A Denver nonprofit has requested $450,000 from the Colorado Division of Housing to help develop for-sale homes in Stapleton for low- and moderate-income families. The Northeast Denver Housing Center Inc. is in the fundraising stage for the new project.
“We have a pending application, but it’s not yet approved,” said Dominique Acevedo, the director of development at the Northeast Denver Housing Center.
The project, which was listed in the legal notice section of The Denver Post on Monday, includes plans to develop 45 homes at Martin Luther King Jr. and Central Park boulevards, and at Montview Boulevard and Tamarac Street.
Wayne McClary, the housing development specialist for the Colorado Division of Housing, said nonprofit has already built 18 affordable townhomes in Stapleton and is currently constructing 20 more.
Stapleton is one of the most sought-after neighborhoods in Denver, in part because of its central location, coupled with parks, restaurants and new schools.
To buy one of these new homes, a potential homeowner must make less than 80 percent of the Denver’s area median income. According to Denver’s Office of Economic Development, 80 percent of AMI is $44,750 for one person and $63,900 for a family of four.
In order to keep the homes affordable for future buyers, appreciation is capped at 3.5 percent per year, according to Stapleton’s affordable home program.
Acevedo said the planned project will use private and public funds for the construction of homes. The Colorado Division of Housing serves as gap financing. She said she anticipates the funding request will be granted because of the organization’s track record in Stapleton, and predicts it will take a few weeks to get an response.
McClary said his office will begin reviewing the application Friday.
