CREJ

Page 44 — Multifamily Properties Quarterly — May 2021 www.crej.com Affordable Housing D enver was changing in 1978. Hundred-year-old hotels on Capitol Hill and in down- town Denver were being demolished for new devel- opment and their mostly elderly occupants on fixed incomes were being displaced. Leaders of some of Denver’s churches met to express their concerns and develop a plan to come to their aid. Taking advantage of the tax laws and federal programs in place at that time, the group formed a non- profit called The Ecumenical Hous- ing Corp., reflecting the nature of the original board members, and bought the Olin Hotel at East 14th Avenue and Logan Street. Using the same tax laws and programs, EHC next bought the Barth Hotel at 17th and Blake streets. As time went on, tax laws and board membership changed, EHC became Senior Housing Options and the focus broadened to include operating assisted living facilities and apartment communities for low- and very low-income older adults and adults with disabilities. SHO’s mission is to provide residen- tial communities and caring servic- es to enrich the lives of older adults in Colorado using the experience gained over 40 years to extend a high level of unique and caring ser- vices to all their residents around the state. There is a distinct advantage to understanding services for older adults beyond the standard provid- ed at most housing developments. This standard of enhanced living environments has helped their suc- cess in develop- ing or expanding affordable apart- ments and has added value to current projects. SHO has been awarded tax cred- its for two projects in the past three years: renovation of the Olin Hotel and the creation of the Apartments at Cinnamon Park in Longmont. The former required some fancy footwork and expert guidance from partners, volunteers and leaders. The expiration of the U.S. Depart- ment of Housing and Urban Devel- opment rental subsidy contract in 2022 attracted many potential buyers from across the country wanting to buy the Olin, given its prime location close to services, transportation and other resources. Preservation of the grand old build- ing, the diversity of its residents and the commitment of the SHO board to its mission led to turning away all offers and the decision to preserve it. The redevelopment and expansion of the Olin required changing the ownership structure, reorganization of the HUD debt, acquiring 4% tax credits, and gen- erous funding from the city and county of Denver and state of Colo- rado. The result is that all units will be affordable at 60% of the area median income, including 10 HOME units at 50% AMI and 24 city cov- enant units at 30% AMI. The average resident income is less than $12,000 per year. The wraparound services already in place for Olin residents are coor- dinated by an activities-centered staff member, as well as partner- ships with Benefits in Action, Food Bank of the Rockies, the Denver Art Museum, Trinity United Method- ist Church and Capitol Hill United Neighborhoods, among others. These include food deliveries, Medicaid/Medicare enrollment, Supplemental Nutrition Assistance Program enrollment, holiday cel- ebrations, art classes, visits to local cultural institutions and funding for wellness activities. Moving forward, new grants are being sought to enhance and expand these services through support from local founda- tions. This project was a partnership with Medici Consulting Group, Workshop8 architects and Palace Construction. The old building held many secrets and, as with most renovation projects the nimble and creative minds of our team took us through the project within bud- get. The pandemic put its mark on the process too, resulting in some delays, but very tight safety con- trols and required personal protec- tive equipment, as well as ongoing screening and cleaning procedures that allowed the project to proceed without compromising the safety of our residents, staff or contractors. A new project in Longmont will be on land already owned by SHO, adjacent to its Cinnamon Park Assisted Living community. Fund- ing will be with 9% tax credits, grants and loans from the city of Longmont; funds from the Colorado Division of Housing; Worthy Cause funding from Boulder County; and a Healthy Housing loan from the Col- orado Housing and Finance Author- ity. The development team includes MGL Partners, EJ Architecture, BC Builders and G2 Strategies. Key elements of this location are the shared activities, combined transportation to services and excursions, and pooled staffing, including maintenance, enjoyed with the adjacent facility. Also, resi- dents can transfer to the assisted living community on campus if they require it – a continuity of care on site. With the assistance of addi- tional Healthy Housing grant funds, SHO will provide enhanced well- ness programming and staffing to coordinate more activities than oth- erwise would be affordable. Developing and operating afford- able housing for older adults offers the opportunity to provide them with more than a roof over their heads. The mission of SHO compels them to seek ways to help residents thrive. And creative thinking, acting outside the box, and seeking unique partnerships and funding sources provides new angles to make this happen. SHO still works with exist- ing programs – just in a different, entrepreneurial way. “Nonprofit” does not mean “no profit,” as with- out money there is no mission. SHO has learned that developing housing can provide extra cash and when the mission is the central driver, wonderful things can happen for our older adults in Colorado. s Creating communities to help older adults thrive Jim Goddard Executive director, Senior Housing Options