FOR IMMEDIATE RELEASE
Low Income Housing Tax Credit to Help Elderly Longmont Flood Victims
303.651.8581 ext. 25
(DENVER) – A new affordable housing development that was awarded $888,948 in federal Low Income Housing Tax Credits (LIHTC) by Colorado Housing and Finance Authority (CHFA), will address housing issues unique to the senior population in flood-damaged Longmont. CHFA recently announced the final round of LIHTC allocation awards for 2014, which included Spring Creek Apartments, an affordable senior housing development that was ranked a top development priority in Boulder County for receipt of CDBG-Disaster Recovery funds available to support flood recovery efforts.
"Supporting projects being built in counties impacted by natural disasters has been a priority for CHFA. It is imperative that we leverage our resources with others available at federal, state, and local levels to help communities rebuild after 2013's historic floods," said Cris White, CHFA executive director and CEO.
Spring Creek Apartments at 320 Homestead Parkway, being developed by Longmont Housing Development Corporation (LHDC), will be a 60-unit affordable senior housing development in Longmont's Prairie Village subdivision for seniors earning 30-40 percent Area Median Income, which equates to $20,200-$26,920 for a one-person household.
"Spring Creek is replacing housing that is no longer available to low-income households both in Longmont and Lyons. We are delighted that we have been able to move forward so quickly with a tangible response to the need for housing like Spring Creek," said Michael Reis, executive director of Longmont Housing Authority, which will be managing the project. "Spring Creek wouldn't be possible without having been selected for LIHTC by CHFA. It's a very competitive process and to be selected means CHFA thought our project is as important from a statewide perspective as it is to us locally."
The City of Longmont's Inclusionary Housing Program is credited with getting LHDC the land for this development. Following the 2013 floods, Spring Creek was placed on the countywide priority list for CDBG-DR funding. During the planning process, LHDC also engaged neighborhood leaders and homeowners associations to get feedback which was well received and supported.
"We are pleased to know the Spring Creek project will move forward quickly. The project will provide badly needed replacement housing for seniors displaced by the flood, as well as address the critically tight rental housing market for older adults, many of whom depend solely on social security for their income," said Harold Dominguez, Longmont city manager.
The construction of Spring Creek Apartments is estimated to generate $18,424,303 in economic impact and support 87 jobs. The project is scheduled to break ground in April 2015 and be open by June 2016.
Spring Creek Apartments is the third flood-recovery project to receive a LIHTC award from CHFA this year. The others included Falcon Ridge in Estes Park and Mission Village of Greeley. Additionally, CHFA raised $75,000 to support Habitat for Humanity of Colorado in their flood-recovery efforts earlier this year.
About Colorado Housing and Finance Authority (CHFA)
CHFA finances the places where people live and work. Created in 1973 by the Colorado State Legislature, CHFA strengthens communities by making loans to low- and moderate- income homebuyers, affordable multifamily rental housing developers, and small and medium sized businesses. CHFA also provides education and technical assistance about affordable housing and economic development. CHFA is a self-sustaining public enterprise. CHFA issued bonds are not obligations of the state. For more information about CHFA please visit www.chfainfo.com. Contact our Denver office at 1.800.877.chfa (2432), or our Western Slope office at 1.800.877.8450.