Montbello Ground Breaking
New affordable housing for seniors breaks ground in Montbello neighborhood
Ground Breaking: The Meadows at Montbello
StudioCPG is pleased to announce the ground breaking of The Meadows at Montbello. For more information please read the text below from the City and County of Denver website.
Article below from www.denvergov.org: original link.
New affordable housing for seniors breaks ground in Montbello neighborhood
Jul 07, 2016
The Meadows at Montbello will complete the 3-acre complex and provide an additional 85 units of housing
Denver Mayor Michael B. Hancock and other officials celebrated the groundbreaking today of The Meadows at Montbello, a new affordable senior housing development under construction at 4325 Carson St. in northeast Denver. Developed by the Volunteers of America, the development will offer 85 income-restricted apartments for low- and moderate-income seniors, age 62 and older.
The $18.8 million development is located adjacent to the VOA’s Montbello Manor, a 79-unit senior apartment property that opened in 2004. Public finance partners for The Meadows at Montbello include the Denver Office of Economic Development (OED), Colorado Housing and Finance Authority (CHFA), and the Colorado Division of Housing.
“Having an affordable home is important for every Denver resident, especially our seniors who deserve the right to remain in the place where they have built their lives,” said Mayor Hancock. “Volunteers of America has done a tremendous job at supporting our vulnerable populations, and we’re proud to again work together at keeping Denver affordable for our senior residents.”
“Volunteers of America has done a tremendous job at supporting our vulnerable populations, and we’re proud to again work together at keeping Denver affordable for our senior residents.”The four-story building will include one- and two-bedroom units for households earning up to 60% of the area median income (up to $33,660 for a single-person household). Amenities include support services for senior tenants, as well as an outdoor community garden.
The OED provided $585,000 in financing from Denver’s General Fund to help support the development; the loans guarantee an affordability period of at least 40 years on all of the units.
The project represents the latest affordable units to be created under the Mayor’s “3×5 challenge.” Announced in mid-2013, the challenge calls for the development, rehabilitation or preservation of 3,000 affordable housing units over five years. The city and the real estate development community have produced nearly 2,000 units thus far.
The city is currently working to expand affordable housing resources through the creation of a new local funding source, beginning in 2017, to provide at least $150 million over the first 10 years.”