Third time’s a charm when it comes to applying for tax credits for Urban Land Conservancy’s property at Yale and I-25! Now that the project has received a $1,109,303 tax credit allocation, ULC and development partners: Mile High Development and Koelbel and Company, will move forward with realizing the vision for this 1.5-acre property located adjacent to RTD’s Yale Light Rail Station. Mile High Development and Koelbel and Company will be taking on constructing the first phase of this new transit oriented development, which will include 66 units of affordable housing.
Why do tax credits matter so much? Using low income housing tax credits (LIHTC) from the Colorado Housing and Finance Authority (CHFA) provide the private market incentive to invest in affordable rental housing by making projects more financially sound. Real estate developments that otherwise would pencil out, can be completed with the help of this type of funding, making our community a more inclusive place to live. Specifically, the Yale development will address the increase in housing and transportation costs facing Denver’s low and moderate-income households by providing units explicitly allocated for those making 30-60% the average median income. It will include one, two, and three bedroom units as well as a community room, indoor bike storage, a fitness room, and community garden. We look forward to beginning this new endeavor!
ULC would not be able to achieve our mission of creating real estate that benefits our regions residents without critical partnerships, congratulations Mile High Development and Koelbel and Company on this tax credit allocation! Another real estate adventure begins!