Denver Mayor Michael B. Hancock and other officials recently celebrated the groundbreaking of Ash Street Affordable Housing LLC, Denver’s newest affordable housing development.
Located at 1126 Ash St., within the redevelopment of the old University of Colorado Health Science Center, the project will comprise 112 income-restricted apartments for low- and moderate-income households.
The $24.9 million project is being developed by Koelbel and Co., Mile High Development and Longs Peak Advisors. Public finance partners include the Denver Office of Economic Development, Colorado Housing and Finance Authority and the Colorado Division of Housing.
“Affordable housing is one of the greatest challenges facing our city, and as we continue to grow, we’re proud to support projects like the Ash Street Apartments that are giving residents who are working hard a decent, safe and affordable place to live,” said Hancock. “It’s especially exciting to see the Ash Street apartments under construction in the midst of a popular and booming area, bringing life to our vision of mixed-income communities.”
The 5-story building will include one-, two- and three-bedroom units for households earning up to 60 percent of the area median income (up to $43,260 for a family of three) and 92 parking stalls. Building amenities include a garden deck on the second floor.
The OED provided $1 million from its revolving loan fund as well as $700,000 in financing from federal housing funds 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 currently is 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.