Special Limited Partners
Florence Square PHASE I
- Completed February 2005
- 100 one- and two-bedroom units
- 30,000 sf of retail space
- Workforce Housing: all units income restricted to those earning between $20,000 - $32,000 annually (= 40% and 50% of the Area Median Income)
- Estimated Total Development Costs of $12.7 million; $7.24 million of which is private equity investment generated by the LIHTC sales proceeds (57% of total development costs)
- AHA investment is as a special limited partner with minority interest.
- AHA's participation allows for developer to achieve significant savings in both initial development costs and on-going operating expenses:
- Exemption from real property taxes for project, annual value of $30,000.
- Exemption from sales tax on the construction materials, estimated at between $120,000 and $160,000.
- AHA to provide property management and resident qualification services
- AHA's participation allows for developer to achieve significant savings in both initial development costs and on-going operating expenses:
Florence Square PHASE II
- Estimated construction start: Winter of 2006
- 110 one- and two-bedroom units
- Workforce Housing: all units to be income restricted to those earning $38,000 annually (60% of the AMI)
- Estimated Total Development Costs of $18.2 million; $4.9 million of which is private equity investment generated by the LIHTC sales proceeds (27% of total development costs)
- AHA investment is as a special limited partner with minority interest.
- AHA’s participation allows for developer to achieve significant savings in both initial development costs and on-going operating expenses:
- Exemption from real property taxes for project
- Exemption from sales tax on the construction materials
- AHA to provide property management and resident qualification services
- AHA’s participation allows for developer to achieve significant savings in both initial development costs and on-going operating expenses:
Prentice Place Lofts
- AHA is Special Limited Partner with for-profit developer MBR Development
- 100 loft-style units in Denver Tech Center, all one- and two-bedrooms. Located within one-half mile of Fast Tracks light rail, due to open in 2007
- Construction started August 2005, with anticipated completion in June 2006
- All units restricted to those at or below 60% AMI
Willow Street Residences
Willow Street Residences is a joint venture between the Aurora Housing Authority and the Community Housing Development Association. Willow Street is an 80-unit affordable rental housing property located at 1381 South Willow Street in Arapahoe County. The property opened in mid-2000, and consists of one-, two-, and three-bedroom units. All of the units are restricted to those households of modest incomes. Twenty percent (20%) of the units are occupied by those with developmental disabilities, prior substance abuse, and/or mental illness, and who earn less than 30% of the area median. These clients receive assistance provided by local providers specializing in service-supported living opportunities. At the invitation of the ownership, AHA became a partner in this venture in fall 2005.