Village on Eastbrook, a development planned by Housing Catalyst, the city of Fort Collins’ housing authority, was named Wednesday as one of the first 16 recipients that will share $25.34 million in land-banking funds through the voter-approved Proposition 123. Housing Catalyst will receive $1.61 million to develop the project, according to the offices of Gov. Jared Polis, the Colorado Office of Economic Development and International Trade, and the Colorado Housing and Finance Authority. The funding is intended to support Colorado communities as they acquire and preserve land for affordable housing. Located at 3221 Eastbrook Drive, Village on […]
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13 housing projects in Colorado awarded federal 9 percent tax credits
Thomas Gounley photo)
Thirteen planned income-restricted housing projects in the state have been awarded federal 9 percent low-income housing tax credits.
The Colorado Housing and Finance Authority (CHFA), which allocates both state and federal housing tax credits in Colorado, released a list this week of the projects. Combined, they will have 882 income-restricted units.
There are two types of federal housing tax credits: 9 percent and 4 percent. The 13 projects were chosen from 25 applications that CHFA received for the 9 percent credits this year.
Developers sell the tax credits to investors to raise equity for their projects, according to CHFA. The equity reduces the amount of debt financing or other funding sources needed to make the development financially feasible with the rent limits required under the programs.