DENVER — As housing costs continue to rise in Denver and residents struggle to find homes they can afford, the city plans to bring more affordable housing to East Colfax in 2020.
Mercy Housing Mountain Plains and Brothers Redevelopment, Inc., nonprofit developers, will work with Denver Economic Development and Opportunity to build about 155 income-restricted apartments on East Colfax on Denver-owned properties.
The three properties are part of the city’s plan to develop new affordable housing, and all are within a quarter-mile of future Bus Rapid Transit stops, according to a news release from Denver Economic Development and Opportunity.
Mercy Housing Mountain Plains will build about 83 income-restricted apartments at 8315 E. Colfax Ave. and 1500 Valentia St., and will lease ground floor commercial space to an early childhood education services provider.
The building at 8315 E. Colfax Ave. was previously a strip club, which the city decided to purchase for $1.3 million in 2017 in preparation for adding affordable housing to the area.
People with an income of up to $52,000 for a single-person household or up to $74,250 for a family of four can rent the majority of the apartments, and about 17 will be rented to area residents making up to $19,500 for a single person or $27,850 for a family of four.
Brothers Redevelopment, Inc., will build 72 apartments at 7900 E. Colfax Ave. for city residents who previously experienced homelessness. Brain Injury Alliance of Colorado will team up with Brothers Redevelopment to provide on-site services to families.
The city will sell the properties to Mercy Housing Mountain Plains and Brothers Redevelopment, Inc., for $10 if the Denver City Council approves the agreement, in return for a 99-year affordability period. The apartments are expected to open in 2020.
“We’re thrilled to work alongside two mission-driven nonprofit development partners to bring much-needed affordable homes and early childhood education to East Colfax,” said Britta Fisher, chief housing officer for Denver Economic Development and Opportunity, in the release. “Through these land acquisitions and city-led development approach, we’re striving to ensure that hard-working residents and our most vulnerable can benefit from the public and private investments taking shape along East Colfax and make a home here.”
For more information, go to the East Colfax Registered Neighborhood Organization meeting at 6:30 p.m. July 16, at Counterpath, 7935 E. 14th Ave.