Arapahoe Green is designed to address the need for affordable housing in metro Denver. The entire project is targeted toward families with incomes at or below 60% of the area median income.
Ten percent of the site is earmarked for 60% of the AMI, or $36,750. Thirty-four of the units, or 56% of the site, will be targeted for families at 50% AMI, or $26,350 for two-bedroom units and $30,475 annual income for three-bedroom units. One two-bedroom unit will be set aside for someone with 40% AMI, or an income or a maximum of $21,080. Eighteen units will be set aside for families earning a maximum of $15,810 a year and 33% of the site will be reserved for formerly homeless families participating in a transitional housing program.
US Bank provided a construction and permanent loan for the project. Other funding came form the Low Income Housing Tax Credit Program, the Federal Home Loan Bank's Affordable Housing Project, and from the state of Colorado and Arapahoe County.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
