Developers have taken a step forward in bringing 158 affordable homes to the Sloan’s Lake neighborhood in Denver.
The NHP Foundation (NHPF) announced it has acquired land for its third Colorado deal this year. The 0.9-acre parcel will be developed by managing partner Zocalo Community Development. The land was purchased from the longtime land owner in partnership with Zocalo.
In addition to being the new land owner, NHPF is serving as a limited partner and consultant.
Liora at Sloan’s Lake will be home to residents earning 30%, 50%, and 60% of the area median income.
“Liora, and the entire redevelopment of the broader site at Sloan’s Lake, supports our mission to create housing affordability at all levels, both for-sale and for-rent,” said David Zucker, CEO of Zocalo Community Development. “Our partnership with NHPF reinforces Zocalo’s commitment to real estate development that balances investment returns, community, and environmental impact.”
Financing partners for the $60 million development include the Colorado Housing and Finance Authority (CHFA), which provided tax-exempt bonds and 4% low-income housing tax credits, which generated $24.5 million in LIHTC equity from a PNC Bank-managed fund; the state of Colorado and CHFA, which offered a $3.85 million Proposition 123 land loan; an $18.5 million loan from BWE, a $9.5 million in subordinate debt from the Colorado Division of Housing; and several million dollars in deeply subordinated loans from Zocalo.
“This project meets all three of the CHFA Proposition 123 Land Banking Program priorities: providing transit-accessible, high-density housing within 2 miles of downtown Denver; serving households at a mix of income levels; and ensuring environmentally sustainable development,” said Neal Drobenare, senior vice president of NHPF. “We are proud to expand our footprint in Colorado with another community designed for long-term affordability.”
The development will be built to meet Enterprise Green Communities Plus standards, featuring an all-electric HVAC system and other environmentally conscious design elements.
Earlier this year, NHPF broke ground on 54 units of workforce housing, Galena St., in Frisco. NHPF also acquired 101 W. Main in Frisco, where the organization will construct 52 units of workforce housing, with space reserved for service providers or local businesses.