A 1940s-era nursing residence on Sloan Lake on the old St. Anthony’s Hospital campus has been converted into a 49-unit apartment building reserved for people earning no more than 60 percent of the area median income.

In a statement Monday celebrating the opening of Sienna Sloans Lake in a fast-changing area of West Colfax, Denver’s Office of Economic Development said it provided $318,500 in gap financing to support the project developed by Koelbel and Company and Trailbreak Partners. Other financing came from the Denver Urban Renewal Authority and the Colorado Housing and Finance Authority.

The minimum affordability period for rental projects receiving city subsidies recently increased from 20 to 60 years.

In the statement, Mayor Michael Hancock called the opening “a big win for preserving this neighborhood’s history, character and sense of community, as well as creating more affordability for the hard-working residents and families who will get to call these 49 apartments home.”