Opening November 2016
The Loveland Housing Authority will complete construction of its newest affordable rental community -The Edge in late December, 2016. The Edge is a 70 unit development for working families, survivors of the 2012 High Park Fire and 2013 September floods and veterans. Ten of the apartments are being developed as “permanent supportive housing” for formerly homeless veterans with many supportive services provided by local agencies. This arrangement is a “housing first” model which helps the Veterans establish a safe, stable place to live, before they can work on other improvements to their lives, such as educational and vocational opportunities, etc.
The Edge is being developed in partnership with Wells Fargo and Sugar Creek Capital as equity investors; purchasing the federal and state tax credits that were awarded this project by the Colorado Housing and Finance Authority (CHFA). “It is an honor and privilege for Wells Fargo to be a partner in The Edge, which will provide much needed quality affordable housing to families, formerly homeless veterans, and survivors of the 2012 High Park Fire and 2013 September floods,” stated Neal Deaton; Senior Vice President for Wells Fargo Community Lending & Investment. This will be one the first affordable developments built in the state utilizing the recently created Colorado State Low Income Housing Tax Credit program. “The tax credit program is a critical tool to address Colorado’s growing affordable housing crisis. Sugar Creek is grateful to be able to invest in a project that will mean quality homes for families that otherwise don’t have decent housing alternatives,” said Sugar Creek Capital president Chris Hite. Wells Fargo Bank is also providing the construction financing for the project.
In addition the project received a $2.7 million dollar 0% interest rate loan from the federally funded Community Development Block Grant Disaster Relief program (CDBG-DR) administered by the Colorado Department of Local Affairs. The City of Loveland provided over $1.3 million in fee waivers and other contributions for the project. Now that the project is near completion, permanent financing will be provided by the Bank of Colorado. The Edge is located on the old Crystal Rapids Water Park site near East 15th Street and Boyd Lake Avenue. The address is 3875 E. 15th Street, in Loveland. Pinkard Construction is the general contractor building the project.
The wait list was opened on September 14th, and after a screening and selection process the first residents will move in during the month of November. To apply, interested applicants can come to the Loveland Housing Authority office at 375 W. 37th Street, Suite 200 in Loveland to complete an application. Applicants will be screened on a “first come, first serve” basis and applicants must income qualify.