Enterprise to Develop Affordable Community Near Denver
To finance the $29 million development, the company syndicated $14.75 million in LIHTC equity provided by investor American Express.
Westminster, Colo.—Enterprise Community Investment has unveiled plans to develop Alto, a 70-unit transit-oriented affordable housing development in Westminster, a suburb northwest of Denver. The property will be located within three blocks of a new light rail station offering nonstop trips to downtown Denver.
When construction completes in October 2017, the one-, two- and three-bedroom apartments will be reserved for families making between 30 percent and 60 percent of the area median income, or between $23,970 and $47,940 for a family of four. Rents will range from $406 to $1,176 per month.
To finance the $29 million development, Enterprise syndicated $14.75 million in Low-Income Housing Tax Credit equity provided by investor American Express. Alto will also meet the Enterprise Green Communities Criteria, a national framework for creating and preserving sustainable affordable housing.
“Locating affordable housing close to public transit is a key part of connecting residents to opportunity, especially in urban areas where low-income families often find it difficult to afford homes close to work,” said Melinda Pollack, vice president and Denver market leader, Enterprise Community Partners, the parent of Enterprise Community Investment. “The Housing Credit provides the flexibility necessary to create homes like Alto.”
Alto will also contains commercial space that will be used as the South County location for Adams County Housing Authority and the Center for Career and Community Enrichment (3CE), a nonprofit community center. 3CE will provide various services, including job search training, housing counseling, life skills and parenting classes and GED preparation.
A Make Room analysis found that nearly 98,000 households, or 25 percent of renters, in the Denver metropolitan area pay more than 50 percent of their income toward housing costs, up from 22 percent in 2005. Make Room is a national campaign promoting affordable housing, sponsored by Enterprise.