Loveland Housing Authority breaks ground on rental community

LOVELAND — The Loveland Housing Authority said on Wednesday that construction is underway on The Edge, a 70-unit affordable apartment complex community that will be available to working families, homeless veterans and survivors of the 2012 High Park Fire and 2013 September floods.

“We’ve been working on this development for the last three years, and it’s great to see it finally get started,” said Sam Betters, executive director of the housing authority.

“Over this same period of time, we’ve seen rents in our community far outpace wage growth, and the availability of any rental units at any price is at an all-time low,” he said. “Our nation is experiencing the highest rates of homelessness by veterans ever. After the 2013 floods, we accelerated our efforts to get this project financed and built as quickly as we could.”

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The $21.8 million project is being built near East 15th Street and Boyd Lake Avenue in Loveland, the site of the former Crystal Rapids Water Park. It will have one-, two- and three-bedroom units. Lakewood-based Pinkard Construction is the general contractor.

The Edge is being developed in partnership with Wells Fargo Bank and St. Louis-based Sugar Creek Capital as equity investors, purchasing the federal and state tax credits that were awarded this project by the Colorado Housing and Finance Authority. The project is one of the first in the state using the recently created Colorado State Low Income Housing Tax Credit program.

The project received a $2.7 million no-interest loan from the federally funded Community Development Block Grant Disaster Relief program administered by the Colorado Department of Local Affairs.

The city of Loveland provided more than $1.3 million in fee waivers and other contributions for the project. Once the project is completed, permanent financing will be provided by the Bank of Colorado.

The first residents are scheduled to move in September 2016. Betters said a typical one-bedroom apartment will go for about $750 per month, and 12 of the units will charge qualifying tenants 30 percent of their monthly income supplemented by a Section 8 voucher. Tenants are eligible for Section 8 vouchers if their income is 30 percent of area median income or below.