Denver City Council will vote tonight on proposed loan for affordable family housing project.
joined together to purchase the 25-acre property at Montview Boulevard and Quebec Street for $61.5 million, renaming it"Mosaic Community Campus."
The adaptive reuse should help cut costs."The prior use of the buildings as dorms also meant that the guts of buildings were already fairly similar to what we needed to support multi-family housing — for example, there was already plumbing throughout the buildings — which provided significant cost efficiencies," says Stern.
To make the numbers work, the development requires a complex array of funding mechanisms. Aside from the expected loan from the City of Denver, Archway is using other methods to pay for the project, including federal and state low-income housing tax credits. Archway was also able to count on significant tax credits because of the age and historic significance of the buildings.
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