Denver, Colo., January 19, 2024 – In collaboration with faith-based developer Mile High Ministries (MHM), Hunt Capital Partners (HCP) celebrated the grand opening and ribbon cutting of Clara Brown Commons today. Located at 3701 York St., Denver, Colorado, Clara Brown Commons is a new four-story community-focused affordable housing development offering a mix of 14 one-bedroom/one-bath, 28 two-bedroom/two-bath, and 19 three-bedroom/two-bath apartment homes for low-income families earning up to 20%, 30%, 50%, 60% and 80% of the area median income (AMI).
“The shortage of affordable housing has been a longstanding concern in our city and is a high priority for all of us,” said MHM Executive Director Jeff Johnsen. “Clara Brown Commons helps bridge the gap by offering a critical opportunity for family households to access safe and secure housing through 61 units of affordable housing, prioritizing the most vulnerable members of our community.”
The ribbon cutting ceremony took place outside in front of the property’s community room. In homage to the local community, the site features large scale art installations from local Denver muralists Tony Ortega and Detour, as well as contributions by artists from local nonprofit Access Gallery. The day’s events concluded with an evening prayer dedication led by MHM’s chaplain team. Key remarks were provided by MHM Executive Director Jeff Johnsen, HCP Investor Relations Managing Director Amy Dickerson, Habitat for Humanity Executive Director Jamie Gomez, City of Denver District 9 Councilman Darrell Watson, and City of Denver Department of Housing Stability (HOST) Executive Director Jamie Rife.
“It’s projects like Clara Brown Commons that are making a lasting difference for Denver’s teachers, nurses, service workers and others who are tremendously challenged by our housing market,” said HOST Executive Director Jamie Rife. “We’re proud to partner with Mile High Ministries on this community, and to help stabilize the housing situation for many generations to come.”
The homes are equipped with modern amenities including a full-size refrigerator/freezer, electric range with recirculating hood, dishwasher, washer and dryer, ceiling fans, and coat closets. Residents have access to common area amenities such as a conference room, fitness room, children’s playroom, bike storage, mail area, sunroom, balcony, roof patio, and more. Clara Brown Commons meets 2020 Enterprise Green Communities certifiable standards and features Energy Star appliances, electric vehicle charging stations, photovoltaic solar panels, and storm-resistant construction materials.
“We are grateful to partner with Mile High Ministries in their mission to bring more affordable housing to Denver,” said HCP Investor Relations Managing Director Amy Dickerson. “Much like the project’s namesake, Clara Brown, the development marks the beginning of a promising future for some of the area’s lowest income families by offering valuable resident services, quality community spaces, and, most importantly, affordable places to call home.”
Spearheaded by MHM, the completion of Clara Brown Commons is the first step of a three-stage plan to enrich the Cole neighborhood in northern Denver. Seventeen Habitat for Humanity townhomes adjacent to the apartment complex will open next week. A future phase hopes to provide additional space for community services that MHM has been providing for 36 years, such as job training, family advocacy, early childhood education, youth mentoring, and more.
HCP facilitated the federal and ITC LIHTCs through one of its multi-investor funds. Lenders include Pacific Western Bank, who provided a tax-exempt $15.9 million construction loan, as well as a tax-exempt construction-to-permanent loan of $6.4 million. MHM provided a $6 million GP soft loan, composed of $1.8 million in City of Denver HOME funds, $1.5 million in Colorado Division of Housing HOME funds and $2.7 million in sponsor capital campaign funds.
Environmental Social and Corporate Governance (“ESG”) Investing
Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. An investment in affordable housing not only improves the living conditions of its residents, but it also helps to remove obstacles that stand in the way of creating a healthy, safe and stable home environment for low-income families and seniors. When families spend less on housing related expenses, they have more resources available for other essentials such as food and clothing, or even extracurricular activities and educational programs. One of the most significant benefits to providing quality affordable housing is an increase in an individual’s physical and mental health. Hunt Capital Partners’ affordable housing investments create a lasting effect on the people and communities they serve for generations to come.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $3.3 billion in tax credit equity in over 48 proprietary and multi-investor funds. HCP manages almost 760 project partnerships representing over 75,000 homes in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.
About Mile High Ministries
Mile High Ministries seeks God's peace for their city through the creative, compassionate, and prayerful development of people and communities. Since 1988, MHM has cultivated communities of hope and healing in the heart of their beloved city, Denver. They put their mission into action through supportive housing, leadership development, and initiatives that strengthen their neighbors’ capacity to thrive. MHM was awarded the 2023 Metro Vision Award from the Denver Metro Regional Council of Governments for excellence, innovation, collaboration, and leadership in problem-solving among communities and their partners.