The Denver Housing Authority on Monday received a $22 million grant to help pay for the redevelopment of South Lincoln Homes near the light-rail stop at West 10th Avenue and Osage Street.
The grant was one of eight the U.S. Department of Housing and Urban Development awarded to housing authorities nationwide.
“It was very competitive,” said Rick Garcia, HUD regional administrator. “For Denver to receive $22 million speaks to the importance of the Denver Housing Authority application.”
Other financing for the $91.7 million project, expected to be completed in 2018, comes from the sale of $40 million in low-income-housing tax credits and $20 million in debt. Also contributing to the financing are the Colorado Home Fund, the city’s Community Development Block Grant Program and the city’s Home Fund.
DHA plans to demolish an existing 182 units and redevelop the 17.5 acres near the light-rail stop with 457 residences, including 200 public-housing units, 104 workforce units and 147 market-rate units. Another six units will be considered affordable housing.
Public and affordable housing is available to households earning less than 80 percent of the area median income of $75,900 for a family of four. Those earning 50 percent to 60 percent of the area median income are eligible for workforce housing.
“The staff and board of DHA work incredibly hard to secure this type of award,” said Ismael Guerrero, executive director of DHA. “We do it in order to realize the vision that our residents have to live, work and thrive in a healthy community. The HOPE 6 grant allows DHA to implement the South Lincoln master plan, which not only preserves affordable housing but also creates economic opportunity for residents to pursue their goals.”
The authority already is building its 100-unit senior housing facility adjacent to the light-rail stop. That project, expected to be completed in January, received $10 million in funding under the American Recovery and Reinvestment Act.
“There are all these amenities for people to be able to use,” said Denver Councilwoman Judy Montero. “They’ll be able to go to Denver Health, Union Station and the Auraria campus. Everything is so close. This really creates the transit-oriented community that we’ve been working on for the last eight years.”
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
