CHFA Announces Round Three Low Income Housing Tax Credit Recipients
October 2, 2009
On Tuesday, September 29th CHFA's Tax Credit Committee completed round three of its competitive allocation process. The committee reviewed 18 applications requesting a total of $17,049,045 in annual Low Income Housing Tax Credits. Reservations were awarded to five projects totaling 266 units and $4,433,074 in annual credit. The five projects will be new construction serving the following populations:
- Low income farm workers in Delta
- Low income families in Boulder
- Low income and market income families in Denver
- Low income homeless veterans in Denver
- Low income seniors in Denver
Round Three Recipient Profiles
Alta Vista de la Montana – A 41 unit new construction project with USDA Rural Development Rental Assistance subsidy in Delta to be developed by the Colorado Rural Housing Development Corporation, a nonprofit organization located in Denver. The units will be designed for migratory farm worker households and seasonal farm worker households in Western Colorado. Residents will pay a maximum of 30% of their income towards the rent.
Red Oak Park – a 59 unit project located in Boulder being developed by the Boulder Housing Authority d.b.a. Boulder Housing Partners. The site is located one block east of the Folsom Street and Valmont Road intersection in central Boulder. This project replaces a mobile home park built in 1961. The project will provide 12 units at 40% AMI and 47 units at 50% AMI.
Park Avenue 5B - a 90 unit construction project in Denver being developed by the Denver Housing Authority. This development is the fifth and final rental phase of the HOPE VI redevelopment of the former “East Village and Arrowhead Apartments”. The project will provide 30 public housing units, 18 units at 50% AMI, 15 units at 60% AMI and 27 market-rate units.
Veterans Apartments – a 27 unit new construction project in Denver, which is being developed by Del Norte Neighborhood Development Corporation, a non-profit organization. This project will serve homeless veterans at 30% AMI with VASH (Veterans Administration Supportive Housing) vouchers. The project will offer facilities for supportive services and case management.
Yale Station – a 49 unit senior development located on the northwest corner of Yale and I-25, directly adjacent to the Yale Light Rail Station. This new construction project is being developed by Koelbel and Company, and is the first multifamily affordable TOD development to be built on an existing/operating light rail station (in Denver) that has received an allocation of low income housing tax credits. The project will have 5,100 square feet of commercial space on the ground floor and will have 5 units at 40% AMI, 33 units at 50% AMI and 11 units at 60% AMI all serving independent seniors.
For additional information about the 2009 recipients, please review the 2009 Status Report. Please send any comments or questions to Tasha Weaver at tweaver@chfainfo.com.