Five Colorado apartment developments will receive $2.85 million in federal low-income housing tax credits, helping them create or preserve nearly 300 units of affordable housing.
The five developments — three in Denver, one in Monte Vista and one in Boone near Pueblo — were selected from a pool of 11 applicants, who requested nearly $5 million in credits from the Colorado Housing and Finance Authority (CHFA).
The five developments receiving the allocation are:
Reserve at Gates, Denver
16th Avenue and Colorado Boulevard, Denver
28th & Clay Residences, Denver
Valley Grande Apartments in Monte Vista
Via Don Carlos in Boone.
The developments will total 283 units, all of which will be affordable. Of the 283 units, 208 will be affordable to tenants earning less than half of the areas median income; and 53 will be affordable to tenants earning less than 30 percent of area median income.
Congress created low-income housing tax credits as part of the 1986 tax code revisions. Developers receive a 10-year federal tax credit, which they can sell to investors. The money received from the sale of the credits can be used as equity into the development, which lowers the rents required to pay the mortgage.
