14 Colorado housing projects awarded state and federal tax credits

This story first appeared on BusinessDen.com, a BizWest news partner.

Fourteen planned income-restricted housing projects in Colorado have been awarded state and federal 4 percent low-income housing tax credits.

The Colorado Housing and Finance Authority, which allocates both types of tax credits in the state, released a list this week of the projects. Combined, they will have 1,373 income-restricted units.

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Developers sell the tax credits to investors to raise equity for their projects, according to CHFA. The equity reduces the amount of debt financing or other funding sources needed to make the development financially feasible with the rent limits required under the programs.

CHFA also allocates federal 9 percent tax credits. The organization announced in May that it had awarded those credits to 13 projects.

Below are details about each of the projects that received credits in the latest round:

1. 1. 2700 Wewatta Affordable Apartments, Denver

Developer: Rivet Development

Address: 2700 Wewatta Way

Units: 56 (52 one bedrooms, 4 two bedrooms)

Restrictions: 28 units at 30 percent area median income, 28 at 50 percent AMI

State credit awarded: $781,055

Federal 4 percent credit awarded: $684,816

Other details: The Denargo Market project will house residents ages 18 to 24 who are transitioning from homelessness or foster care.

2. 2. All Saints Senior Apartments, Denver

Developer: Archdiocesan Housing

Address: 2559 S. Federal Blvd

Units: 63 (4 studios, 59 one bedrooms)

Restrictions: 12 at 30 percent AMI, 5 at 40 percent AMI, 12 at 50 percent AMI, 34 at 60 percent AMI

State credit awarded: $735,380

Federal 4 percent credit awarded: $588,304

Other details: The project adjacent to the Archdiocese of Denver’s Church of All Saints will house residents ages 62 and older.

3. 3. Bluebird, Boulder

Developer: Element Properties

Address: 2445 30th St.

Units: 40 (8 studios, 32 one bedrooms)

Restrictions: 30 percent AMI

State credit awarded: $733,107

Federal 4 percent credit awarded: $586,486

Other details: The project will house individuals and households exiting homelessness, with no age restrictions.

4. 4, Bonsai Apartments, Sheridan

Developer: Medici Development

Address: 3750 S. Federal Blvd.

Units: 149 (75 one bedrooms, 65 two bedrooms, nine three bedrooms)

Restrictions: Nine at 30 percent AMI, 12 at 40 percent AMI, 48 at 50 percent AMI, 80 at 60 percent AMI

State credit awarded: $995,137

Federal 4 percent credit awarded: $1.73 million

Other details: This will be the first new-construction income-restricted development in Sheridan.

5. 5. Eagle Meadow Homes, Aurora

Developer: Community Housing Partners

Address: 14875 E. 2nd Ave.

Units: 93 (21 one bedrooms, 48 two bedrooms, 24 three bedrooms)

Restrictions: 11 at 30 percent AMI, 13 at 40 percent AMI, 49 at 50 percent AMI, 20 at 60 percent AMI

State credit awarded: $1 million

Federal 4 percent credit awarded: $1.56 million

Other details: Homeless families in the Aurora@Home Rapid Rehousing Program will be given preference for 11 units.

6. 6. Flo, Denver

Developer: Denver Housing Authority

Address: 930 N. Bryant St.

Units: 212 (202 one bedrooms, 10 two bedrooms)

Restrictions: 83 at 30 percent AMI, 23 at 50 percent AMI, 106 at 60 percent AMI

State credit awarded: $900,000

Federal 4 percent credit awarded: $3.87 million

Other details: The Sun Valley project will house residents ages 55 and up.

7. 7. Jewell Apartments, Aurora

Developer: Community Housing Development Association

Address: 10150 E. Colorado Ave.

Units: 81 (23 one bedrooms, 44 two bedrooms, 14 three bedrooms)

Restrictions: 9 at 30 percent AMI, 7 at 40 percent AMI, 15 at 50 percent AMI, 38 at 60 percent AMI, 12 at 80 percent AMI

State credit awarded: $799,070

Federal 4 percent credit awarded: $1.45 million

8. 8. Johnson and Wales Family Housing, Denver

Developer: Archway Investment Corp.

Address: 7150 Montview Blvd.

Units: 154 (3 studios, 55 one bedrooms, 70 two bedrooms, 26 three bedrooms)

Restrictions: 10 at 30 percent AMI, 19 at 50 percent AMI, 125 at 60 percent AMI

State credit awarded: $1 million

Federal 4 percent credit awarded: $1.91 million

Other details: The Park Hill project will reuse four dormitory buildings on what was previously the Denver campus of Johnson & Wales University.

9. 9. Mount Calvary Senior, Boulder

Developer: Boulder Housing Partners

Address: 3485 Stanford Court

Units: 60 (54 one bedrooms, 6 two bedrooms)

Restrictions: 11 at 30 percent AMI, 5 at 40 percent AMI, 40 at 50 percent AMI, 4 at 60 percent AMI

State credit awarded: $662,227

Federal 4 percent credit awarded: $1.18 million

Other details: The project for ages 55 and older will involve reusing a former church, as well as new construction.

10. 10. Paloma Garden, Colorado Springs

Developer: Volunteers of America National Services

Address: 920 S. Chelton Road and 3140 Mallard Drive

Units: 126 (117 one bedrooms, 9 two bedrooms)

Restrictions: 50 at 30 percent AMI, 6 at 40 percent AMI, 6 at 50 percent AMI, 63 at 60 percent AMI, 1 employee unit

State credit awarded: $1 million

Federal 4 percent credit awarded: $1.49 million

Other details: The project will serve residents ages 62 and up.

11. 11. Park Ridge Apartments, Brighton, Estes Park and Limon

Developer: Chrisman Development

Address: 611 Miller Ave. in Brighton, 1250 Acacia Drive and 1256 Community Drive in Estes Park and 440 1st Ave. in Limon

Units: 118 (71 one bedrooms and 46 two bedrooms)

Restrictions: 17 at 30 percent AMI, 9 at 50 percent AMI, 81 at 60 percent AMI, 8 at 80 percent AMI, 3 employee units

State credit awarded: $930,002

Federal 4 percent credit awarded: $1.21 million

12. 12. Peoria Crossing Phase II, Aurora

Developer: Aurora Housing Authority

Address: 3002 Peoria St.

Units: 72 (20 one bedrooms, 34 two bedrooms, 18 three bedrooms)

Restrictions: 8 at 30 percent AMI, 6 at 40 percent AMI, 20 at 50 percent AMI, 38 at 60 percent AMI

State credit awarded: $970,004

Federal 4 percent credit awarded: $943,092

13. 13. Ralston Gardens, Arvada

Developer: Mile High Development and Brinshore Development

Address: 58th Avenue at Garrison Street

Units: 102 (66 one bedrooms, 32 two bedrooms, 4 three bedrooms)

Restrictions: 8 at 30 percent AMI, 15 at 40 percent AMI, 16 at 50 percent AMI, 32 at 60 percent AMI, 31 at 70 percent AMI

State credit awarded: $1 million

Federal 4 percent credit awarded: $1.14 million

14. Wintergreen Ridge, Keystone

Developer: Gorman and Co.

Address: 0235 Antlers Gulch Road

Units: 46 units (12 one bedrooms, 29 two bedrooms, 5 three bedrooms)

Restrictions: 3 at 30 percent AMI, 5 at 50 percent AMI, 38 at 60 percent AMI, 1 employee unit

State credit awarded: $700,000

Federal 4 percent credit awarded: $879,000