Page 26 - 2014_15CommunityRpt_FlipBookPDF
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Lamar Station Apartments, a multifamily customer in Lakewood
developments awarded
4 percent low income housing
tax credits (lihtc) in 2014
Noncompetitive 4 percent LIHTC and 2300 Welton
tax exempt bonds serve a critical role
in affordable housing by creating an Denver a | $1,531,716
alternative funding structure to the highly
competitive 9 percent LIHTC program. developer | Century Real Estate Advisors
Over the past few years, Colorado has
experienced increased utilization of 4 A catalyst project for one of Denver’s
percent credits, reflecting the extremely redevelopment areas, providing transit-oriented
low rental vacancy rates across the state affordable housing for low income individuals
and strong investor demand for tax credits. and families.
Compared to the competitive 9 219 units | 18 studios; 116 one-bedrooms;
percent LIHTC, the 4 percent LIHTC 81 two-bedrooms; 4 three-bedrooms |
generates significantly less equity for the 5 @ 50% AMI, 212 @ 60% AMI
development. To offset the lower equity,
developments are typically larger, may Ashley Estates Apartments
serve a mix of incomes, and rely on a
variety of funding sources. Loveland a | $1,375,369
Historically, the lack of available gap developer | Pedcor Investments
financing and soft funds in Colorado
has resulted in only a few 4 percent A family community development in Larimer
transactions being financially feasible County, a 2013 flood-stricken area, with easy
in any given year. However, new gap access to the FLEX Northern Colorado
resources such as the Colorado Housing Transit System.
Investment Fund (CHIF) and CHFA’s
Housing Opportunities Fund (HOF) will 224 units | 64 one-bedroom; 112 two-bedroom;
help support 4 percent LIHTC projects in 48 three-bedroom | 224 @ 60% AMI
the near future.
Dayton Meadows
The following developments received an
award of 4 percent LIHTC in 2014. Denver a | $471,361
a | $ = amount of annual LIHTC allocated developer | Security Properties
Built in 1996, this five-building property
in southeast Denver will receive extensive
rehabilitation.
120 units | 20 one-bedroom; 60 two-bedroom;
40 three-bedroom | 12 @ 50% AMI;
108 @ 60% AMI
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