The Edge – A New Affordable Rental Community
PRESS RELEASE- For Immediate Release
The Loveland Housing Authority has begun construction of its newest affordable rental community-The Edge. The Edge is a 70 unit development targeted to working families and survivors of the 2012 High Park Fire and 2013 September floods. In addition 10 of the apartments are being developed as permanent supportive housing for formerly homeless veterans transitioning out of temporary housing; with many of the supportive services provided by local agencies.
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. Once the project is completed, permanent financing will be provided by the Bank of Colorado. “We’ve been working on this development for the last three years and it’s great to see it finally get started,” stated Sam Betters, Executive Director of the Loveland Housing Authority. “Over this same period of time we’ve seen rents in our community far outpace wage growth and the availability of any rental units at any price is at an all-time low”. “In addition our nation is experiencing the highest rates of homelessness by veterans ever. After the 2013 floods, we accelerated our efforts to get this project financed and built as quickly as we could”, stated Betters.
The Edge is being constructed on the old Crystal Rapids Water Park site near East 15th Street and Boyd Lake Avenue. Pinkard Construction is the general contractor building the project. The first residents are scheduled to move in September 2016.
For More information contact Sam Betters, Executive Director at firstname.lastname@example.org or 970-635-5917