DOLA and CHFA announce disaster recovery funding for affordable housing

FOR IMMEDIATE RELEASE
Denise Stepto, DOLA 303-241-8364 c. denise.stepto@state.co.us
Jerilynn Martinez, CHFA  303-297-7472  jmartinez@chfainfo.com

DOLA and CHFA announce disaster recovery funding for affordable housing

DENVER – Tuesday, May 19 , 2015 –  The Department of Local Affairs Division of Housing (DOLA-DOH), in partnership with Colorado Housing and Finance Authority (CHFA) today announced the award of $24.7 million in federal disaster recovery funds, $7.2 million in federal Low Income Housing Tax Credits (LIHTC), and $8.3 million in state LIHTC to support the construction of 1,035 new affordable rental units in areas most impacted by the 2013 floods. More than 14,500 homes were damaged by the 2013 floods in Boulder, Larimer and Weld Counties, displacing thousands of Coloradans, more than 950 of whom are still served by case management and seek a permanent solution.

The awards were selected through a joint review process conducted by DOLA-DOH and CHFA for applicants seeking state and federal LIHTC and Community Development Block Grant-Disaster Recovery (CDBG-DR) dollars. The collaborative effort was designed to ensure state and federal housing resources available through both organizations were efficiently deployed and leveraged.

The following nine developments were selected. Each will give priority to households displaced by the 2013 floods.

Kestrel in Louisville – sponsored by the Boulder County Housing Authority. This 190-unit development will consist of a 70-unit building serving seniors and an additional 120 units in multiple buildings that will serve families. It will serve households earning 40, 50, and 60 percent of Area Median Income (AMI). This will be the first LIHTC-supported project to be constructed in Louisville in more than 15 years.

Centennial Park in Longmont – sponsored by Summit Housing Group. This 140-unit development will serve families earning 40, 50, and 60 percent of AMI.  

Copper Peak in Longmont – sponsored by Inland Group. This development will provide 240 units of housing for families earning 50, and 60 percent of AMI.

Crisman Apartments in Longmont – sponsored by Solvera and the Longmont Housing Authority. The development will provide 114 units serving families earning 40, 50, and 60 percent of AMI.

The Edge in Loveland – sponsored by the Loveland Housing Authority. This 70-unit development will provide workforce housing for families and ten units for formerly homeless veterans.  The property will serve households earning between 30 and 60 percent of AMI.

Guadalupe Apartments in Greeley – sponsored by Archdiocesan Housing. This development will provide permanent supportive housing with services for formerly homeless individuals and families. All 47 units will serve households earning at or below 30 percent of AMI.

Oakridge Senior in Ft. Collins – sponsored by McDermott Properties. This 126-unit development will serve seniors 62 years of age and older at household incomes ranging between 30 and 60 percent of AMI.

Village on Redwood in Ft. Collins – sponsored by the Ft. Collins Housing Authority. The development will provide 72 units for individuals and families with household incomes ranging between 30 and 60 percent of AMI.

Windsor Meadows II in Windsor – sponsored by the Windsor Housing Authority in partnership with the Loveland Housing Authority. This 36-unit development is the second of two phases serving families earning between 30 and 60 percent of AMI.

The construction of these nine developments is estimated to generate $450 million in economic impact and support more than 2,000 temporary jobs and 350 permanent jobs.

DOLA-DOH is the administrator of CDBG-DR funds. CHFA is the allocating agency of federal and state Low Income Housing Tax Credits in Colorado.

 

To learn more go to:  http://dola.colorado.gov/cdbg-dr/   or   http://www.chfainfo.com/arh/lihtc

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