The Safety, Housing, Education and Homelessness Committee of the Denver City Council agreed Wednesday to loan about $8 million to developers for affordable housing.
According to a memo from city staff to the committee, the loans will go to:
· Beeler Park Flats Owner LLC, $2.1 million for 20 years to help pay for construction of 64 income-restricted units to be leased at affordable rents to qualifying households. This project is in the Central Park Neighborhood at 5652 N Boston Court.
The developer is Mile High Development, according to the memo. The building will be five stories and a mix of one- to three-bedroom units, the memo states. Most units will be for those making 60% of the area median income, or $54,780 or less. Six units will be rented to those making 30% of the area median income, or $29,450 or less.
The building site is next to The Bluffs and North Commons Lawn open spaces, and immediately north of the Northfield High School campus, according to the memo.
· CVCO 49th and Vine 4% Property Owner LLP, $5.2 million and 30 years to help pay for construction of 102 income-restricted units to be leased at affordable rents to qualifying households. This project is in the Globeville-Elyria-Swansea neighborhood at 2150 E. 49th. The building will be known as Vina II senior residences.
The building includes a senior center on the ground floor and a clubhouse on the second floor with attached courtyard, according to the memo. This portion of the project provides 40 one-bedroom units and 10 two-bedroom units, the memo states.
The units are restricted to seniors at different income levels between 30% and 60% of the area median income, according to the memo. Residents will have easy access to the recently completed, neighboring Tepeyac Community Health Center. There will also be 7,000 square feet of local retail space, according to the memo.
The site is also close to the National Western Center Light Rail Station, Johnson Recreation Center, Swansea Park and Recreation Center, Valdez-Perry Library Branch and a future market-rate developments, according to the memo.
· CVCO 49th & Vine 9% Property Owner, LLP, $560,000.00 and 30 years to help pay for construction of 50 income-restricted units to be leased at affordable rents to qualifying households. The loan will mostly finance units renting to those at 60% of the area median income. Six units will be rented to those making 30% of the area median income.
Even though the committee approved the loans, the full City Council still must sign off on them too at an upcoming meeting.
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