CREJ

February 2022 — Multifamily Properties Quarterly — Page 31 www.crej.com 303.505.7158 www.vivaxproscommercial.com BD@vivaxpros.com om ity stor "GC WITHOUT THE GC FEES" -Quote us on that, then let us quote you. demand and surging home prices. To be more exact, only 110 apartment properties totaling just under 22,000 rental units were completed in the metro area since 2020, according to Yardi Matrix data. As a result, Den- ver’s total housing stock expanded by only 7% over a span of two years, not enough to accommodate the growing demand for rental apartments in the metro area. Denver has long been one of the top destinations for millennials – mainly graduates of local universities who joined the city’s thriving tele- communications and IT industries, as well as transplants from the Sili- con Valley seeking the comfort of a more laid-back city. And, combined with an ideal location near the Rocky Mountains, this scenic city continues to attract high-earning renters seek- ing the thrills of the great outdoors. n Renters seek work-life balance in Colorado Springs. But competition to secure an apartment in the Mile High City was not as fierce as in other parts of the state. For example, in Colorado Springs, which boasted the same occupancy rate of 95.4%, a vacant rental apartment stayed on the market for only 22 days. On average, as many as 15 renters competed for one vacant unit in Colorado Springs last year, and the applicants’ average credit score was 647, seven points above the national average. Apart from beautiful scenery, clean air and quick access to a variety of outdoor activities, bike-friendly Colorado Springs also offers a small- town vibe but has all the advan- tages of a large city – minus the fast-paced lifestyle and crammed apartments of an urban cluster. This makes it a good place to live for families with children as well as people who want to enjoy a high quality of life and growing business scene. s veronica.grecu@yardi.com Grecu Continued from Page 16 cycle of poverty. To that end,Warren Village is looking to work with the Community College of Denver, which can provide workforce training and academic classes on site. The Mental Health Center of Denver will have a presence to address mental health issues, while the University of Colo- rado School of Medicine will be on site to assist families with their physical health. Each family will have a coach to help parents set and achieve their goals. Other partners may include Unit- edWay and the University of Denver Center for Housing and Homelessness Research. The idea is to mitigate burdensome worries such as child care, oppressive housing costs, and mental and physi- cal health issues so families can focus on goals toward achieving financial stability. “We’re the anchor,” Hemming explained, “but we’re bringing people in with us.” On the building and financing side, other partnerships and requirements come to bear. There are loans to secure, construction grants to apply for, and vouchers to obtain that will subsidize the affordable housing rental units. WarrenVillage, which is working with UrbanVentures and Rivet as develop- ment partners, will take the crucial next step this summer, when it applies to the Colorado Housing and Finance Authority for the low-income housing tax credits to help fund for the project. These tax credits are awarded to devel- opers who in turn sell these credits to investors to raise money for the project. But applying for LIHTC credits is no small matter.WarrenVillage and its partners must submit a general con- tractor contract, site plans, floor plans, architectural certification, financing assurances for what LIHTC credits don’t cover, budgets and so much more. LIHTC credits are awarded in November. In addition to securing the criti- cal LIHTC credits, there are countless details and partners that still need to come together to re-house the 74 familiesWarrenVillage 3 will serve. If the LIHTC credits come through and a brand-new campus begins to rise with courtyards and a playground, it will be because a lot of partners joined forces to reimagine the financing of affordable housing and what’s possible on urban infill lots with access to transportation, food and schools. If the LIHTC credits aren’t awarded,WarrenVillage will apply again. If they are granted, Hem- ming said, “We are going to move as quickly as we can for those 74 families so they can have a brighter future with more hope.” s kfrazier@denverhousing.org Frazier Continued from Page 18