Boulder, CO–Boulder Housing Partners (BHP) has completed a full renovation of 185 apartments in 16 buildings at Tantra Lake Apartments community at 1000 W. Moorhead Circle. All 185 units are now offered at rates affordable to local workforce.
“It means everything,” said resident Casey H., a roofing consultant. “My whole life has been a struggle trying to find a place to live. This place is the biggest relief and weight lifted off my family’s back.”
The Tantra Lake Apartments were built in 1974 and acquired by BHP in 2017. The community is the largest in BHP’s portfolio. It includes 1, 2 and 3-bedroom apartments on 24 acres of landscaped grounds, a lake, picnic areas, and access to a clubhouse and a fitness center. Casey’s daughter enjoys a playground near their apartment.
The renovation project included full interior and exterior renovation to all 16 buildings, energy efficiency upgrades, security improvements and site work. Apartments were updated with new finishes (flooring, cabinets, countertops, paint), Energy Star appliances and LED light fixtures, and balcony repairs. Landscaping and parking areas were improved, and free Wi-Fi is provided to all tenants. All improvements meet the Enterprise Green Communities standards and City of Boulder Smart Regulations. A community 40kW solar system generates 55,700 kWh of electricity annually with that benefit going to residents as a reduction in their utility bill.
Monthly rents range from $1,206 (one bedroom) to $1,672 (three bedroom), affordable to people earning approximately 60 percent of area median income, or $55,800 for a single person or $79,680 for a family of four.
According to the U.S. Bureau of Labor Statistics, the annual mean wages in Boulder for the following occupations might qualify to rent an apartment as individuals earning 60% area median income:
- Paramedic ($55,060)
- Auto mechanic ($57,210)
- Heavy truck driver ($55,480)
- Entertainment/recreational supervisor ($56,540)
- Marriage and family counselor ($55,670)
- Maintenance and repair worker ($56,550)
“Tantra Lake was an important preservation of naturally occurring affordable housing in Boulder, and the City was thrilled to partner with BHP on both the acquisition and the recent renovations,” said Kurt Firnhaber, director of housing and human services for the City of Boulder. The City contributed $7.3 million to the 2017 acquisition cost of Tantra Lake Apartments from its affordable housing fund. The renovation project was funded through a variety of sources, including tax credit equity, debt, and city gap financing with a total investment of $18M or $97,000 per unit in the upgrades.
The renovation project team included Studio Completiva as the architect and Palace Construction as the General Contractor. FirstBank is the lender on the project and Boston Financial is the tax credit investor. The BHP property management team is leasing up vacant units very quickly through their interest list, with a goal of being 100% leased by August.
About Boulder Housing Partners
Boulder Housing Partners strives to make living in Boulder welcoming and affordable for people from a diverse range of backgrounds, regardless of income. The housing authority for the City of Boulder for over 55 years, BHP builds, owns, and manages quality affordable homes for low and moderate-income residents, while fostering thriving and sustainable Boulder communities. BHP is one of a select group of public housing authorities in the United States participating in the prestigious Moving to Work program, which encourages innovation by providing flexibility in the use of federal funds. Its communities have won national and international awards for sustainability and affordable housing development. For additional information on BHP, please visit www.boulderhousing.org.
