Evergreen Lands LIHTC for Affordable Colorado Community
The property will be reserved for those making between 30 and 80 percent of the area’s median income.
Evergreen Real Estate Group has secured a significant tax credit for a fully affordable project in Rifle, Colo. The company received a nine percent Low-Income Housing Tax Credit that will contribute to the development of Rifle Apartments. Evergreen is planning to break ground on the project in early 2024, with completion expected in the summer of 2025.
The income-restricted rental community will offer one-, two- and three-bedroom units that will be reserved for those making between 30 and 80 percent of the area median income. The developer is also reserving 14 of the units for households with project-based vouchers. The community amenities will include a community room, storage lockers, 115 parking spaces and a green space that includes a playground.
Located on a 4.7-acre site at the intersection of U.S. Highway 6 and Park Avenue, Rifle Apartments will be within walking distance to nearby employers and close to pedestrian and bike paths. According to Evergreen, its project aligns with the city of Rifle’s Downtown TOD Strategic Plan and Comprehensive Plan, making for the first family-oriented LIHTC project built in Rifle in the past two decades.
Evergreen tapped ej architecture to design the community, while Shaw Construction will be the project’s general contractor. Once completed, Evergreen will take on the role of property manager for Rifle Apartments.
Addressing the need for affordable housing
Javonni Butler, project manager & head of Evergreen’s Denver office, said in prepared remarks that the company tried to develop a community in Rifle last year without the tax credit before scrapping the plan.
Evergreen, which builds affordable and senior housing communities across the U.S., is developing a 170-unit income-restricted rental community in Denver’s Globeville neighborhood. The Denver community will be built with 20,000 square feet of commercial space, part of which is being used for a co-located public library branch.
In March, Evergreen topped off its 80-unit affordable senior housing community in Bellwood, Ill., which is expected to open in August. Prior to that, the company also topped off its Green Oaks of Goshen community in Goshen, Ind., which is reserved for those 62 or older and making at or below 80 percent AMI.