Tuesday, September 29, 2009

Rehabilitation of Correll Apartments

$52,140 in State funds has been awarded for increasing the availability of affordable housing in the City of Boulder.

Thistle Communities was awarded a grant of $52,140 for the rehabilitation of the Correll Apartments in the City of Boulder (near Baseline & Broadway). Correll has one building built in 1948 and two other buildings built in 1957. It has 1 studio, 6 one-bedroom and 14 two-bedroom units, all affordable at or below 50-60% AMI. Thistle acquired the property in 2001 with City and FHLB funding, but without assistance from CDOH. They refinanced it in 2002 as part of a portfolio tax-exempt bond refinancing. In the summer of 2009, Thistle replaced all of the windows with funding from GEO and the City. Their rehabilitation plan also calls for roof replacement, attic insulation, kitchen & bath updates, new furnaces, exterior door replacement, interior hallway upgrades, parking lot resurfacing and lighting, and installation of CO alarms. These repairs are necessary to preserve these 21 permanently affordable rental units.