Denver’s newest affordable housing development, Ruby Hill Residences at 1144 S. Pecos, has opened.
Developed by The Burgwyn Company
, the $20.4 million Ruby Hill Residences offers 114 income-restricted apartments for low- and moderate-income households.
"Affordable housing is one of our biggest challenges as a city," says Denver Mayor Michael Hancock. "There is great progress under way to make and keep Denver affordable through exciting new projects like Ruby Hill Residences."
The four-story building includes one- and two-bedroom units for households earning 60 percent or less of the area median income (up to $43,260 for a family of three). Some of the units are reserved for formerly homeless people and disabled veterans. Residents began moving into the building in May, and 90 percent of the units have been leased.
Features of the building include a community room with a kitchen, library, game room, conference room and business center. Exterior amenities include a courtyard, children’s play area and community garden.
Public finance partners include the Colorado Housing and Finance Authority
, the Colorado Division of Housing
and the Denver Office of Economic Development
, which provided $875,000 from federal housing funds to help support the development. The loan guarantees an affordability period of at least 40 years on all of the units.
Ruby Hill Residences represents the latest affordable units to be created under the mayor’s "3x5 challenge." Announced in 2013, the challenge calls for the development, rehabilitation or preservation of 3,000 affordable housing units over five years. So far, the city and the real estate development community have produced 1,833 units and nearly 1,000 more units are under construction.
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