Thursday, February 4, 2010

JCHA awarded $290,000 in HOME funds

The Department of Local Affairs has announced that $290,000 in HOME funds has been awarded for increasing the availability of affordable housing in the City of Arvada.

The Jefferson County Housing Authority (JCHA) has been awarded a HOME grant of $290,000 for rehabilitation of Parkview Village Apartments. JCHA purchased the property on September 30, 2009. The complex is located near I-70 and Wadsworth Boulevard in Arvada, and is close to a bus line. It has 96 one- two- and three-bedroom units in 5 buildings (3-story walk-ups) plus a community building. It was built in 1975, then acquired & renovated in 1993 under the Low Income Housing Tax Credit (LIHTC) program. The initial 15-year compliance period is done, but affordability restrictions remain in force until 2033. JCHA could refinance the project with LIHTCs, but not until the tax credit investment market stabilizes. In the meantime, they are doing some rehab, including: replacing all roofs, repairs to balconies, replacing some rooftop AC & hot water heaters, replacing some furnaces, installing smoke & CO2 detectors, and making the clubhouse accessible. Current LIHTC restrictions limit rent & income to 50% & 60% AMI, but JCHA has offered to have 5 units serve 30% AMI.