Boulder Housing Partners successfully completed a project known as Project Renovate in December 2016. Project Renovate represents an agency-wide effort to recapitalize and convert six properties within our Public Housing portfolio into tax credit properties.
We were the first housing authority in the Mountain Plains region to complete a Rental Assistance Demonstration (RAD) transaction and the sixth largest RAD deal to close and complete in the country.
Preserving Affordability and Revitalizing Communities
Project Renovate preserved deep affordability for all residents through new, Project-Based Section 8 contracts. The six sites house 279 of Boulder’s most economically vulnerable families, seniors, and individuals with disabilities. The revitalization created three new community centers, renovated full exteriors and interiors of all apartments, provided for full landscape and utility upgrades, and added many energy efficiency and unit amenities such as washers/dryers and ceiling fans.
How We Financed Project Renovate
BHP received HUD approval through the Rental Assistance Demonstration Program and the Section 18 Demolition and Disposition Program to release these six properties from the asset restrictions of the Public Housing program and to provide significant rehabilitation using a 4% LIHTC financing structure and Private Activity Bonds (PABs).