LAC Builds Affordable Housing in Colorado

Construction has already begun and the first units are slated to come online next year.

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Lincoln Avenue Capital has secured financing for the construction of the affordable 240-unit InterQuest Ridge Apartments in Colorado Springs, Colo. Construction already began in July, with the first units slated to come online in the summer of 2023 and the whole project expected to wrap up in the summer of 2024. A total of 20 units will be set aside for underserved veterans and their families in Colorado Springs who are associated with the Mt. Carmel Veterans Service Center.

In April, the developer applied to receive $43 million in tax-exempt bonds for the development. The company received $41.3 million in bonds from Colorado Housing and Finance Authority, later assigned to Citibank. The bank also provided a $17.7 million taxable mortgage, according to El Paso county records. Aegon provided an equity investment in federal low-income housing tax credits, while Colorado Department of Local Affairs provided a gap loan.

Affordable housing in Colorado Springs

According to public records, the property will have 30 one-bedroom units, 90 two-bedroom units, 108 three-bedroom units and 12 four-bedroom units. Community amenities are slated to include a clubhouse with a full kitchen, an outdoor pool area with seating, a covered pavilion with barbeque grills, a fitness center with a yoga room and a playground. The development will seek National Green Building Standard Bronze Certification.

Located at 10005 Federal Drive, the development will be some 3 miles northeast of the United States Air Force Academy Airfield and some 13 miles north of downtown Colorado Springs. John Venezia Community Park is also less than 4 miles southeast of the developement. Several retail, dining and entertainment options are be available within a 1-mile radius.

In June, another affordable housing community for veterans opened in Madison, Wis. A partnership between Gorman & Co., Dane County and Great Lakes Dryhootch developed the 59-unit Valor on Washington.

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