WESTMINSTER — A coalition of nonprofit Westminster housing authority Maiker Housing Partners and affordable-housing developer Community Development Trust announced Thursday the formation of a public-private partnership that has purchased Toscana Apartments to ensure that units there remain affordable for the long term.
The partnership will invest $42 million into the 252-unit community on Sheridan Boulevard, according to a news release.
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“The property — which is now the largest affordable housing community in Maiker’s portfolio — currently operates under the Low-Income Housing Tax Credit program and serves residents at 50%, 55%, and 60% area median income,” the release said.
Community Development Trust will invest $8 million to acquire a 75% interest in the Toscana property through the joint venture with Maiker Housing Partners. Under terms of the agreement, CDT and Maiker will increase the proportion of units serving very-low-income households.
The joint venture also will capitalize almost $2 million in immediate repairs and capital reserves to ensure that the property “is preserved as high-quality affordable housing for the foreseeable future,” according to the release.
The partnership will require that all 252 units will remain affordable to families earning less than 50% and 60% of the area median income, the release said.
Echelon Property Group will remain Toscana’s property-management company.
“It’s an honor to work alongside CDT on this acquisition that will preserve more affordable homes for community members in Adams County,” Maiker executive director Peter LiFari said in a prepared statement. “The Toscana investment shows how a public-private partnership can be maximized to overcome the barriers facing the development of affordable housing today in Colorado.”