Saturday, July 23, 2011

$2,500,000 in NSP funds awarded to Adams County

The Colorado Department of Local Affairs has announced that $2,500,000.00 in Neighborhood Stabilization Program (NSP) funds has been awarded to Adams County for the following project:

Adams County Housing Authority (ACHA) has been awarded an NSP3 grant of $2,500,000 for the acquisition, onsite infrastructure and construction of the land at 88th and Welby Road in Thornton. This property will be known as Welby Station and is next to the site of the future north line of the light rail. Welby Station Apartments will be developed in two phases, the first which shall be approximately 119 units of affordable and mixed-income apartments rented to households with incomes at or below 120% of Area Median Income (AMI). 85 units or 71% percent of these funds must serve households having incomes at or below 50% of AMI. This Project will benefit the State by stabilizing communities through the purchase, rehabilitation and rental of abandoned or foreclosed properties. The units will be located within a Division of Housing (DOH) designated census block group(s) serving one of the areas of HUD-designated NSP 3 greatest need within the State. This project is the first of a two phase development project and will be built to Enterprise Green Communities standards and will include amenities such as washer-dryers and dishwashers. Site amenities will include clubhouse, pool and playground.