CREJ

May 2021 — Multifamily Properties Quarterly — Page 45 www.crej.com tion 8 conferences, I focused on those that emphasized finance and putting deals together. My board and I both realized that the “pond” was chang- ing and it was time to adapt. With the board’s encouragement and support, I went back to school and obtained my MBA from the University of Colorado. In 1993, LHA became one of the first public housing authorities in Colo- rado to utilize this new IRS program when it was awarded 9% tax credits by CHFA for a project called the Mead- ows. Since 1993, LHA has become one of the most prolific nonprofit devel- opers of LITHC units in the state. We understood clearly that “change was inevitable, growth was optional.” s Betters Continued from Page 40 ket will serve almost 5,000 Sun Val- ley residents and the broader Denver community, who have a passion for food justice and seek international food options. Decatur Fresh is com- mitted to addressing food scarcity in Sun Valley, and residents will receive discounts and utilize programs like Supplemental Nutrition Assistance Program and the Double Up Bucks Program to access quality, nutri- tious and culturally relevant foods at affordable prices. The primary objectives of the market also include training and employment opportuni- ties and becoming a destination that celebrates and preserves Sun Valley’s diversity and unique cultural fab- ric. Decatur Fresh is set to open this month. The food and business incubator space will provide additional oppor- tunities for residents and commu- nity members to grow and flourish within the food and small business industries. The restaurant incuba- tor space would feature a shared commissary kitchen, kiosks for six small-scale restaurants, and indoor and outdoor dining space along the riverfront park. The space will provide opportunity for restaurant and business training on a smaller scale, giving low-income families a space to train and gain experience in restaurant operations. The restau- rant space complements the Grow Garden and Decatur Fresh market to provide additional opportunities for residents and community members with food and restaurant goals. The food and business incubator is set to open in 2024. The Grow Garden, Decatur Fresh and restaurants are manifestations of DHA’s intentionality about creat- ing spaces for social enterprises that allow them to better serve their communities and positively impact the lives of those they serve. As the transformation plan moves forward, DHA will continue to work with the community to ensure that the hous- ing, infrastructure and commercial spaces meet the needs of the Sun Valley community and look for other opportunities to do the same in other neighborhoods. s Tobin Continued from Page 41 affordable housing are long gone and today PHAs have to be creative, resourceful and innovative as well as flexible, patient and open to trying new things with new partners. The pres- ence of strong political will and com- mitment to affordable housing from all levels of government also is essential and its importance to successful devel- opment cannot be understated. The future of affordable housing is encouraging to me. The attention it is receiving from elected officials at the local, state and federal levels gives me hope that units will come on line at a quicker pace in the future. However, if there were some magic to creating more units, high-cost areas such as California already would have found it. Consequently, patience and partner- ships must continue to be in the mix in Colorado. s Maraschky Continued from Page 41 frommodern market-rate and luxury apartments, a level that far exceeds what comes to mind when people conjure the typical “housing authority” communities in their mind’s eye. And this is exactly what MetroWest sets out to do with all of its communities. The LIHTC program is a way for MetroWest to be a developer of afford- able housing while refusing to sac- rifice quality and excellence. The goal, whether at Fifty Eight Hundred, Willow Glen or Indy Street Flats – a community opened in 2019 that is built differently from each side to blend into the neighborhoods it faces – is to be a great neighbor. No two of Metro West’s communities look the same, as neighborhood feel and community needs are taken into consideration from day one of the planning process. Metro West is present at community meet- ings, city council meetings, and question-and-answer sessions to address community concerns and questions over new and proposed developments. “Continuing to build and manage our communities with excellence is the single best thing we can do as affordable housing advocates in Lakewood,” said Tami Fischer, CEO at Metro West. “If our developments reflect excellence, quality and beau- ty, we’re welcomed as neighbors into the surrounding community.” Public-private partnerships and the LIHTC program do more to ensure funding for this kind of excellence than federal funding alone ever could. s Smith Continued from Page 42 who in the past paid into a cash-in- lieu fund. DCHP helps those first- time homebuyers with a class on the homebuying experience and pro- vides budget and credit counseling. The class is paid for with funds from the Colorado Housing and Finance Authority, which CHFA receives from the U.S. Department of Housing and Urban Development. The budget- ing and credit counseling is paid for from grants from JPMorgan Chase, Wells Fargo and a HUD grant. We must make these programs work by seeking out and combining funding sources. DCHP owns one property – a 64-unit senior apartment complex in Castle Rock. The multiple-building development was built on 3.8 acres in the early 1980s, when Douglas County still was considered rural. With the low density of this devel- opment and the strong demand for affordable apartments for seniors, we worked with the town of Castle Rock and our neighbors to get approval to add another 53-unit building on the site. The two exist- ing LIHTC properties for seniors in Douglas County have wait lists of hundreds so there was no concern about filling 53 units. Our new senior apartment building is under con- struction and will open in early 2022. With this development, we have added the title of “developer” to our entrepreneurial pursuits. Douglas County Housing Partner- ship’s vision is to create and sustain communities through innovative partnerships and entrepreneurial approaches to housing. We are a young organization with limited resources, but we, with the help and support of all of our great partners, are making progress. And most importantly, that progress creates housing that supports the families who will thrive in Douglas County. s Leavesley Continued from Page 42 nership with Loveland Habitat for Humanity, LHA currently is develop- ing a 14-acre site donated by a local church that will contain 120 apart- ments and 47 single-family homes, all affordable. LHA also is in the early stages of master planning a recently acquired 33-acre site. Like all real estate developers, LHA is continuously challenged with the same cost control concerns as mar- ket-rate developers. Architects, engi- neers and general contractors are carefully selected and are challenged to produce designs that not only are cost-effective during construction but also are cost-effective to operate while meeting the needs and expec- tations of residents. The product must be a high-quality product serv- ing our residents and an asset to the greater community. The Loveland Housing Authority is a mission-driven organization and will continue to adapt to cur- rent conditions, utilize available resources and find creative solu- tions to develop affordable housing. When possible LHA will operate like a market-rate developer; when nec- essary will adhere to the complexi- ties of being an affordable housing developer; and at times be/do a bit of both. s Feneis Continued from Page 43 opportunities required both a market and affordable component and has approached more nontraditional part- ners, such as regional transit agencies around transit-oriented development opportunities and health care orga- nizations with surplus land. In Colo- rado, MHMP’s 108-unit Decatur Place Apartments in the Sun Valley neigh- borhood of Denver has a child care center run by Catholic Charites Inc. and health clinic operated by Denver Indian Health and Family Services Inc. that are both open to the com- munity. MHMP’s development goals are built around stabilizing at-risk popu- lations, particularly those in danger of displacement. Additionally, MHMP focuses on providing housing to working households that may be priced out of markets. MHMP also is developing a racial equity lens to guide its work to meet the goal to provide equitable, inclusive commu- nities. MHMP’s newest project is a part- nership with the city and county of Denver. Located on land purchased from the city on East Colfax Avenue, it responds to the neighborhood’s expressed wish to create affordable housing targeted at families at risk of displacement through the rapid gentrification taking place and the need for affordable and quality child care. In another example in Fort Collins, MHMP entered into a non- traditional partnership with a local market-rate homebuilder to fulfill its affordable housing requirement under a metro district approval. Given escalating construction costs, MHMP’s development staff works to build cost-efficient, durable structures. The competitive fund- ing environment, along with Mercy’s ambitious housing production goal, led to the creation of a $45 million Mercy Gap Note Program in partner- ship with five investors. Funds from that program will be used to fill the financial gap on development deals that need additional soft financing. Looking forward, MHMP is looking at multiple partnership opportuni- ties with a goal of building or pre- serving 750 units from 2020-2024, with about half of those in Colorado. Our real estate team has now grown to two, and we are actively pursuing developments in Colorado, Arizona and Utah. While the challenges and need are great, we are committed to continuing our work to meet this urgent need. s Walsh Continued from Page 43