City Moves Closer to its Affordable Housing Goal with Local Awards of Housing Tax Credits

City Moves Closer to its Affordable Housing Goal with Local Awards of Housing Tax Credits

Two significant affordable housing projects, Boulder Housing Partner’s Mount Calvary Senior Housing project and Element Properties’ Bluebird project, both located in the city of Boulder, recently received 4% federal and competitive State Housing Tax credits from the Colorado Housing and Finance Authority (CHFA) to support the construction of 100 new housing units of permanently affordable housing.

Affordable housing is a key focus area for the city, underscored by its goal for 15% of all housing to be affordable by 2035. As part of this commitment, the city implements multiple programs and policies to increase access to affordable housing to ensure that families and individuals have safe and affordable places to live in Boulder.

CHFA awarded a tax credit reservation to Boulder Housing Partners’ (BHP) Mount Calvary Senior Housing project, which will create 60 new homes to serve residents ages 55 and older in south Boulder. The development will also serve 15 older adults exiting homelessness in supportive housing apartments with project-based vouchers provided by BHP and supportive services provided by the Boulder Shelter for the Homeless. In addition to the new construction of the rental units, the development also features the adaptive reuse of a former church for resident community space and a childcare center.

“Of those BHP currently serves in our supportive housing programs, over 50% are seniors and we continue to see seniors making up a significant portion of those experiencing homelessness in the community,” said Jeremy Durham, Executive Director of Boulder Housing Partners.

Additionally, Element Properties’ Bluebird project will provide 40 homes of permanent supportive housing for individuals and households who are exiting homelessness and facing multiple barriers to housing stability. The city invested $3,000,000 in 2020 to fund the acquisition of the proposed site, located near Boulder Junction. The Colorado Division of Housing and Boulder Housing Partners have committed project-based vouchers to provide rental subsidies and supportive services for residents. Boulder Shelter for the Homeless is a key partner is this project and they will provide significant wrap around services for all residents of this development. “Element Properties is delighted to partner with an exceptional group of Boulder and Colorado experts to bring much-needed permanent supportive housing to our community,” said Catherine Bean, Principal at Element Properties.

“Affordable housing is a vital component of a thriving community. I am thrilled with these two important developments that will prioritize individuals who currently do not have a home as well as the growing number of seniors in our community. With comprehensive services we will strive to meet the needs of these future residents. Both projects will begin construction in 2022, and we will add to our existing 4,000 affordable homes,” said City of Boulder Director of Housing and Human Services Kurt Firnhaber. “We’d like to extend our gratitude to CHFA for awarding these credits to the city. They will enable us to move closer to our affordable housing goals and support our housing-first approach to homelessness.”

The city’s Homelessness Strategy is built around the belief that all Boulder community members should have the opportunity for a safe and stable place to live. The strategy expands pathways to permanent housing and increases access to programs and services.

Learn more about the Housing and Human Services Department on the city’s website.


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