affordable housing grand openings and groundbreakings: aug-sep 2021
The Apartments at Cinnamon Park, Longmont
On August 26th, The Apartments at Cinnamon Park broke ground in Longmont. This development will offer 25 units of affordable rental housing for adults age 62 and older. Cinnamon Park will complete a campus owned and operated by the developer, Senior Housing Options, that includes an assisted living facility. Supportive services will be offered to the residents at no charge including transportation to a grocery store once a week, wellness checks, health education, and recreational activities. The development will be certified under the Zero Energy Ready Home certification program.
CHFA supported Cinnamon Park by awarding federal 9 percent Housing Tax Credits in 2020.
The Commons, Colorado Springs
A groundbreaking ceremony was held on August 25th for The Commons. This development will provide 50 units of supportive housing for chronically homeless families, individuals, and veterans and is being built on the east side of Colorado Springs. The Commons will help meet Colorado Springs' strategic plan to end homelessness and will be part of a unique partnership formed between nonprofit developer, Homeward Pikes Peak, lead supportive service provider, Rocky Mountain Communities, and co-general partner, Dominium Development, a for-profit entity that is providing pro-bono development services. All units will include furnishings provided to the residents at no cost. All of the units will also be supported by project-based vouchers provided by the Colorado Division of Housing.
CHFA supported The Commons by awarding federal 9 percent Housing Tax Credits in 2020.
Denver Metro Village, Denver
On September 14th, a grand opening was held to celebrate Denver Metro Village, an affordable rental housing development that has been renovated and expanded. Located in Denver's West Colfax neighborhood, the property was originally built in 1971 and serves older adults. The preservation of Denver Metro Village involved the rehabilitation of 191 existing units, parking and amenity space additions, and the construction of 19 new units.
CHFA supported Denver Metro Village by:
- awarding $2,775,554 in federal 4 percent Housing Tax Credits in 2019;
- providing $41.5 million in construction financing and $19.3 million in permanent financing via CHFA's CAPABLE loan program;
- issuing $41.5 million in tax-exempt Private Activity Bonds to fund the construction-to-permanent financing;
- providing a $600,000 Capital Magnet Fund loan; and
- awarding a $150,000 Capital Magnet Fund grant.
Maxfield Heights Senior Apartments, Rifle
Maxfield Heights Senior Apartments celebrated its grand opening on August 24th. The development serves residents who are age 55 and older and is the first development in Rifle supported with Housing Tax Credits to serve this population. The 50-unit property includes design features and amenities to serve individuals with hearing, vision, and mobility challenges. The developer, TWG Development, has partnered with the Rifle Senior Center, located across the street, to provide services to residents. Residents will also have nearby access to the Roaring Fork Transportation Authority (RFTA), which offers free transit throughout the Roaring Fork Valley for older adults.
CHFA supported Maxfield Heights by awarding federal 9 percent Housing Tax Credits in 2019, a $1.9 million SIMPLE loan, a $600,000 Capital Magnet Fund (CMF) loan, and a $150,000 CMF grant.
The Reserves at Green Valley Ranch, Denver
On August 13th, a wall-raising ceremony was held for The Reserves at Green Valley Ranch in Denver. This development will provide 144 units of affordable rental housing serving residents with low to moderate incomes. The development will serve one of Denver's fastest growing areas near Denver International Airport, where there is a lack of affordable housing, low vacancies, and waiting lists. The Reserves at Green Valley Ranch will offer one-, two-, and three-bedroom units.
CHFA supported the development by awarding federal 4 percent Housing Tax Credits in 2019, and $28,500,000 in construction-to-permanent financing through the issuance of tax-exempt and taxable bonds.
Ridgway Space to Create, Ridgway
Ridgway Space to Create held a celebration to recognize the development's progress on September 23rd. The development will offer 30 units of affordable rental housing to help address a significant rental housing scarcity in the region. Located in Ridgway's downtown creative district, the development is being supported by the Town of Ridgway, Artspace Projects, Inc., the Space to Create Colorado Program in the Governor's Office of Economic Development and International Affairs (OEDIT), the Colorado Department of Local Affairs (DOLA), and several private foundations. The building will include 2,100 square feet of flexible community space for local meetings and events.
CHFA supported Ridgway Space to Create by awarding federal 9 percent Housing Tax Credits in 2020.
Pictured: Denver Metro Village grand opening/ribbon cutting