Overview
Bridging the housing gap in Broomfield
Safe, secure, and affordable housing is critical for positive family outcomes across the United States. For the City of Broomfield, it was a priority to introduce new affordable housing that met the needs of its residents after a hiatus spanning more than two decades. Previously existing affordable housing in the area lacked quality and limited availability often forced low-income households to live with few options.
Built in 2022, Academy Place Apartments delivered 50 newly constructed affordable homes packed with valuable services that enhance the overall quality of life for its tenants, which included four refugee families. The development represents more than just shelter and a home for its residents; it provides an opportunity to be in a safe place where families can thrive and establish roots with a new community.
Project Details
Location
Broomfield , CO
Size
50 homes
Tenancy
Families
Total Project Cost
$17.3 million
Total LIHTCs
$12.6 million in 9% Federal
Project Amenities
Community Room
Business Center
Picnic Area
Fully-equipped Kitchen
Shared Garden
In-unit Washer/Dryer
Exercise Facility
Playground
Water Conserving Fixtures
Resident Support Services
Awards & Recognition
2023 Novogradac Journal of Tax Credits
Development of Distinction Award for Family Housing
01
Challenge
Addressing the affordable housing shortage
In 2018, Broomfield faced a shortage of 1,286 affordable housing units for households earning less than $20,000 per year. At the same time, the Broomfield Resettlement Task Force welcomed refugee families from Afghanistan looking for a home where they can begin new lives in the United States. As such, it was crucial to prioritize the provision of safe, secure, and affordable housing for Broomfield's most vulnerable residents.
02
Solution
Providing a place that serves as a lifeline
As Broomfield became an epicenter for Afghan refugee families, developer Summit Housing Group adapted the development to meet the immediate need of the refugee crisis by working to ensure a safe, sanitary and secure place to live through a key partnership with Broomfield FISH, a nonprofit that has served as a vital community resource for families for more than 57 years. Modifications were made to have five of the units target refugee families with Broomfield FISH as the referral agency, enabling the project to serve as a powerful lifeline for some of the displaced families.
To make the development a reality, $12.6 million in federal low-income housing tax credits (LIHTC) were syndicated through Hunt Capital Partners Tax Credit Fund 37. BBVA USA provided a $13 million construction loan and Rocky Mountain Community Reinvestment Corporation provided a $5.1 million permanent loan. Additional funding sources included a Colorado Department of Housing Loan and property tax abatement from the City of Broomfield.
03
Result
Creating opportunity for families to thrive
Academy Place Apartments offers a mix of one-, two-, and three-bedroom affordable homes for low-income families earning up to 30%, 40%, 50%, and 60% of the area median income and fosters an environment where residents can flourish in high-quality living spaces. The homes feature modern amenities that are not typically seen in comparable affordable rental housing units in the area, such as a patio/balcony, efficient heating and cooling systems, dishwashers, microwave ovens, refrigerators with freezers, and in-unit washer and dryer machines.
Beyond housing, residents also benefit from a range of supportive resident services through Broomfield FISH. The services are aimed at promoting positive impact for residents and include financial literacy, transportation assistance, and job skills workshops, all offered at no cost to the residents.
