Animals Village Apartments Predevelopment Loan Closed

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...

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Marston Pointe Apartments

MHCLF teamed up with Funding Partners to provide a $2 million subordinate acquisition loan to help Metro West Housing Solutions acquire Marston Pointe Apartments in Lakewood.  The 160-unit complex built in the late 1990s was approaching the end of its tax credit compliance period and it becomes the tenth apartment community property in MWHS’s portfolio. The loan request exceeded MHCLF’s loan limit but with the participation of Funding Partners and their purchase of $1 million of the note, the transaction closed.  The Marston Pointe Apartments transaction represented the third acquisition in the last two years where MHCLF and Funding Partners have done loan participations. The Marston Pointe Apartments is a mixed income property with 41% of the units restricted at 50-60% AMI.  The property is made up of eight buildings on 8.75 acres and community amenities include pool, playground, fitness center, clubhouse with kitchen and business...

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Garden Court Apartments

Three hundred low-income families and seniors are enjoying lower energy costs thanks to a $1.05 million weatherization project managed by Energy Outreach Colorado (EOC) and funded, in part, by a five-year $325,000 MHCLF mini-perm loan.  The affordable housing community, owned by Rocky Mountain Communities, was upgraded with the installation of new heating boiler plants in each of the 14 buildings, new refrigerators and energy efficient lighting throughout the property.  The improvements complement other updates including new siding and insulation that were installed in 2008. In addition to EOC and MHCLF, Denver Office of Strategic Partnerships, Department of Energy, Low-Income Energy Assistance Program, Xcel Energy and Rocky Mountain Communities helped fund the...

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Small Facility Loan – First Class Impact

Small Facility Loan – First Class Impact Since 1989 Capitol Hill Action and Recreation Group, Inc. (CHARG) has been providing health services free of charge to low-income mentally ill individuals in Capitol Hill and the Denver metro area. CHARG purchased its current building, the CHARG Resource Center, in 1994 and provides counseling, psychiatric services, group workshops, and other activities for low income mental health consumers who might otherwise never access treatment. Serving approximately 500 people a year, the Resource Center is a place where mentally ill individuals can spend time and feel safe. Located in the heart of Capitol Hill, the 100-year-old building had been generally well maintained, but was in need of major rehabilitation and upgrades, including the need for replacement of the entire plumbing and sewer system. “This building is the cornerstone of the community we’ve built over the years,” said Executive Director David Burgess. “My biggest concern was that one of the pressurized water lines was going to break and completely ruin it.” A $75,000 loan from MHCLF complemented a City of Denver grant, allowing CHARG to move ahead with the critical renovation. The $350,000 project included electrical system upgrades, window and roof replacement, a new main kitchen, new meeting spaces, remodeled kitchens and bathrooms in the two living units, interior and exterior paint, carpeting, flooring and landscaping. “Typically, people with mental illness have been regulated to substandard facilities,” said Burgess, “By fixing this building we are giving our clients knowledge that they are as worthy of a first-class facility as anyone, and they take pride in the building.” The CHARG project was the first funded under MHCLF’s recently established TUP Legacy...

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‘The Fourth Quarter’ Victory

‘The Fourth Quarter’ Victory William “Bo” Matthews is known to many as a former NFL football star who was the top draft pick of the San Diego Chargers from University of Colorado in 1974. Since retiring, however, Matthews has become a committed philanthropist. In 2001 Matthews founded the first nonprofit Bo Matthews Center for Excellence (BMCE) in his home state of Alabama, which focused on academic support, tutoring and mentorship of underprivileged youth. Upon returning to Colorado in 2005 Matthews founded a Colorado nonprofit corporation of the same name but with a broader focus. Matthews’ efforts started with a personal acquisition of a large building in Five Points to “incubate” local area nonprofits. The BMCE entity itself grew into an employment training and service provider for women transitioning out of the Department of Corrections and, more recently, for any homeless individuals referred through the Denver’s Road Home provider network. Within the last two years, BMCE has secured contracts with the City of Denver and the State to provide these services out of the BMCE center at 30th and Downing streets. Matthews took bold action in 2008 to expand BMCE’s capacity to provide housing and services to homeless individuals. He and partner Claudie Minor assembled a development team and successfully competed for a 20-year annual subsidy from Denver’s Road Home initiative to provide housing and services in a proposed 28-unit rental development. The site of the project – called Fourth Quarter Apartments – is on the southeast corner of Martin Luther King Boulevard and Downing Street. The 14,000 square feet site is made up of four parcels, three of which were already owned by Matthews. Negotiations with the Good Neighbor Agreement contributed to the expansion the project to four stories and 36 units, and created the ability to diversify the income level of residents. MCHLF assisted the project with two predevelopment loans – the first, a $75,000 unsecured loan made in 2008, and a second secured predevelopment loan for an additional $250,000 was made following the award of a tax credit allocation in 2009. The Fourth Quarter project used the Tax Credit Exchange Program funded under the American Recovery and Reinvestment Act (ARRA) and administered by CHFA to secure the equity needed to proceed. The project, when completed in 2011, will have 28 units restricted to 30% AMI, 5 units restricted to 50% AMI and three unrestricted...

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Zephyr Apartments

MHCLF’s $715,000 loan to St. Charles Town Company supports the Zephyr Apartments project to be located in Jefferson County.  Project financing was structured as a 24-month acquisition loan of $515,000 and a $200,000 predevelopment loan.  The site will be developed using 4% LIHTC and HUD financing. Zephyr Apartments will stand on a 46,200 sq. ft. parcel located at 14th and Allison Street in Lakewood and will be within three blocks of the West Line Light Rail Station at Wadsworth.  The 94-unit, low- to moderate income multi-family housing project will consist of one, two and three bedroom apartment homes, a clubhouse, 65 off-street parking spaces and 31 on-street parking spaces.  The project expects occupancy early- to mid-2015 with 100% of the units targeted to households at or below 60%...

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