2002 Section 108 Project Summary - Colorado

Economic Development

PROJECT TO CREATE 175 JOBS, BUILD/IMPROVE 130 HOUSING UNITS
Denver CO Northeast Park Hill Project Phase 2 $7,500,000

The City of Denver has commenced an economic development initiative with the help of $7,500,000 in Section 108 loan funds that will help finance the Northeast Park Hill Neighborhood Project. The City will loan the funds to the Denver Urban Renewal Authority for acquisition, demolition, remediation, site preparation, relocation payments, interest payments, and associated costs. The project is expected to create 175 permanent entry- and supervisory-level jobs, of which 51 percent will be held by, or made available to, low- and moderate-income persons. The project will also construct 36 units of housing and make improvements to 94 additional units. The Section 108 assistance is being made in conjunction with the City's Economic Development Initiative (EDI) grant in the amount of $1,000,000. Total project cost is estimated at $32,474,000.

Housing

FORMER YMCA BUILDING TO BE CONVERTED INTO 226 AFFORDABLE HOUSING UNITS
Denver CO YMCA Center project $ 8,500,000

The City of Denver will implement an affordable housing initiative by utilizing $8,500,000 in Section 108 loan guarantee assistance to finance the acquisition and renovation of the Central YMCA building. This project, located Denver's downtown area, will convert the YMCA into a 226-unit affordable rental-housing complex. Section 108 funds will be used in conjunction with a $500,000 of Economic Development Initiative (EDI) grant awarded in 2001. Civic Center Housing, a limited partnership organized by the Colorado Coalition for Homeless, will manage the project and arrange for equity investments in the project through sale of federal low-income housing tax credits, historic-tax credits, and state-housing tax credits. Total project cost is estimated at $17,200,000.


RENOVATION OF HISTORIC BUILDING INTO AFFORDABLE RENTAL HOUSING
Denver CO Clocktower Lofts Project $3,400,000

HUD awarded the City of Denver $3,400,000 in loan guarantee assistance in order to finance the renovation of the City's historic Clocktower Building. The renovation will convert the four-story building into 37 loft units of mixed-income rental housing. A $425,000 HUD Economic Development Initiative (EDI) grant, awarded in FY 2000, was made in conjunction with the Section 108 financing. The Clocktower Limited Partnership will carry out the project and arrange for equity investments in the project through sale of low-income housing tax credits and historic-tax credits. Upon completion, low- and moderate-income households will occupy a majority of the units. Total project cost is estimated at $6,980,830.

 
May 19, 2011