The Department of Local Affairs has announced that $150,000 in HOME funds has been awarded for increasing the availability of affordable housing in the City of Arvada.
The Jeffco Housing Corporation (JHC) has been awarded a HOME grant of $150,000 for rehabilitation of Parkview Village West Apartments. JHC recently closed on the acquisition, on September 30, 2009. The complex is located a short distance north & west of I-70 and Wadsworth Boulevard in Arvada, and is a short distance from a bus line. It has 54 one & two-bedroom units in 2 buildings. One building is a 3-story walk-up, and the other is 3-stories with an elevator. It was built in 1972, then acquired & renovated in 1995 under the Low Income Housing Tax Credit (LIHTC) program. The initial 15-year compliance period is done, but affordability restrictions remain in force until 2025. JHC 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 the boiler, replacing some heat pumps, exterior concrete repairs, bringing balcony railings to code, and adding AC units in lower level units. Current LIHTC restrictions limit rent & income to 40%, 50% & 60% AMI, but JHC has offered to have 3 units serve 30% AMI.