Boulder Housing Partners Awarded Competitive Tax Credits for Diagonal Plaza Redevelopment

Boulder Housing Partners (BHP) ha alcanzado este mes un importante hito en la transformación de un aparcamiento abandonado y en ruinas en el 2850 de Iris Avenue en una nueva comunidad de 73 viviendas asequibles.

BHP is one of only 12 developers statewide to be awarded 9% federal and state housing tax credits by the Colorado Housing and Finance Authority, for its Diagonal Plaza development. The tax credits are worth as much as $13 million to help finance this 73-unit, two-building affordable apartment community.

The two-acre Diagonal Plaza redevelopment will consist of 40 one-bedroom apartments, 27 two-bedroom apartments, and six three-bedroom apartments for households earning between 30% and 60% of Area Median Income. For a one-bedroom apartment, this translates into monthly rents ranging from approximately $747 to $1,494. In addition, BHP will set aside five three-bedroom apartments for families experiencing homelessness, or at risk of homelessness, and will provide supportive services once they are housed.

As with all recent BHP tax credit projects, Diagonal Plaza will be an all-electric site with a goal of Net Zero Energy, a large solar array, easy access to public transportation including provision of Eco-Passes to residents, and water-wise landscaping.

“The Diagonal Plaza apartments will provide essential and beautifully designed affordable homes in this area that has long been blighted while helping the City of Boulder with its goal to transform the 28^th and 30^th Street corridors into mixed-use and mixed income walkable neighborhoods,” said Jeremy Durham, BHP executive director.

BHP’s Diagonal Plaza development is adjacent to a  parcel owned by Trammell Crow Residential (TCR), which will build 230 market rate apartments.  The two separate developments will share a community park, new sidewalks, access to city bike and multi-use trails and better access to high-frequency transit, grocery stores and neighborhood servicing retail stores.  TCR conveyed the two-acre property to BHP to satisfy a portion of their inclusionary housing ordinance requirement to the City of Boulder.

BHP also owns and manages the 30-unit Diagonal Court affordable apartment community south of the site, which underwent extensive renovations in 2016. Long an island of apartments cut off by the vacant parking lot, it will be integrated into the new redevelopment. BHP will offer the same service programming as provided at Diagonal Court to the new affordable residents at Diagonal Plaza, including after school and parent programming, community food share, computer lab access, wellness programs and independent living referrals to other partner service organizations.

El programa de Crédito Fiscal para Viviendas de Bajos Ingresos (LIHTC) fue creado por el Congreso en 1986. Su objetivo es fomentar la construcción y rehabilitación de viviendas de alquiler para personas con bajos ingresos mediante la concesión de un crédito fiscal federal como incentivo para los inversores. Los créditos fiscales federales para la vivienda se conceden a promotores de proyectos cualificados. A continuación, los promotores venden estos créditos a los inversores para obtener capital (o capital social) para sus proyectos, lo que reduce la deuda que el promotor tendría que contraer de otro modo. Como la deuda es menor, una propiedad con crédito fiscal puede a su vez ofrecer alquileres más bajos y asequibles.

Esta es la primera vez en los 58 años de historia de BHP que recibe dos premios competitivos de este tipo en un solo año; el otro premio fue un crédito fiscal estatal del 4% para ayudar a financiar la comunidad de apartamentos Rally de 100 unidades en el 2727 de la calle²⁹.