El Paso County commissioners have approved tax breaks for a 137-unit affordable housing apartment complex in the cityâs Southeast.
Colorado Springs Urban Renewal Authority will oversee the project, to be built by the Kansas-based Cohen-Esrey Development Group.
Construction on the four-story, $35 million development at the intersection of South Academy Boulevard and Verde Drive â called the Lofts at 1609 â is slated to begin in late October or mid-November. Itâs expected to be complete in May 2023.
The complex will include one-, two- and three-bedroom apartments, with rents ranging from $459 to $1,485 a month â 17-25 percent lower than market rate.Â
Theyâll be available to tenants earning up to $57,000 annually.
1 of 3
State officials onThursday announced funding for this new affordable housing building near downtown Mankato. All but 10 apartments in the proposed 48-unit Sinclair Flats building are to be reserved for people making 30-60% of the area median income.
The Neighborhood, a proposed $36 million affordable housing development, should begin construction by fall of 2021 after a portion of the project â the 48-unit apartment building (right) â was awarded state funding Thursday. The two buildings (left) aimed at seniors will be constructed a year later if state funding is awarded next year. The overall project also includes market-rate townhouses and possibly a preschool and day care.