A rendering of Tapestry, the income-restricted apartment at 17th and Pennsylvania that received federal and state tax credits last week. (Courtesy Gorman & Co.)
Kimball Crangle is staying busy.
The developer of income-restricted housing runs the Colorado branch of Gorman & Co. Last week, her company’s planned 72-unit apartment building at 17th Avenue and Pennsylvania Street in Uptown received $2.3 million in state and federal tax credits from the Colorado Housing and Finance Authority, or CHFA, to help finance its $35 million construction.
It was one of 12 projects awarded tax credits by CHFA in the round.
“Our goal is to get a shovel in the ground this fall and deliver these homes as quickly as possible, about 20 months later,” Crangle said.
Around the same time, she’ll be waiting to hear if another one of her projects will receive credits, too. Gorman is planning a five-story, 147-unit income-restricted apartment building at 901 Grant St. in Cap Hill on a parking lot the company leased from the Colorado State Land Board.
Kimball Crangle
And in between now and then, Crangle expects to open yet another building with income-restricted apartments directly across from Ruby Hill Park in southwest Denver.
Crangle hopes to do more than just the one building in Uptown. In addition to the project just awarded tax credits, she hopes to build two others on the same block. The 2.3-acre site was purchased in 2021 for $25 million by Colorado Health Foundation, which is headquartered across the street, so the organization could facilitate the development of housing.
“It does also represent just a solidification of the Uptown neighborhood, which saw gentrification in the late 1980s and 1990s. … Apartment homes that are grounded with services that families need is just an awesome prospect, and we can’t wait to get started,” Crangle said.Â
The 12 projects awarded tax credits by CHFA combine for 679 units and were chosen from 24 applications. Proposed projects in RiNo and Five Points were among those not selected.Â
All selected projects receive both federal and state tax credits. Some receive additional credits for being considered a “transit-oriented” development under a program Colorado created last year.Â
Developers sell the tax credits to investors to raise equity for their projects. The equity reduces the amount of debt financing or other funding sources needed to make the project financially feasible, given the rent limits required under the programs.Â
Here’s a breakdown of the other projects awarded credits:
101 Main, Frisco
Developer: The NHP Foundation
Address: 101 W. Main St.
Units: 52 units (24 studios, 17 one-bedrooms, 11 two-bedrooms)
Income restrictions: Six at 30% area median income, 25 at 50% AMI, 21 at 80% AMI
9% credit awarded: $1.6 million
State credit awarded: $650,000
Arapahoe PSH, Aurora
Developer: Brothers Redevelopment Inc.
Address: 1900 S. Chambers Road
Units: 60 one-bedroom unitsÂ
Income restrictions: All units at 30% AMI
9% credit awarded: $1.6 million
State credit awarded: $650,000
Transit-oriented communities (TOC) credit awarded: $78,000
Other notes: The community will serve those who have been recently homeless or were involved with the justice system. AllHealth Network will provide supportive services to residents, including therapy, peer support services, employment and job-related services.Â
Blossom Commons, Westminster
Developer: Volker Housing Partners LLC
Address: 91st Place and Eaton Street
Units: 50 units (25 one-bedrooms, 25 two-bedrooms)
Income restrictions: Five at 30% AMI, 15 at 50% AMI, 14 at 60% AMI, 16 at 70% AMI
9% credit awarded: $1.6 million
State credit awarded: $650,000
TOC credit awarded: $65,000
Other notes: The land was donated by the Westminster Economic Development Authority.
Ives II, Wheat Ridge
Developer: Foothills Regional Housing
Address: 7525 W. 44th Ave.
Units: 54 units (30 one-bedrooms, 20 two-bedrooms, four three-bedrooms)
Income restrictions: Six at 30% AMI, seven at 40% AMI, 12 at 60% AMI, 29 at 70% AMI
Federal 4% credit awarded: $1.6 million
State credit awarded: $650,000
TOC credit awarded: $70,200
Other notes: The City of Wheat Ridge donated the land for the development.
Kite Route Crossing, Superior
Developer: Pennrose LLC
Address: 0 Canary Lane
Units: 50 units (44 one-bedrooms, six two-bedrooms)
Income restrictions: Six at 30% AMI, 11 at 50% AMI, 18 at 60% AMI, 15 at 70% AMI
4% credit awarded: $1.6 million
State credit awarded: $650,000
Other notes: The development will leverage disaster relief funding provided to support recovery from the 2021 Marshall Fire and will serve adults ages 55 and older.
Marq, Trinidad
Developer: Commonwealth Development Corp. of America
Address: Â 251 E. North Ave.
Units: 40 units (Six one-bedrooms, 17 two-bedrooms, 17 three-bedrooms)
Income restrictions: Six at 30% AMI, 24 at 50% AMI, 10 at 60% AMI
4% credit awarded: $1.6 million
State credit awarded: $650,000
Park Avenue Apartments, Denver
Developer: Colorado Coalition for the Homeless
Address: 3500-3600 Park Ave. W.
Units: 60 one-bedroom unitsÂ
Income restrictions: 26 at 30% AMI, 20 at 40% AMI, seven at 50% AMI, seven at 60% AMI
4% credit awarded: $1.6 million
State credit awarded: $650,000
TOC credit awarded: $78,000
Ravenfield, Brighton
Developer: Brighton Housing Authority
Address: 590 S. 27th Ave.
Units: 46 units (41 one-bedrooms, five two-bedrooms)
Income restrictions: Nine at 30% AMI, 11 at 50% AMI, 26 at 60% AMI
9% credit awarded: $1.6 million
State credit awarded: $650,000
Other notes: The project will serve adults ages 62 years and older.Â
Rita Bass Apartments, Denver
Developer: Evergreen Real Estate Group
Address: 155 W. Fifth Ave.
Units: 60 (20 one-bedrooms, 20 two-bedrooms, 20 three-bedrooms)
Income restrictions: 15 at 30% AMI, 15 at 60% AMI, 15 at 70% AMI, 15 at 80% AMI
4% credit awarded: $1.6 million
State credit awarded: $650,000
TOC credit awarded: $78,000
Switchgrass Crossing, Fort Collins
Developer: Volunteers of America National Services
Address: 3800 S. Mason St.
Units: 45 Units (39 one-bedrooms, six two-bedrooms)
Income restrictions: Five at 30% AMI, five at 40% AMI, 10 at 50% AMI, 25 at 60% AMI
4% credit awarded: $1.6 million
State credit awarded: $650,000
TOC credit awarded: $58,500
Other details: The development will serve adults ages 55 years and older.
Tierra Azul, Alamosa
Developer: Community Resources & Housing Development Corp.
Address: 800 Craft Drive
Units: 46 Units (26 one-bedrooms, 16 two-bedrooms, four three-bedrooms)
Income restrictions: Five at 30% AMI, four at 40% AMI, three at 50% AMI, 19 at 60% AMI, nine at 70% AMI, six at 80% AMI
4% credit awarded: $1.6 million
State credit awarded: $650,000
A rendering of Tapestry, the income-restricted apartment at 17th and Pennsylvania that received federal and state tax credits last week. (Courtesy Gorman & Co.)
Kimball Crangle is staying busy.
The developer of income-restricted housing runs the Colorado branch of Gorman & Co. Last week, her company’s planned 72-unit apartment building at 17th Avenue and Pennsylvania Street in Uptown received $2.3 million in state and federal tax credits from the Colorado Housing and Finance Authority, or CHFA, to help finance its $35 million construction.
It was one of 12 projects awarded tax credits by CHFA in the round.
“Our goal is to get a shovel in the ground this fall and deliver these homes as quickly as possible, about 20 months later,” Crangle said.
Around the same time, she’ll be waiting to hear if another one of her projects will receive credits, too. Gorman is planning a five-story, 147-unit income-restricted apartment building at 901 Grant St. in Cap Hill on a parking lot the company leased from the Colorado State Land Board.
Kimball Crangle
And in between now and then, Crangle expects to open yet another building with income-restricted apartments directly across from Ruby Hill Park in southwest Denver.
Crangle hopes to do more than just the one building in Uptown. In addition to the project just awarded tax credits, she hopes to build two others on the same block. The 2.3-acre site was purchased in 2021 for $25 million by Colorado Health Foundation, which is headquartered across the street, so the organization could facilitate the development of housing.
“It does also represent just a solidification of the Uptown neighborhood, which saw gentrification in the late 1980s and 1990s. … Apartment homes that are grounded with services that families need is just an awesome prospect, and we can’t wait to get started,” Crangle said.Â
The 12 projects awarded tax credits by CHFA combine for 679 units and were chosen from 24 applications. Proposed projects in RiNo and Five Points were among those not selected.Â
All selected projects receive both federal and state tax credits. Some receive additional credits for being considered a “transit-oriented” development under a program Colorado created last year.Â
Developers sell the tax credits to investors to raise equity for their projects. The equity reduces the amount of debt financing or other funding sources needed to make the project financially feasible, given the rent limits required under the programs.Â
Here’s a breakdown of the other projects awarded credits:
101 Main, Frisco
Developer: The NHP Foundation
Address: 101 W. Main St.
Units: 52 units (24 studios, 17 one-bedrooms, 11 two-bedrooms)
Income restrictions: Six at 30% area median income, 25 at 50% AMI, 21 at 80% AMI
9% credit awarded: $1.6 million
State credit awarded: $650,000
Arapahoe PSH, Aurora
Developer: Brothers Redevelopment Inc.
Address: 1900 S. Chambers Road
Units: 60 one-bedroom unitsÂ
Income restrictions: All units at 30% AMI
9% credit awarded: $1.6 million
State credit awarded: $650,000
Transit-oriented communities (TOC) credit awarded: $78,000
Other notes: The community will serve those who have been recently homeless or were involved with the justice system. AllHealth Network will provide supportive services to residents, including therapy, peer support services, employment and job-related services.Â
Blossom Commons, Westminster
Developer: Volker Housing Partners LLC
Address: 91st Place and Eaton Street
Units: 50 units (25 one-bedrooms, 25 two-bedrooms)
Income restrictions: Five at 30% AMI, 15 at 50% AMI, 14 at 60% AMI, 16 at 70% AMI
9% credit awarded: $1.6 million
State credit awarded: $650,000
TOC credit awarded: $65,000
Other notes: The land was donated by the Westminster Economic Development Authority.
Ives II, Wheat Ridge
Developer: Foothills Regional Housing
Address: 7525 W. 44th Ave.
Units: 54 units (30 one-bedrooms, 20 two-bedrooms, four three-bedrooms)
Income restrictions: Six at 30% AMI, seven at 40% AMI, 12 at 60% AMI, 29 at 70% AMI
Federal 4% credit awarded: $1.6 million
State credit awarded: $650,000
TOC credit awarded: $70,200
Other notes: The City of Wheat Ridge donated the land for the development.
Kite Route Crossing, Superior
Developer: Pennrose LLC
Address: 0 Canary Lane
Units: 50 units (44 one-bedrooms, six two-bedrooms)
Income restrictions: Six at 30% AMI, 11 at 50% AMI, 18 at 60% AMI, 15 at 70% AMI
4% credit awarded: $1.6 million
State credit awarded: $650,000
Other notes: The development will leverage disaster relief funding provided to support recovery from the 2021 Marshall Fire and will serve adults ages 55 and older.
Marq, Trinidad
Developer: Commonwealth Development Corp. of America
Address: Â 251 E. North Ave.
Units: 40 units (Six one-bedrooms, 17 two-bedrooms, 17 three-bedrooms)
Income restrictions: Six at 30% AMI, 24 at 50% AMI, 10 at 60% AMI
4% credit awarded: $1.6 million
State credit awarded: $650,000
Park Avenue Apartments, Denver
Developer: Colorado Coalition for the Homeless
Address: 3500-3600 Park Ave. W.
Units: 60 one-bedroom unitsÂ
Income restrictions: 26 at 30% AMI, 20 at 40% AMI, seven at 50% AMI, seven at 60% AMI
4% credit awarded: $1.6 million
State credit awarded: $650,000
TOC credit awarded: $78,000
Ravenfield, Brighton
Developer: Brighton Housing Authority
Address: 590 S. 27th Ave.
Units: 46 units (41 one-bedrooms, five two-bedrooms)
Income restrictions: Nine at 30% AMI, 11 at 50% AMI, 26 at 60% AMI
9% credit awarded: $1.6 million
State credit awarded: $650,000
Other notes: The project will serve adults ages 62 years and older.Â
Rita Bass Apartments, Denver
Developer: Evergreen Real Estate Group
Address: 155 W. Fifth Ave.
Units: 60 (20 one-bedrooms, 20 two-bedrooms, 20 three-bedrooms)
Income restrictions: 15 at 30% AMI, 15 at 60% AMI, 15 at 70% AMI, 15 at 80% AMI
4% credit awarded: $1.6 million
State credit awarded: $650,000
TOC credit awarded: $78,000
Switchgrass Crossing, Fort Collins
Developer: Volunteers of America National Services
Address: 3800 S. Mason St.
Units: 45 Units (39 one-bedrooms, six two-bedrooms)
Income restrictions: Five at 30% AMI, five at 40% AMI, 10 at 50% AMI, 25 at 60% AMI
4% credit awarded: $1.6 million
State credit awarded: $650,000
TOC credit awarded: $58,500
Other details: The development will serve adults ages 55 years and older.
Tierra Azul, Alamosa
Developer: Community Resources & Housing Development Corp.
Address: 800 Craft Drive
Units: 46 Units (26 one-bedrooms, 16 two-bedrooms, four three-bedrooms)
Income restrictions: Five at 30% AMI, four at 40% AMI, three at 50% AMI, 19 at 60% AMI, nine at 70% AMI, six at 80% AMI
4% credit awarded: $1.6 million
State credit awarded: $650,000
