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Opening of Ash Street Apartments Marks Completion of Denver’s Five-Year Affordable Housing Goal One Year Early

Affordable Housing Project Providing 112 New Affordable Apartments

Denver’s progress in addressing affordable housing challenges reached a major milestone today with the opening of the Ash Street Apartments in the Hale neighborhood. In addition to adding 112 income-restricted apartments for low- and moderate-income households, the opening marks the completion – one year early – of Mayor Michael B. Hancock’s “3x5” initiative of building, rehabilitating and preserving at least 3,000 affordable housing units over five years.

“Reaching our goal a year ahead of schedule is a phenomenal achievement, and I couldn’t be prouder of how this city marshalled our collective resources to deliver more affordable options for our people,” Mayor Hancock said. “The opening of Ash Street Apartments is a major milestone, and we’re going to continue to pull on every lever we can to offer more affordable options for our residents.”

Located at 1170 Ash St., the Ash Street Apartments offers units ranging from one to three bedrooms for households earning up to 60 percent of the area median income ($35,280 for a one-person household, or $45,360 for a household of three). Developed by Koelbel and Company, Mile High Development and Longs Peak Advisors, the $24.9 million project spans an entire block within the redevelopment of the old University of Colorado Health Science Center. Amenities of the five-story building include private balconies, 92 covered parking stalls, and a second-floor community garden deck.

Public finance partners include the Denver Office of Economic Development (OED), Colorado Housing and Finance Authority (CHFA), and the Colorado Division of Housing. The OED provided $1 million from its revolving loan fund as well as $700,000 in financing from federal housing funds to help support the development; the loans guarantee an affordability period of at least 40 years on all units.

Hancock announced the 3x5 initiative in the 2013 State of the City Address as a response to the shortage of affordable housing. Adopted prior to Denver’s new $150 million Dedicated Housing Fund, 3x5 sought to boost production to an average of 600 units annually, including construction, and rehabilitation/preservation of existing affordable units.

About the 3x5 housing units:

  • A total of 49 housing developments produced 3,004 units throughout the city
  • Units include 2,865 rentals and 139 for-sale homes
  • 45% of the units are designated for one or more special populations such as seniors, veterans, homeless, individuals with disabilities, and ex-offenders
  • 57% of the units are 1-bedroom, 28% are 2-bedroom, 7% are 3-bedroom, 2% are 4-bedroom, and 6% are studios
  • 71% of the units are located in areas vulnerable to gentrification, as identified in the OED Gentrification Study
  • 97% of units are within a quarter mile of high frequency bus route, and 47% of units are within a half mile of a mass transit rail station
  • All units are income restricted for qualifying individuals, with the majority (64%) reserved for households earning from 51 to 60 percent of the area median income (up to $35,280 for a one-person household)
  • The average restriction time period on the 3x5 units is 29 years
  • 66% of the units received funding support from the OED

Tenants will begin moving into the Ash Street Apartments later this month, and approximately 60% of the units are leased. For more information on leasing visit silva-markham.com/communities/ or contact Silva Markham Property Management at 303-835-8181.

A number of other affordable housing projects are under construction citywide, including 989 units funded or administered by the OED. In addition, a total of 18 additional affordable developments are anticipated to begin construction in Denver by summer 2018, delivering 1,633 additional income-restricted units.