Three developments have been selected to receive $4.8 million in funding under the Colorado Housing and Finance Authority’s (CHFA’s) inaugural round of its middle-income housing tax credit (MIHTC) program.
The funding will support the construction of 220 affordable middle-income rental housing units. The total private-sector equity estimated to be raised by the MIHTCs awarded in 2025 exceeds $16.4 million.
Believed to be the first of its kind in the nation, the MIHTC targets housing for households with incomes between 80% and 120% of the area median income or up to 140% in designated rural resort counties in the state. CHFA received five applications in this initial round.
The selected developments are:
- Elmwood North in Adams County, near northwest Denver, by Delwest Development Corp.: The development, which received a $1.65 million award, will feature 70 four-bedroom units for households at 80% and 90% of the AMI;
- Park Place Apartments in Denver’s Sun Valley neighborhood by Evergreen Real Estate Group: The 80-unit development, which received a $1.64 million award, will feature three- and four-bedroom units for households at 80%, 90%, 100%, and 120% of the AMI; and
- St. Louis Landing Building C in Fraser by the Fraser Housing Authority: The development, which received a $1.54 million award, is the first of a two-phase, master-planned campus. It will include studio, one-, and two-bedroom units for households at 80%, 100%, and 120% of the AMI.