Apr 06, 2018
DENVER – A new affordable 180-unit rental project in Stapleton, the Moline Apartments, was celebrated at a groundbreaking ceremony today with city officials, including Mayor Michael B. Hancock, the Northeast Denver Housing Center and Stapleton master developer Forest City. The Moline Apartments combine tax credits and several targeted voucher programs to include 40 units for very low-income residents, including veterans experiencing homelessness and people with disabilities.
“The Moline Apartments are truly exceptional in several ways, including bringing multi-bedroom units for hard-working families who need them, and we’re proud to support efforts that offer more affordable options to our residents,” Mayor Hancock said. “The Northeast Denver Housing Center has to date delivered ten affordable projects to Stapleton, and Moline is another great example of maintaining a vision for mixed-income communities, and doing the heavy lifting to make it happen.”
The project is among the first to receive funding from Denver’s dedicated affordable housing fund. All 180 units count toward the Stapleton Affordable Housing Plan and all will be income-restricted for a 40-year covenant period.
The City and County of Denver provided a $2.6M cash flow loan to the nearly $36M project, which was awarded 4% in Federal Low-Income Tax Credit Equity – the equivalent of about $9.5M.
As the nonprofit developer, the Northeast Denver Housing Center secured support from the HUD Veterans Affairs Supportive Housing Program, which provides rental assistance vouchers specifically targeted to homeless veterans. The Moline Apartments also qualified for the Section 811 vouchers to allow persons with disabilities to live as independently as possible by subsidizing rental housing opportunities and ensuring access to appropriate supportive services.
Located at 2820 N. Moline St., construction begins later this month and is expected to be complete in spring 2019.