The Middle Income Access Program (MIAP) addresses the middle income, sometimes referred to as the “missing middle,” population with incomes too high for LIHTC units but often overburdened by market rents. Typically, the missing middle is comprised of renters whose income is between 80 percent and 120 percent Area Median Income (AMI).
Pena Station, Denver
Pena Station provides affordable housing for area workers including those working at the Denver International Airport. Twenty-five percent of the units are reserved for tenants with incomes up to 80 percent AMI. Other units are at market rates.
CHFA helped by providing
A subordinate $4,000,000 MIAP loan with a three-year, interest-only term
- Wells Fargo - senior lender: $28,213,082
- MGL Partners - developer
- City of Denver HOST: $1,000,000
- Impact Development Fund: $2,000,000
As the first urban-oriented MIAP-funded community, Pena Station will provide housing for up to 216 households with incomes up to 80 percent AMI.