2018 Affordable Housing Update

Community Development

2018 Affordable Housing Update

Affordable Housing Landscape

The Ridge at Broadmoor Bluffs

  • Sixty Apartment Units
  • One, two, three bedrooms
  • Rent range: $690 to $1,282
  • Total Project Cost: $14.5 million
  • Funding tools: HOME and LIHTC
  • Target population: families earning less than fifty percent of the median income

 

Copper Range

  • Two-hundred-forty apartment units
  • One, two and three bedrooms
  • Rent range: $690 to $1,282
  • Total project cost: $40 million
  • Funding tools: LIHTC and Private Activity Bonds (PAB)
  • Target Population: families earning less than sixty percent of the median income

Traditions

  • One-hundred-eighty apartment units
  • One and two bedroom
  • Rent Range: $564 to $878
  • Total Project Cost: $29.6 million
  • Funding tools: HOME and LIHTC
  • Target population: Seniors earning less than sixty percent of the median income.

Greenway Flats

  • Sixty-five permanent supportive housing units
  • Studio apartments
  • Rent range: $516 to $552
  • Total project cost: $14.4 million
  • Funding tools: HOME and LIHTC
  • Target population: Persons exiting chronic homelessness

 

Hatler May

  • Seventy-seven apartments
  • One and two bedrooms
  • Rent range: $449 to $725
  • Total project cost: $14 million
  • Funding tools: HOME and LIHTC
  • Target population: Seniors earning less than sixty percent of the median income.

Trailside

  • Two-hundred-ten apartment units
  • Target population: families earning less than sixty percent of the median income.
  • Funding tools: PAB and LIHTC

Current Affordable Housing Projects

comm_dev_2018_map_affordable_housing_projects.png

map showing affordable housing projects in Colorado Springs

Select the map to view larger.

This area map shows affordable multifamily housing projects—including those using HOME funds and those without—that have been in various stages of development over the last two years.  All are private developments. Other types of financing used in these projects include Low Income Housing Tax Credits (LIHTC) and Private Activity Bonds (PAB) and are awarded on a competitive basis. 

Summary

Investing $2.5 million in federal HOME funds, the Division leveraged $112.5 million in private and  public funds to create:  

  • 622 affordable housing units
  • 1,000 jobs*
  • $72.7 million local income*

We help create housing for the most vulnerable

  • $799 median rent
  • 262 senior and ADA units
  • 65 permanent supportive housing units
  • 300 units for working families making 60% or less than the median income

*According to the National Association of Home Builder’s Economic Impact of Home Building in a Typical Local Area (2015), multi-family construction creates 161 jobs and $11.7M in local income per 100 units.