On Wednesday, June 24 CHFA's Tax Credit Committee completed round two of its competitive allocation process. The committee reviewed 16 applications requesting a total of $15,774,099 in annual low income housing tax credits. Reservations were awarded to four projects, totaling 269 units and $3,948,468 in annual credit. Three of the recipients were new construction projects and one was a preservation (acquisition/rehab) project including:

• A development serving low income families in Denver,
• A development serving low income seniors in Denver,
• A development serving low income families in Fort Collins, and
• A preservation project upgrading workforce housing units for families living in the resort community of Eagle-Vail.

The affordability mix of the four projects included:

• 28 units at 30% AMI,
• 49 units at 40% AMI,
• 123 units at 50% AMI, and
• 69 units at 60% AMI.

Seventy-four percent (74%) of the total units will serve tenants at or below 50% AMI. Eighty-three percent (83%) of the units serving 60% AMI households are workforce housing units being rehabbed in the resort community of Eagle-Vail.

In round two, the committee elected to reserve credits in excess of the $3.3 million of annual credit set aside for the round, using credit from the Housing and Recovery Act of 2008 (HERA) allocation that was returned from a reservation awarded in round three of 2008 (Transformational Apartments).

The remaining $4,399,444 in annual credit for 2009 reservations will be set aside as follows: $3,299,445 for round three and $1,100,000 for the HOPE VI project.

Round Two Recipient Profiles

Provincetown Green – an 85 unit new construction project in Fort Collins being developed by Care Housing, a nonprofit organization located in Northern Colorado. The project is part of the Provincetown master development in Fort Collins and will include supportive services to assist the very low income residents at the development. The project has a number of environmentally sustainable features that will be included via a public/private partnership with Colorado State University. The Provincetown project will provide 18 units serving tenants at 30% AMI, 30 units serving tenants at 40% AMI, and 37 units serving tenants at 50% AMI.

Phoenix on the Fax – a 50 unit new construction project located along the Colfax corridor in Denver, which is being developed by Sherman and Associates, Inc. This mixed-use, environmentally sustainable project is located in a targeted revitalization corridor within the City of Denver and is located on a major transit route (bus). The project will provide 5 units for tenants at 30% AMI, 39 units at 50% AMI, and 6 units serving tenants at 60% AMI.

Chaffee Park Senior – a 62 unit new construction project in North Denver's Sunnyside neighborhood. The project is being developed by Burgwyn Newsed, LLC (Henry Burgwyn and NEWSED), and will target seniors aged 62 and older. Chaffee Park Senior is located within a qualified census tract and will provide 14 units for seniors at 40% AMI and below, 42 units serving seniors at 50% AMI, and 6 units serving seniors at 60% AMI and below. The 40% units will be the only age-restricted 40% units in the primary market area.

Riverview Apartments – a 72 unit existing development owned and managed by the Eagle County Housing Authority and located in the resort community of Eagle-Vail. The acquisition and rehabilitation of this development will provide substantial property improvements for the residences and will address critical capital needs. The development has a HUD Section 8 project-based housing assistance contract (HAP) that will stay in place after the renovations take place. The project will provide 5 units for tenants at 30% AMI, 5 units for tenants at 40% AMI, 5 units for tenants at 50% AMI, and 57 units serving workforce tenants at 60% AMI.

For additional information about the 2009 LIHTC recipients, please review the 2009 Status Report. Please send any comments or questions to Tasha Weaver at tweaver@chfainfo.com.