Denver Breaks Ground on 82 Affordable Apartments
Published on April 07, 2022
The Rose on Colfax to offer homes exclusively for low- and moderate-income households
Mayor Michael B. Hancock, Councilman Christopher Herndon and other officials today celebrated a groundbreaking to kick off construction on a new, 82-unit apartment community, The Rose on Colfax. Developed by Mercy Housing Mountain Plains, the project will provide 82 income-restricted units exclusively for low- and moderate-income households, as well as an early childhood education center for tenants and the greater community.
“Denver’s hard-working residents and families deserve to be able to live under an affordable roof, and we’re deploying every tool available to us to make that opportunity possible,” Mayor Hancock said. “The Rose on Colfax delivers on helping ensure an affordable Denver for generations to come, with the support these residents need to thrive.”
Located at 8315 E. Colfax Ave., The Rose on Colfax is one of two sites acquired by the City and County of Denver in 2017 with the vision of ensuring affordability and community-serving uses along the rapidly changing corridor. Mercy Housing Mountain Plains was selected through a city procurement to develop the property into affordable housing, with a community-serving use occupying the ground-floor commercial space. The property was transferred to Mercy Housing earlier through a sale agreement approved by Denver City Council.
The five-story development will offer 1-, 2-, 3- and 4-bedroom units that are income restricted for a range of tenants at different income levels. Approximately one-fifth of the units (16) will be restricted for households with incomes of up to 30% of the area median income (AMI), which is up to $22,050 for a single-person household. Other units will be restricted at varying AMI levels, up to 70% AMI. A land use restriction on the property ensures affordability for 99 years.
“The Rose on Colfax will support families in Denver, by creating homes and supporting their children’s development through the Mile High United Way Early Childhood Education Center,” said Dee Walsh, executive vice president and COO, Mercy Housing. “We couldn’t be happier to partner with so many amazing organizations on this transformational development.”
The Rose on Colfax will offer free, onsite wraparound resident services programming to all Mercy Housing residents. These services, combined with the onsite early childhood education center, will meet families where they are and offer a solid foundation to help them reach their full potential.
Denver’s Department of Housing Stability (HOST) is providing $3.5 million in development financing toward the $29.4 million project. Other public financing partners include the Colorado Housing & Finance Authority and the Colorado Division of Housing.
The Rose on Colfax is the latest city-supported affordable housing development to begin construction in Denver. A total of 1,220 affordable units that have received city financing are currently under construction at 25 sites throughout Denver. An additional 840 income-restricted units are in the planning stage.