To: Board of County Commissioners
Through: Katherine Smith, Director, Community Resources
Prepared By:
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Elizzebeth (Lizze) Loomis, Division Manager, Community Development, Housing and Homeless Services
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Subject:
title
Approval of future Special Limited Partnership between Columbia Ventures and ArCHA
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Purpose and Request:
recommended action
Staff requests that the Board of County Commissioners approve a future Special Limited Partnership between ArCHA and Columbia Partnership in connection with the affordable housing development project located at 10660 E. Colfax Avenue.
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Alignment with Strategic Plan: Economic Resilience and Stability - Enhance property tax assistance programs to reduce financial strain on vulnerable populations.
Background and Discussion: As part of its ongoing efforts to expand housing opportunities for low-income residents, ArCHA is considering a partnership with Columbia Ventures to establish a Special Limited Partnership in connection with the proposed Low-Income Housing Tax Credit (LIHTC) multifamily project located at 10660 E. Colfax Avenue. This project is designed to increase the supply of affordable rental housing, targeting households with incomes at or below the levels defined as “low-income” by the U.S. Department of Housing and Urban Development. By leveraging the expertise of Columbia Ventures and utilizing the LIHTC program, the partnership aims to attract private investment while ensuring long-term affordability, thereby enhancing housing stability and access for residents in the community.
Approval of this partnership would enable ArCHA to continue its mission of supporting sustainable, affordable housing solutions, fostering inclusive communities, and responding to the growing demand for quality rental housing in Arapahoe County. The board’s consideration of this item reflects a commitment to strategic collaboration with experienced developers to maximize impact and align with county housing objectives.
Alternatives: The alternative would be for ArCHA to not move forward with the development of a partnership with Columbia Ventures in connection with this project. Choosing this option would mean that the proposed Low-Income Housing Tax Credit (LIHTC) multifamily project at 10660 E. Colfax Avenue might not advance with the intended level of private investment and developer expertise, potentially delaying or limiting the creation of new affordable housing opportunities for low-income residents in the area.
Fiscal Impact: Community Development, Housing, and Homeless Services staff time devoted to the development of this partnership will be allocated to the general funds designated for ArCHA for this purpose. Final terms will be documented through definitive Special Limited Partnership and related agreements for this project and presented to the Arapahoe County Housing Authority Board at a later date.
Alignment with Strategic Implementation Strategies: N/A
Concurrence: County Attorney’s Office