A 98-unit affordable housing development has opened in south Denver’s Ruby Hill neighborhood.
Developed by Gorman & Co., the new Ruby Vista Apartments includes 26 one-, 38 two-, 26 three-, and eight four-bedroom apartments for households earning between 30% and 60% of the area median income.
The development is across from the 80-acre Ruby Hill Park, giving residents access to the park’s many amenities, including bike and walking paths, free summer concerts, basketball and volleyball courts, and a community garden.
“Creating a new, affordable housing community in the amazing Ruby Hill neighborhood supports the housing goals of the city and provides important housing options for the neighborhood,” Kimball Crangle, Colorado market president at Gorman & Co., said. “We are excited to provide 98 households a place to call home that is aligned with their incomes across from a jewel of a park in south Denver.”
Courtesy Gorman & Co.
Residents have access to a large community room at Ruby Vista Apartments.
Financing for the $45.7 million includes about $17.3 million in low-income housing tax credit equity. Project partners include Colorado Housing and Finance Authority; Cedar Rapids Bank & Trust; Denver Housing Authority; Colorado Department of Local Affairs; National Equity Fund; city of Denver; Impact Development Fund; and Enterprise Community Partners.