The tax credits are awarded by the Colorado Housing and Finance Authority, or CHFA. (BusinessDen file)
Thirteen planned income-restricted housing projects in Colorado have been awarded federal tax credits.
The developments total 703 units, according to the Colorado Housing and Finance Authority (CHFA), which awards the credits.
In total, 23 projects competed for the tax credits. All the developments selected will receive a 9 percent federal tax credit. One project was awarded a paired 9 percent and 4 percent credit.
Developers sell the tax credits to investors to raise equity for their projects, according to CHFA. The equity reduces the amount of debt financing or other funding sources needed to make the development financially feasible with the rent limits required under the programs.
Here’s a breakdown of the projects that were awarded credits:
1. Annex, Boulder
Developer: Grace Commons Church
Address: 1603 Walnut St.
Units: 30 (18 studios, 12 one-bedrooms)
Income restrictions: 4 at 30 percent area median income (AMI), 3 at 40 AMI, 3 at 50 AMI, 17 at 60 AMI, 3 at 70 AMI
9 percent credit awarded: $1.16 million
Other details: Coffee shop, cafe and training space will be on the first floor.
2. Aster Place, Parachute
Developer: Lincoln Avenue Communities
Address: Battlement Mesa Parkway and Stone Quarry Road
Units: 58 (14 one-bedrooms, 28 two-bedrooms, 16 three-bedrooms)
Income restrictions: 8 at 30 AMI, 5 at 40 AMI, 4 at 50 AMI, 15 at 60 AMI, 15 at 70 AMI, 11 at 80 AMI
9 percent credit awarded: $1.45 million
Other details: This will be the first development in the community financed in part with housing tax credits.
3. Beeler Park Flats, Denver
Developer: Mile High Development
Address: 56th Avenue and Chester Way
Units: 64 units (5 one-bedrooms, 51 two-bedrooms, 8 three-bedrooms)
Income restrictions: 7 at 30 AMI, 7 at 40 AMI, 21 at 50 AMI, 29 at 60 AMI
9 percent credit awarded: $1.45 million
4. Current, Grand Junction
Developer: Grand Junction Housing Authority
Address: 23 ¾ Road and F ¾ Road
Units: 54 units (38 one-bedrooms and 16 two-bedrooms)
Income restrictions: 8 at 30 AMI, 8 at 40 AMI, 16 at 50 AMI, 22 at 60 AMI
9 percent credit awarded: $1.45 million
5. Grove at Cottonwood, Broomfield
Developer: Blueline Development Group and Broomfield Housing Alliance
Address: 1354 Cottonwood St.
Units: 40 units (30 one-bedrooms and 10 two-bedrooms)
Income restrictions: 10 at 30 AMI, 9 at 50 AMI, 21 at 60 AMI
9 percent credit awarded: $1.45 million
Other details: The development will be “neuro-inclusive,” serving those with intellectual and developmental disabilities.
6. Iliff Senior Apartments, Denver
Developer: MGL Partners
Address: 4770 E. Iliff Ave.
Units: 50 units (44 one-bedrooms and 6 two-bedrooms)
Income restrictions: 5 at 30 AMI, 4 at 40 AMI, 12 at 50 AMI, 24 at 60 AMI, 5 at 80 AMI
9 percent credit awarded: $1.45 million
7. Kappa Tower III, Denver
Developer: Kappa Housing Inc.
Address: 9063 Northfield Blvd.
Units: 30 units (18 one-bedrooms and 12 two-bedrooms)
Income restrictions: 9 at 30 AMI, 9 at 40 AMI, 12 at 50 AMI
9 percent credit awarded: $1.17 million
Other details: The development will be reserved for those 62 and older. Services will be provided to tenants, such as wellness checkups, health and nutrition education and dementia/cognitive awareness support.
8. Montview Flats, Littleton
Developer: South Metro Housing Options
Address: 5848‐5868 S. Rapp St.
Units: 50 units (37 one-bedrooms, 13 two-bedrooms)
Income restrictions: 10 at 30 AMI, 6 at 40 AMI, 14 at 50 AMI, 12 at 60 AMI, 8 at 70 AMI
9 percent credit awarded: $1.45 million
9. Range View, Saguache
Developer: Northwest Real Estate Development Capital Corp.
Address: 250 Gunnison Ave.
Units: 32
Income restrictions: 7 at 30 AMI, 7 at 40 AMI, 11 at 50 AMI, 7 at 60 percent AMI
9 percent credit awarded: $1.45 million
10. Residences at Delta II, Delta
Developer: TWG Development LLC
Address: 1498 Villa St.
Units: 50 units (24 one-bedrooms, 8 two-bedrooms, 18 three-bedrooms)
Income restrictions: 10 at 30 AMI, 5 at 40 AMI, 10 at 50 AMI, 25 at 60 AMI
9 percent credit awarded: $1.45 million
11. Sanctuary on Potomac, Aurora
Developer: Aurora Housing Authority
Address: 1280 S. Potomac St.
Units: 43 one-bedrooms
Income restrictions: 33 at 30 AMI, 10 at 50 AMI
9 percent credit awarded: $1.45 million
Other details: Aurora Mental Health and Recovery will assist tenants with case management, vocational services, substance use disorder treatment and more.
12. Sunrise at Shiloh Mesa, Colorado Springs
Developer: Greccio Housing
Address: 8292 Woodman Valley View
Units: 50 Units (45 one-bedrooms and 5 two-bedrooms)
Income restrictions: 15 at 30 AMI, 12 at 40 AMI, 23 at 50 AMI
9 percent credit awarded: $1.45 million
Other details: Will serve those age 62 or older.
13. Viña Senior Residences, Denver
Developer: CV Colorado LLC
Address: 2150 E. 49th Ave.
Units: 50 units (40 one-bedrooms and 10 two-bedrooms) – for 9 percent credit
102 units (88 one-bedrooms and 14 two bedrooms) — for 4 percent credit
Income restrictions:
9 percent credit: 5 at 30 AMI, 5 at 40 AMI, 26 at 50 AMI, 14 at 60 AMI
4 percent credit: 6 at 30 AMI, 96 at 60 AMI
9 percent credit awarded: $1.45 million
4 percent credit awarded: $1.84 million
Other details: The development will be a senior-oriented six-story apartment building combining the 9 percent and 4 percent tax credits. A community senior center will be on the ground floor.
The tax credits are awarded by the Colorado Housing and Finance Authority, or CHFA. (BusinessDen file)
Thirteen planned income-restricted housing projects in Colorado have been awarded federal tax credits.
The developments total 703 units, according to the Colorado Housing and Finance Authority (CHFA), which awards the credits.
In total, 23 projects competed for the tax credits. All the developments selected will receive a 9 percent federal tax credit. One project was awarded a paired 9 percent and 4 percent credit.
Developers sell the tax credits to investors to raise equity for their projects, according to CHFA. The equity reduces the amount of debt financing or other funding sources needed to make the development financially feasible with the rent limits required under the programs.
Here’s a breakdown of the projects that were awarded credits:
1. Annex, Boulder
Developer: Grace Commons Church
Address: 1603 Walnut St.
Units: 30 (18 studios, 12 one-bedrooms)
Income restrictions: 4 at 30 percent area median income (AMI), 3 at 40 AMI, 3 at 50 AMI, 17 at 60 AMI, 3 at 70 AMI
9 percent credit awarded: $1.16 million
Other details: Coffee shop, cafe and training space will be on the first floor.
2. Aster Place, Parachute
Developer: Lincoln Avenue Communities
Address: Battlement Mesa Parkway and Stone Quarry Road
Units: 58 (14 one-bedrooms, 28 two-bedrooms, 16 three-bedrooms)
Income restrictions: 8 at 30 AMI, 5 at 40 AMI, 4 at 50 AMI, 15 at 60 AMI, 15 at 70 AMI, 11 at 80 AMI
9 percent credit awarded: $1.45 million
Other details: This will be the first development in the community financed in part with housing tax credits.
3. Beeler Park Flats, Denver
Developer: Mile High Development
Address: 56th Avenue and Chester Way
Units: 64 units (5 one-bedrooms, 51 two-bedrooms, 8 three-bedrooms)
Income restrictions: 7 at 30 AMI, 7 at 40 AMI, 21 at 50 AMI, 29 at 60 AMI
9 percent credit awarded: $1.45 million
4. Current, Grand Junction
Developer: Grand Junction Housing Authority
Address: 23 ¾ Road and F ¾ Road
Units: 54 units (38 one-bedrooms and 16 two-bedrooms)
Income restrictions: 8 at 30 AMI, 8 at 40 AMI, 16 at 50 AMI, 22 at 60 AMI
9 percent credit awarded: $1.45 million
5. Grove at Cottonwood, Broomfield
Developer: Blueline Development Group and Broomfield Housing Alliance
Address: 1354 Cottonwood St.
Units: 40 units (30 one-bedrooms and 10 two-bedrooms)
Income restrictions: 10 at 30 AMI, 9 at 50 AMI, 21 at 60 AMI
9 percent credit awarded: $1.45 million
Other details: The development will be “neuro-inclusive,” serving those with intellectual and developmental disabilities.
6. Iliff Senior Apartments, Denver
Developer: MGL Partners
Address: 4770 E. Iliff Ave.
Units: 50 units (44 one-bedrooms and 6 two-bedrooms)
Income restrictions: 5 at 30 AMI, 4 at 40 AMI, 12 at 50 AMI, 24 at 60 AMI, 5 at 80 AMI
9 percent credit awarded: $1.45 million
7. Kappa Tower III, Denver
Developer: Kappa Housing Inc.
Address: 9063 Northfield Blvd.
Units: 30 units (18 one-bedrooms and 12 two-bedrooms)
Income restrictions: 9 at 30 AMI, 9 at 40 AMI, 12 at 50 AMI
9 percent credit awarded: $1.17 million
Other details: The development will be reserved for those 62 and older. Services will be provided to tenants, such as wellness checkups, health and nutrition education and dementia/cognitive awareness support.
8. Montview Flats, Littleton
Developer: South Metro Housing Options
Address: 5848‐5868 S. Rapp St.
Units: 50 units (37 one-bedrooms, 13 two-bedrooms)
Income restrictions: 10 at 30 AMI, 6 at 40 AMI, 14 at 50 AMI, 12 at 60 AMI, 8 at 70 AMI
9 percent credit awarded: $1.45 million
9. Range View, Saguache
Developer: Northwest Real Estate Development Capital Corp.
Address: 250 Gunnison Ave.
Units: 32
Income restrictions: 7 at 30 AMI, 7 at 40 AMI, 11 at 50 AMI, 7 at 60 percent AMI
9 percent credit awarded: $1.45 million
10. Residences at Delta II, Delta
Developer: TWG Development LLC
Address: 1498 Villa St.
Units: 50 units (24 one-bedrooms, 8 two-bedrooms, 18 three-bedrooms)
Income restrictions: 10 at 30 AMI, 5 at 40 AMI, 10 at 50 AMI, 25 at 60 AMI
9 percent credit awarded: $1.45 million
11. Sanctuary on Potomac, Aurora
Developer: Aurora Housing Authority
Address: 1280 S. Potomac St.
Units: 43 one-bedrooms
Income restrictions: 33 at 30 AMI, 10 at 50 AMI
9 percent credit awarded: $1.45 million
Other details: Aurora Mental Health and Recovery will assist tenants with case management, vocational services, substance use disorder treatment and more.
12. Sunrise at Shiloh Mesa, Colorado Springs
Developer: Greccio Housing
Address: 8292 Woodman Valley View
Units: 50 Units (45 one-bedrooms and 5 two-bedrooms)
Income restrictions: 15 at 30 AMI, 12 at 40 AMI, 23 at 50 AMI
9 percent credit awarded: $1.45 million
Other details: Will serve those age 62 or older.
13. Viña Senior Residences, Denver
Developer: CV Colorado LLC
Address: 2150 E. 49th Ave.
Units: 50 units (40 one-bedrooms and 10 two-bedrooms) – for 9 percent credit
102 units (88 one-bedrooms and 14 two bedrooms) — for 4 percent credit
Income restrictions:
9 percent credit: 5 at 30 AMI, 5 at 40 AMI, 26 at 50 AMI, 14 at 60 AMI
4 percent credit: 6 at 30 AMI, 96 at 60 AMI
9 percent credit awarded: $1.45 million
4 percent credit awarded: $1.84 million
Other details: The development will be a senior-oriented six-story apartment building combining the 9 percent and 4 percent tax credits. A community senior center will be on the ground floor.
