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The housing authority will receive the tax credits annually over the next 10 years, meaning that the total tax credit will reach more than $7 million.
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The development, to be called Windshire Apartments, will be built on 6.3 acres about one mile north of Highway 392. The project calls for 44 units serving residents who make between 30 and 60 percent of the area median income.
The property will also contain a 2,100-square-foot community building that can be used for recreational and support services. Construction is tentatively expected to begin March 1, 2013.
The Town of Windsor will allow for permitting processes on the development to be fast-tracked, according to the project’s application with the state.
Windshire will help alleviate an affordable housing crunch in Windsor that was first identified in 2003, as well as work to combat dropping vacancy rates in both Larimer and Weld counties.
The Colorado Housing Finance Authority Tax Credit Allocation Committee announced the recipients of the tax credits late last month. The total distributed was $6.9 million.