DOLA announces awards to construct 283 new affordable housing units
DENVER – Friday, May 13, 2016 – The Department of Local Affairs today announced the award of $6,870,055 to support the construction of five projects and 283 new affordable housing units in areas most impacted by the 2012 fires and 2013 floods.
These awards are funded through Community Development Block Grant-Disaster Recovery (CDBG-DR) program, and in partnership with the Colorado Housing and Finance Authority (CHFA) who provided Low Income Housing Tax Credits (LIHTC). The projects were selected through a joint review process for applicants seeking state and federal dollars. The collaborative effort was designed to ensure state and federal housing resources available through both organizations were efficiently deployed and leveraged.
The projects will provide much needed affordable housing for households displaced by fire and/or flood, seniors, formerly homeless individuals, and people with special needs.
The following five developments were selected:
Village on Horsetooth - sponsored by the Fort Collins Housing Authority. This 96-unit development will provide affordable housing options to income-eligible families earning up to 30-60 percent of AMI.
Palo Park in Boulder – sponsored by Boulder Housing Partners. This 35-unit project will serve households earning up to 30-60 percent of AMI.
The Suites Permanent Supportive Housing Community - sponsored by the Longmont Housing Authority. This project, which will increase from 70 to 81 units, provides affordable permanent supportive housing for very low income people with special needs and formerly homeless individuals. The property serves households earning below 50 percent of AMI.
SPARK west - sponsored by Element Properties. This 45-unit project will provide affordable housing for low-income families and individuals with households earning up to 50-60 percent of AMI.
Peakview Trails – sponsored by Four Corners Development, LLC. This 96-unit project will provide affordable housing for low-income seniors. The property will serve households earning up to 30-60 percent of AMI.
To learn more go to: https://www.colorado.gov/dola/housing-construction