Nonprofit obtains property to manage renovations with Neighborhood Stabilization Program 2 funding
The Office of Economic Development has finalized a loan agreement on its first multi-family redevelopment project funded by the Neighborhood Stabilization Program II. The office provided $1.3 million in financing to Affordable Housing Communities, Inc. for the acquisition and renovation of 19 rental units located at 4410-4412 Morrison Rd.
Located in the Westwood neighborhood, the property consists of three separate apartment buildings. The complex sustains high occupancy rates, and the oldest building in the complex was constructed in 1954. The property fell into foreclosure earlier this year.
“This is a showcase example of federal stimulus dollars at work, advancing neighborhood revitalization on Denver’s west side,” said City Councilman Paul Lopez. “We’re proud to work with the nonprofit housing community to maintain long-term affordability for working families, while improving living conditions within a property that was in great need of rehabilitation and upgrades.”
Established in 2001, Affordable Housing Communities, Inc. is a nonprofit organization that develops, manages, owns and operates affordable housing.
The redevelopment process will include interior and exterior improvements, including landscape enhancements, stairway handrails, parking lot resurfacing, window replacements, appliance upgrades and replacement of flooring.
“Through the federal Neighborhood Stabilization Program, Denver is making a difference in assisting neighborhoods that have experienced the greatest incidence of foreclosure,” said LaCharles Keesee, executive director of the Denver Office of Economic Development. “We look forward to continuing these investments in single-family and multi-family homes throughout the City.”
The Neighborhood Stabilization Program is a federally-funded program that enables Denver to acquire, redevelop and resell foreclosed properties that might otherwise have been sources of abandonment and blight. Denver received approximately $19 million in NSP2 funding. About $12 million of that funding has been designated for the acquisition and rehabilitation of foreclosed rental multi-family properties. Denver has also received $9.6 million in NSP1 funds and has been awarded $2.7 million in NSP3 funds.