Thursday, June 3, 2010

$350,000 awarded in Pikes Peak Region

the Dept. of Local Affairs has announced that $350,000 in HOME funds has been awarded for increasing the availability of affordable housing in the City of Colorado Springs.

The Colorado Springs Pike Senior Limited Partnership was awarded a HOME loan of $350,000 to assist with the construction of the seventy-unit Pikes Peak Senior Apartments located at 907 East Colorado Avenue in Colorado Springs, Colorado. This project will provide forty-one (41) one-bedroom and twenty-nine (29) two-bedroom units for senior households (age 55 and over) at 40% and 50% Area Median Income (AMI). This project will be built to Green Communities standards and will include a secure entry, computer lab, exercise room and community kitchen. The project developer, MJT Properties, Inc. and their management company, Terra Management LLC, have successfully constructed and managed six other tax credit, senior restricted apartments in Colorado.