DENVER (KDVR) — On Monday, a $24.5 million loan, insured under the Federal Housing Administration, was approved to begin the process of building a townhome-style multifamily community near Denver International Airport.
According to the Office of Multifamily under the FHA, Wildhorse Ridge will consist of 119 homes for families that make between 30% and 70% of the Area Median Income.
The plan was launched by the Bellwether Enterprise Real Estate Capital, LLC and EC Wildhorse, LLC, W. Daniel Hughes, Jr., as well as the Housing Authority of the City and County of Denver. The State of Colorado’s Division of Housing will be providing grant money to partially fund this project.
The units will be broken up into nine 12-unit homes, and two wood-framed buildings with six units in both two-story and three-story models. Picnic areas, community gardens, parks, barbecue grills, boulder climbing areas and community rooms are all among the amenities listed in the plan.
Of the 119 units:
- 12 units will be set aside for residents making 30% of AMI.
- 47 units will be set aside for residents making 50% of AMI.
- 60 units will be set aside for residents making 70% of AMI.
- Each will have central air, blinds, walk-in closets, a garage, a dishwasher and a disposal.
Additional financial assistance for these future residents will also come in the form of 4% Low Income Housing Tax Credits as well as tax-exempt mortgage bonds from the Colorado Housing and Finance Authority.
Neighborhoods like these are constructed and installed in regions that need substantial and significant rehabilitation when it comes to inflated rates that have left many of the populace unable to realistically partake in the housing market.