Tax credits propel creation of 55 units of affordable housing in Longmont

LONGMONT — Element Properties, trade name for Boulder-based ElementProperti.es LLC, will build 55, one-bedroom, economically priced apartment units in Longmont, thanks to financing through the Colorado Housing and Finance Authority.

CHFA recently listed its 9% low-income-housing tax-credit awards for 2022, with Element among the recipients. 

The project will focus on creating apartments for people exiting homelessness. The 

CHFA award will result in almost $5.7 million of funding through 10 years of tax credits. 

“Element Properties is proud to bring together an exceptional group of experts to develop much-needed and best-in-class permanent supportive housing in Longmont,” Catherine Bean, principal at Element Properties, said in a written statement. “This project is the result of a local effort to support the most vulnerable adults in our community with housing and services that will allow them to succeed and thrive.”

The project, called Bluebird Longmont, will provide homes for people facing barriers to attaining and retaining housing. It will be designed by Denver-based Shopworks Architecture LLC. 

The development will be on land provided by the city of Longmont and the Longmont Housing Authority. Once built, rental assistance vouchers will be provided by the Colorado Division of Housing; supportive services will be provided by the Boulder Shelter for the Homeless Permanent Supportive Housing team; and property management will be provided by Longmont Housing Authority, according to information from the developer.

“Bluebird Longmont will help fill a gap in essential housing resources for our community’s most vulnerable,” said Molly O’Donnell, Longmont’s Housing and Community Investment director. 

Element Properties is also working on a 40-unit housing project in Boulder as a result of a 4% federal low income housing tax credit and Colorado Affordable Housing Tax Credits by CHFA awarded in the fall of 2021. When both projects are complete, 95 formerly homeless people in Boulder County  will have access to permanent housing.

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