MHCLF recently closed a $250,000 secured predevelopment loan to MGL Developers, a Denver-based affordable housing development group. MGL received a 9% LIHTC allocation in 2013 for their Animas Apartments project in Durango. The project will serve families with 5 units at 30% AMI, 15 units at 50% AMI and 30 units at 60% AMI. Fifty apartments, half one-bedroom and half two-bedrooms, will be developed on the 3.09 acre site that is the last phase of the eight phase East Animas Village Planned Development.
The predevelopment loan closed in less than a month following the December 2013 approval and is the first laon made by MHCLF for a La Plata County project.