CHFA awards $11M in state and federal tax credits for affordable housing

arroyo-rendering

Rendering of Arroyo Village.

A handful of new affordable-housing projects got approval – and $11 million in tax credits – from the Colorado Housing and Finance Authority (CHFA).

The CHFA awarded $11 million in state ($5 million) and federal ($6 million) tax credits to the planned developments in its first round of low-income housing tax credit awards for 2016. The seven winning projects will add more than 700 affordable housing units to the Denver area.

For the state credits of $5 million, there were 19 planned affordable-housing developments requesting a total of $15.43 million.

The affordable-housing tax credits fund housing projects aimed at renters whose income is between 30 percent and 60 percent of the area median income (and sometimes under 30 percent). Using 2016 figures, that comes to between $19,230 and $38,460 for a two-person household.

Maximum rents on a unit reserved for tenants at 30 percent of area median income are set at $450 for a one-bedroom unit. The cap at 60 percent is $901. Those figures also are specific to Denver.

Winners, ranging from Lakewood to Aurora and Brighton to Denver, are listed below:

Project: Fifty Eight Hundred
Address: 5800 W. Alameda Ave., Lakewood
Developer: Metro West Housing Solutions
Apartment count: 152 units
Project cost: $34 million
Architect: Sprocket Design-Build
General contractor: JHL Constructors
Anticipated completion date: Q2 2018
State credit award:  $800,000
4% federal credit award:  $1,287,726

Project: The Vistas at Panorama Pointe
Address: West 83rd Way and Alcott Street, Westminster
Developer: M.E.M. Westminster Property LLP
Apartment count: 69 units
Age restrictions: Renters 62 years and older
Project cost: $15.7 million
Architect: LAI Design Group
General contractor: Shaw Construction
State credit award:  $480,000
4% federal credit award:  $401,909

Project: Arroyo Village
Address: 1290-1292 King St. and 1251-1295 Knox Court
Developer: Delores Project and Rocky Mountain Communities
Apartment count: 130 units
Project cost: $18 million
Architect: Kephart
State credit award:  $1,043,455
4% federal credit award:  $1,181,541

Project: Village at Westerly Creek, Phase 3
Address: 850 S. Ironton St., Aurora
Developer: Aurora Housing Authority
Apartment count: 74 units
Age restrictions: 24 units set aside for renters 62 years and older
Project cost: $22.095 million
Architect: Studio Completiva
General contractor: Pinkard Construction
Anticipated completion date: First half of 2018
State credit award: $700,000
4% federal credit award: $886,487

Project: Alameda View Apartments
Address: 15501 E. Alameda Parkway, Aurora
Developer: Gardner Capital
Apartment count: 116 units
State credit award: $771,750
4% federal credit award: $1,147,889

Project: Lowry Family Housing
Address: 6756 Archer Place, Denver
Developer: Volunteers of America and Denver Housing Authority
Apartment count: 72 units
State credit award: $800,000
4% federal credit award: $543,193

Project: Windmill Ranch Apartments
Address: Southwest Quadrant of 8th Avenue and Bromley Lane
Developer: Brighton Housing Authority and MJT Properties Inc.
Apartment count: 96 units
State credit award: $404,795
4% federal credit award: $554,635

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