The Department of Local Affairs (DOLA), through the Division of Housing’s (DOH) State Housing Board, awarded $6.85 million to create or preserve 185 rental units, all aimed at providing a home for every Colorado budget.
Affordable Rental Awards
Spine Road Apartments (Boulder, CO: $3.25M – Adding 65 rental units)
Koelbel and Company was awarded a $3.25 million cash flow loan to assist with the new construction of Spine Road Apartments, located at 4775 Spine Road in Boulder, Colorado.
Spine Road Apartments will be the first affordable housing project to be located in Gunbarrel, an unincorporated community and a census-designated place (CDP) located in and governed by Boulder County. The project was awarded 4% Federal tax credits in 2023. Spine Road Apartments will consist of 65 affordable housing units in eight three-story buildings.
Hughes Station (Brighton, CO: $3.6M – Adding 120 rental units)
The Housing Authority of the City of Brighton was awarded a $3.6 million grant for the acquisition and rehabilitation of Hughes Station Apartments, an existing 120-unit project consisting of one, two, and three-bedroom units affordable to households earning between 30% and 60% of area median income (AMI). The affordability mix includes 18 units at the 30% AMI (15%) and an average AMI of 48.3%.
To address the needs of an ever-changing population, the State of Colorado aims to provide a continuum of housing options for households with varying needs and AMI, as well as for persons seeking housing in conjunction with social services.
For complete information on Housing Board grant approvals, please visit the State Housing Board website.
