Denver Mayor Michael B. Hancock announced earlier this month that the Office of Economic Development has finalized deals with three different multifamily rental development. These agreements will supply 294 housing units in Hale, Northfield Stapleton and Westwood. The mayor along with property Managers in Denver believe that the housing deals is key component to keep Denver an affordable and accessible city.
The Revolving Affordable Housing funds has a total allocation of $10 million. $6 million comes from the city and Denver county, $3 million from the State of Colorado Department of Local Affairs and $ 1 million from the Colorado Housing and Finance Authority. The projects that have been approved for the 30 years gap financing loans include Ash Street Apartments, Westwood Crossing Apartments and Northfield at Stapleton Apartments. Ash Street Apartments has a total of 112 housing units. The project developer, Koelbel and Co shall receive a million dollars from the Revolving Loan Fund.
Westwood Crossing Apartments located at Alameda Avenue is currently being developed by McDermott Properties LLC. The project is a four story mixed used development, the ground floor will serve as a commercial space for small business. The project will provide 98 housing units and will receive the sum of $1 million from the Revolving Loan Fund.
Lastly, Northfield at Stapleton Apartments which is being developed by Northeast Denver Housing Center will receive $900,00. The three story building included 84 housing units and each unit will have their own patio or balcony.