One of the first income-restricted developments to benefit from Denver’s Affordable Housing Fund was just completed. And it’s filling up quickly.
The nonprofit developer of Stapleton’s Moline apartments, the Northeast Denver Housing Center, has already received 150 applications for the building’s 180 one-, two- or three-bedroom units and expects to be fully leased by the end of August, according to a statement from Denver Economic Development & Opportunity on Wednesday, the day of Moline’s grand opening.
Moline’s rents are affordable — that generally means taking up less than 30 percent of wages — for households earning up to 60 percent of the area median income. Of the 180, 12 units are for households earning less than 30 percent of AMI, 10 for those earning between 30 and 40 percent, 18 for those earning between 40 and 50 percent, and 140 for those earning 50 to 60 percent. Tenants will include veterans and people with disabilities and who have experienced homelessness. Contact The Ross Management Group at 303-817-4012 for information on leasing.
Denver Economic Development & Opportunity provided $2.6 million from the housing fund in gap financing for the $36 million project. The Colorado Housing and Finance Authority, which noted Moline is within walking distance of transit stops, jobs and schools, awarded about $1 million in federal low-income housing tax credits and $20 million in tax-exempt private activity bonds. The state also helped with the financing and Stapleton’s master developer, Brookfield Properties, donated the land.
“We’ll continue to prioritize and expedite partnerships with affordable builders to create and preserve more attainable options throughout the city,” Mayor Michael B. Hancock said in a statement Wednesday.
City Council approved the Affordable Housing Fund in 2016. Last year the council approved Hancock’s proposal to raise taxes on retail marijuana and use other money from the general fund to double the goals of the housing fund from initial plans to support the building of 3,000 below-market units over several years to 6,200 units.
Denver Economic Development & Opportunity added Wednesday that 1,423 affordable units that have received city financing are under construction at 18 sites in Denver, and 458 more are to break ground over the next year.