ARAPAHOE COUNTY, Colo. — As Denver7 continues to cover solutions to affordable housing needs in Colorado, it's common to see construction, groundbreakings, and new complexes opening at affordable rates, but there are also efforts to preserve homes that are currently affordable.
"Preservation must continue to be a part of solving the affordability challenge," said Perica Bell, Managing Director, head of preservation at April Housing.
April Housing is based out of Los Angeles and reports to oversee one of the nation's largest low-income housing tax credit (LIHTC) portfolios.
They hope to take over the Reserve at South Creek apartment complex near S. Jordan Road and E. Broncos Parkway, near Dove Parkway, which already has dozens of affordable housing units, and preserve it.
"Demand continues to outpace the production of new housing," said Bell. "So continuing to build new housing alone, without concerted efforts to preserve existing quality, affordable housing, will continue to result in a net loss."
Their current proposal is to partner with Arapahoe County to preserve the 69 existing affordable units and transform the other 99 market-rate units into affordable units. All units will be rented at an affordable rate to households earning 60% or less of the area median income.
"We want to ensure that our families are staying rooted within their communities, so their children can continue their education, their pre-existing school districts, and we continue assisting individuals with employment," said Elizabeth Loomis, division manager of community development, housing and homeless services at Arapahoe County.
The county would have a 1% interest in the development, if approved by the Arapahoe County Housing Authority at its meeting next week.
"It's really a step-by-step process, the second portion of this is then going to the State and basically applying for these tax credits and bonds," said Bell. "That process kind of dictates the timeline. It could be as fast as the end of the year. It could take a little bit longer."
Arapahoe County recently surveyed thousands of its residents and asked them to identify their community priorities. According to the county, 31% identified housing as a priority.
Part of the proposal would include April Housing taking over renovations and safety improvements of the units.
"We go through a process known as re-syndication. It's a process by which existing tax credit properties essentially go in and get another tranche of tax credits, and in many cases another tranche of tax dvantage, financing that allows us to make substantial renovations and improvements to the residents homes," said Bell. "The residents get a refreshed and renewed home, often with updated amenities, and they also get the assurance of longer term affordability."
The Arapahoe County Housing Authority will meet on Jan. 27 to discuss the plan.
