Government & Politics  September 22, 2014

Housing projects in Greeley, Longmont receive tax credits

DENVER — The Colorado Housing and Finance Authority is awarding six housing developments nearly $5 million in low-income housing tax credits.

Mission Village of Greeley and Spring Creek Apartments in Longmont are among the six projects that will receive a total of $4,999,167 in tax credits.

The Low Income Housing Tax Credit program was created by Congress in 1986 to provide a federal income tax credit as an incentive to investors. Individual and corporate investors may receive 10 years of tax credits in return for investing equity capital into a development of eligible housing projects.

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Mission Village of Greeley will receive $990,000 in credits, and Spring Creek will receive $888,948.

The four other projects selected include the Grove Street Apartments in Denver, Oakshire Trails in Pueblo, Pathways Village in Grand Junction and South Fork Heights Apartments in South Fork.

Mission Village of Greeley at 2239 5th St. sits on 8.8 acres of vacant land in north central Greeley. It will provide 50 family-size units including row homes in an increasingly tight rental market that was devastated by the 2013 floods. It is being developed by the Commonwealth Development Corp. The cost of the project has yet to be determined.

Spring Creek Apartments is a three-story, $13.5 million senior-housing project at 320 Homestead Parkway in Longmont. It is being developed by the Longmont Housing Development Corp.

It is expected to have 60 affordable senior-housing units on a 2-acre parcel within the Prairie Village subdivision in northeast Longmont. Construction is expected to begin in April 2015 with construction to be completed in May 2016.

The developer of Prairie Village donated the land to Longmont Housing in 2006.

CORRECTION: This story originally incorrectly stated that the projects were all for senior housing. Mission Village of Greeley is housing for low-income families, and Spring Creek is for seniors.

 

 

 

DENVER — The Colorado Housing and Finance Authority is awarding six housing developments nearly $5 million in low-income housing tax credits.

Mission Village of Greeley and Spring Creek Apartments in Longmont are among the six projects that will receive a total of $4,999,167 in tax credits.

The Low Income Housing Tax Credit program was created by Congress in 1986 to provide a federal income tax credit as an incentive to investors. Individual and corporate investors may receive 10 years of tax credits in return for investing equity capital into a development of eligible housing projects.

Mission Village of Greeley will receive $990,000 in…

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