Jul 10, 2019
Financing from Denver’s Dedicated Affordable Housing Fund Supports Construction of Moline Apartments
Mayor Michael B. Hancock, City Councilman Christopher Herndon and other officials celebrated today’s grand opening of the Moline Apartments at 2820 Moline St. in Stapleton. The three-story apartment building provides 180 units of much needed affordable rentals, including single-bedroom and 2- and 3-bedroom units suitable for families.
All units are exclusively for households earning up to 60 percent of the area median income (up to $39,000 for a single-person household, or up to $55,680 for a family of four).
“For 180 hard-working families who will have access to greater housing stability thanks to the Moline Apartments, this is our commitment to improving affordability for Denver residents in action,” Mayor Hancock said. “We’re proud to support this affordable housing community through our Affordable Housing Fund, and we’ll continue to prioritize and expedite partnerships with affordable builders to create and preserve more attainable options throughout the city.”
Developed by Northeast Denver Housing Center (NDHC), the Moline Apartments offer residents a community room, recreation room, bike storage area, leisure areas, children play areas, and 209 parking spaces.
The Moline Apartments development is among the first completed new construction projects that received funding from Denver’s dedicated Affordable Housing Fund. Denver Economic Development & Opportunity provided a $2.6 million in gap financing to help make the project viable.
Other public finance partners include the Colorado Housing and Finance Authority and the State of Colorado. Stapleton’s master developer, Brookfield Properties (formerly Forest City), donated the land and financial support.
“Placing housing units in communities of opportunity where you find good transportation access, shopping, jobs and schools is key for the long-term wellbeing of residents and their dependents,” said NDHC Executive Director Gete Mekonnen. “NDHC is proud to continue building affordable housing with such character as Moline Apartments does — a well-placed and built home.”
NDHC has received more than 150 leasing applications and anticipates having all units fully leased by the end of August. Applications are continuing to be collected. For more information, contact The Ross Management Group at 303-817-4012.
The Moline Apartments is the latest city-funded affordable housing development to open in Denver. A total of 1,423 affordable units that have received city financing are currently under construction at 18 sites throughout Denver, and an additional 458 units are anticipated to break ground over the next year.