium income for Larimer County is $73,500, according to HUD.
Julie Brewen, executive director of the Fort Collins Housing Authority, said Redtail Ponds will be Northern Colorado’s first permanent supportive housing program to adopt best practice models proven effective across the country.
“Residents will be empowered with the skills needed to live with greater independence and self-determination. This is a major milestone in the Homeward 2020 Ten Year Plan to End Homelessness, Brewen said.
Supportive services will include case management, mental-health and addiction therapy, independent-living skills and vocational training.
Cris White, executive director and CEO of the Colorado Housing and Finance Authority, said permanent, supportive housing targeting very low-income tenants continues to be a great need, not just in Colorado but across the country.