COLORADO SPRINGS — A significant addition to affordable housing is on its way to Colorado Springs.
“This is not a baby step in meeting the need for affordable housing,” said Greccio Housing, Executive Director, Lee Patke, “Adding 168 new units is a great win and a great windfall for this community. The 168 new units are in addition to the 24 already exisiting Bentley Commons units that will be remodeled.”
The Bentley Commons Development is on Hancock Avenue near South Academy Boulevard.
Large apartment projects are happening all over Colorado Springs,
“But those are mostly market rate properties,” said Pikes Peak Housing Network, Executive Director Jill Gaebler
The Bentley Commons project is different.
This size of affordable housing project is not typical
“We see smaller properties, especially when it comes to affordable housing, because it's so expensive to develop,” said Gaebler, “They’re 30-40 units, but to have a major project like this is huge for our community.”
“We've worked on this project for years with the intention of today finally happening, we closed on financing in December broke ground in January,” said Patke.
The budget required for the build is close to $65 million.
The project is possible because three non-profits, Greccio Housing, Partners in Housing and the Rocky Mountain Community Land Trust partnered to create a plan and come up with funding.
Patke said, “We keep rents low by keeping debt service low, we take advantage of both local and state grants, some low interest loans. And we also participate in the Low Income Housing Tax Credit program.
The business plan provides housing for qualifying low-income individuals and families.
There will be one, two, and three-bedroom units.
Several dozen units will be reserved for veterans.
“All [units] will be restricted for households making 60% or less of area median income,” said Patke, “About 80% of those are going to be 50% or less, meaning that we have deep affordability at Bentley Commons.”
Construction is just starting and the goal for completion is mid 2025.
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