Colorado housing board approves four more affordable-housing applications

The Colorado State Housing Board approved applications for two rental developments, statewide homeownership assistance and a fund to help residents buy mobile-home communities at its Oct. 6 meeting. The applications cover 85 planned apartments and homeownership support for as many as 200 units.

The rental proposals are Silver Key Webber, with 49 apartments for seniors in Colorado Springs, and Crossroads at Divide, a planned 36-apartment development. Silver Key would serve households earning 30% to 60% of the area median income; Crossroads would serve households earning 30% to 70%. Applicants sought $1.862 million for Silver Key and $1.05 million for Crossroads. The chair said an omnibus motion covering both applications carried.

The motion also covered Habitat for Humanity of Colorado’s statewide homeownership application and ROC USA’s application for a revolving loan fund. Staff recommended up to $15.84 million for Habitat to support as many as 200 units over 24 months through new construction, acquisition or rehabilitation. Staff also recommended a proposed 30-year affordability period and bonus subsidies of up to $14,000 for no more than 100 eligible units. For ROC USA, staff recommended up to $12 million for a fund that could assist as many as six mobile-home communities, with loans of up to $70,000 per owner-occupied unit. The staff packet describes 30-year affordability requirements and use covenants for acquired communities.

The additional approvals followed board action on four applications covered earlier: Redtail Ponds in Fort Collins, Ascent at Salt Flats in Grand Junction, River Walk Affordable Rentals in Ouray and Rabbit Ears Quadplex in Leadville. Staff recommended a combined $5.385 million for those projects, including up to $1.2 million to pay off debt on 60 supportive-housing homes at Redtail Ponds, a repayable loan of up to $3.25 million for Ascent’s planned 144 apartments, up to $715,000 for River Walk’s 13 planned rentals and $220,000 for Rabbit Ears’ four units. The staff packet also outlines affordability requirements and a condition for River Walk to obtain approval of its revised unit mix from the Office of Economic Development and International Trade.

The meeting recording confirms the applications were approved but does not state final dollar awards for these projects. The amounts above are staff recommendations or applicant requests, not confirmed awards.