The Colorado Housing and Finance Authority
(CHFA) awarded $915,504 in federal low-income housing tax credits to a new affordable housing development in southwest Denver's Westwood neighborhood.
The development, Grove Street Apartments, is part of a comprehensive revitalization effort being implemented by the city in partnership with the Westwood community. The mixed-use development incorporates 42 affordable housing units and a nonprofit community services organization.
"By partnering with cities and urban renewal authorities, CHFA can leverage our resources even further to help address the need for affordable housing, especially in communities like Westwood where revitalization has been prioritized," says Cris White, the agency's executive director and chief executive.
The $14.3 million project located on 1.3 acres at 3116 W. Alameda Ave. is being developed by Gorman & Co. In addition to the tax credits, the project will receive a financial contribution from the Denver Urban Renewal Authority (DURA), which identified the area as blighted and in need of reinvestment.
"The redevelopment of this site, identified as a priority location for redevelopment in the 1990 Urban Renewal Plan, represents a significant milestone for the corridor," says Tracy Huggins, DURA's executive director. "For over 20 years, DURA has worked with individual residential and commercial property owners to reinvest in the Westwood area."
About 27 percent of all of Denver's substandard housing units are in Westwood, and 78 percent of renter-occupied housing was built before 1980, according to the U.S. Census Bureau.
Groundbreaking is expected next fall with an opening in the fall of 2016.
Contact Confluence Denver Development News Editor Margaret Jackson with tips and leads for future stories at firstname.lastname@example.org.