Aug 31, 2017
172 senior homes upgraded and preserved as affordable units for an additional 20+ years
City officials today celebrated the completion of significant renovations to Kentucky Circle Village, an 8-acre, income-restricted apartment community for seniors age 62 and older. The renovations and upgrades bring Kentucky Circle Village’s 172 homes up-to-date, while ensuring continued affordability at the site for at least another 20 years.
The $3 million project received financing from several public and private sources, including the Denver Office of Economic Development (OED).
Established by a group of local churches in 1959, Kentucky Circle Village consists of 125 single-story, semi-detached bungalows nestled along the loop of Kentucky Circle, just east of Colorado Blvd. An additional 47 units were added within a multi-story building in 2000. A total of 147 of the units are for seniors whose income does not exceed $35,280 annually (60 percent of the area median income). The remaining 25 units are leased at market rate to seniors.
“We’re working tirelessly to make this a market and city that works for everyone, and it’s critical that we preserve the affordable housing options that exist today,” said Denver Mayor Michael B. Hancock. “We’re proud to play a role in improving the Kentucky Circle Village community, and in turn, extending affordability for residents today and well into the future.”
Property renovations included storm door replacement, new roofing, siding and masonry repair, painting, improved exterior lighting, furnace replacement, installation of low-flow toilets and faucet aerators, and major upgrades and repairs to landscaping and drainage systems.
Kentucky Circle Village is owned in partnership by Senior Homes of Colorado Foundation, Inc., a nonprofit organization (jointly owned by First Plymouth Congregational Church in Englewood, American Baptist Churches of the Rocky Mountains, and Green Mountain Presbyterian Church in Lakewood) and tax credit investor Midwest Housing Equity Group.
“We are thrilled to be able to continue our mission of offering affordable housing to seniors for even more decades to come, and certainly very thankful for our partners that made this renovation project possible,” said Julie Hoebel, executive director, Kentucky Circle Village.
The OED provided $410,000 in financing to help support the preservation of affordable units at Kentucky Circle Village. Other public financing partners include the Colorado Housing and Finance Authority and the Colorado Division of Housing.