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Denver, Colo., Dec. 10, 2020 (GLOBE NEWSWIRE) -- Recently, the Colorado Housing and Finance Authority (CHFA) announced the recipients of state and federal housing tax credits awarded in its second competitive allocation round of the year. The Montbello FreshLo Initiative, a program of the Montbello Organizing Committee (MOC) that will include a grocery-anchored, cultural hub with affordable housing received an award of $1,267,504 in federal housing tax credits and $1,000,000 in state housing tax credits.
The credit allocation will allow MOC to leverage approximately $34 million in funds to build out the Montbello FreshLo Hub, a mixed-use development that will include 97 affordable housing units, from one to three bedrooms, for residents making 30 to 70 percent of the Area Median Income (AMI) which in 2020 is $24,000 to $56,000 in annual gross income for a two-person household in Denver County. The Hub will also include a cultural arts wing with a black box theater, grocery store, nutrition education center and office and retail spaces. Located near two bus stops, the Montbello FreshLo Hub is a community-led initiative that will be a hub for the Montbello neighborhood.