COLORADO SPRINGS — The city of Colorado Springs is working with developers to create affordable housing for seniors.
Thanks to Private Activity Bonds funds from the state, Colorado Springs might give $19 Million to Volunteers of America to develop on the Southeast side.
The new facility would be called Paloma Garden. It plans to feature 125 affordable units with 2 units reserved for on-site managers. It would be located near the intersection of Fountain Boulevard and Chelton Road.
Here's a mockup design of what Paloma Garden might look like when they expect to finish construction in the summer of 2024.
This comes as the rising demand for affordable housing increases in the Springs, especially among marginalized communities like senior citizens and the disabled.
This is part of state money that is sent to the city every year as an ongoing commitment to increase affordable housing units in Colorado Springs. Just this year, the city of Colorado Springs received $26.4 Million to build.
Demand for accessible housing has increased, especially among the elderly according to city Senior Affordable Housing Coordinator Katie Sunderlin.
"It is really important for us to continue to provide affordable housing options for our senior population. We continue to see growth with our aging population in Colorado Springs, we are a great place to retire. We as a city do want to encourage developments that have units that are restricted for seniors", says Sunderlin.
Doug Snyder is the Vice President of Regional Real Estate for Volunteers of America, the developer hoping to build Paloma Garden.
He says this project is the combination of two separate projects. They plan on demolishing 51 existing old units and building 76 new ones.
The entire project is expected to cost around $37 Million. Snyder says that the company has funding lined up for the project, and expects to close in the fall of this year.
Paloma Gardens would be built right next to Valley High Golf Course and offers housing for as low as $691 per month.
_____
Watch KOAA News5 on your time, anytime with our free streaming app available for your Roku, FireTV, AppleTV and Android TV. Just search KOAA News5, download and start watching.
