Tax credits propel the creation of 55 affordable housing units in Longmont

Element Properties, trading name of Boulder-based LLC, will build 55 economically priced one-bedroom apartments in Longmont with funding from the Colorado Housing and Finance Authority.

CHFA recently listed its 9% low-income housing tax credit awards for 2022, with Element among the recipients.

The project will focus on creating apartments for people coming out of homelessness. The CHFA award will result in funding of nearly $5.7 million over 10 years in tax credits.

“Element Properties is proud to bring together an exceptional group of experts to develop much-needed, top-notch permanent supportive housing in Longmont,” Catherine Bean, Principal of Element Properties, said in a statement. “This project is the result of a grassroots effort to support the most vulnerable adults in our community with homes and services that will allow them to succeed and thrive.

The project, called Bluebird Longmont, will provide housing for people who face barriers to obtaining and maintaining housing. It will be designed by Denver-based Shopworks Architecture LLC.

The development will be on land provided by the Town of Longmont and the Longmont Housing Authority. Once built, rental assistance vouchers will be provided by the Colorado Division of Housing; support services will be provided by the Boulder Shelter for the Homeless Permanent Supportive Housing team; and property management will be handled by the Longmont Housing Authority, according to information from the developer.

“Bluebird Longmont will help fill a gap in critical housing resources for the most vulnerable in our community,” said Molly O’Donnell, Director of Housing and Community Investments at Longmont.

Element Properties is also working on a 40-unit housing project in Boulder using a 4% federal low-income housing tax credit and CHFA Colorado Affordable Housing Tax Credits provided to fall 2021. When both projects are complete, 95 formerly homeless people in Boulder County will have access to permanent housing.

This article was first published by BizWest, an independent news agency, and is published under a license agreement. © 2022 BizWestMedia LLC.

Comments are closed.