DENVER (KDVR) – Ground was broken on Thursday morning in the spot where 82 affordable housing units are to be built to address the household financial crisis sweeping the nation, a trend being especially felt here in Colorado.

Mayor Michael Hancock was in attendance as shovels unearthed dirt, signaling the launch of a construction project aimed at affording low- and mid-level income families with the chance to flourish in Denver by helping them build financial stability.

Back in 2017, the property located at 8315 E. Colfax Avenue was acquired by the City and County of Denver. After undergoing a vetting process, the ownership of the property was turned over to Mercy Housing Mountain Plains.

“The Rose on Colfax will support families in Denver, by creating homes and supporting their children’s development through the Mile High United Way Early Childhood Education Center,” said Dee Walsh, the executive vice president and COO of Mercy Housing Mountain Plains, who was also in attendance during the groundbreaking ceremony on Thursday.

The structure will be five stories tall and will contain one-, two-, three- and four-bedroom units, a fifth of which will be restricted to households with incomes of up to 30% of the area’s median income. Other units will be set aside for families with 70% of the median income.

Affordable housing projects across the Denver metro

This is another project that spawned from the efforts over at Denver’s Department of Housing Stability, which contributed $3.5 million to help finance the $29.4 million project.

However, this is not the only structure going up under these community lifting efforts overseen by Denver’s Department of Housing Stability.

Just last month, a joint effort between housing developer Gorman & Company, the local nonprofit Laradon and HOST opened 131 affordable units in Globeville. It has been named The Stella and it is located at 5190 N. Broadway.

Separately, Wildhorse Ridge, an affordable housing complex currently under construction, will consist of 119 homes for families that make between 30% and 70% of the Area Median Income.