The following affordable multi-family projects are underway and in the works in Colorado Springs.
Low-Income Housing Tax Credit development in Colorado Springs represents a $256 million investment in affordable housing, which Steve Posey, the city’s community development and HUD program manager, says is one of the factors contributing to the region’s recovery from the COVID pandemic.
• Atrium at Austin Bluffs, a 54-unit project for very-low income seniors being developed by Greccio Housing, will lease in the fall. Rents range from $600 per month for a one-bedroom to $1,100 per month for a two-bedroom.
• The Shooks Run project being developed by the Colorado Springs Housing Authority will lease later this year. The 40-unit project includes eight three-bedroom apartments renting for as low as $500 month.
• 700 units of affordable workforce housing are under construction. Projects including Cottonwood Creek Apartments, Barnes Apartments and Academy Heights will offer one-to-three bedroom apartments renting for less than $1,280 month — when the average rent in Colorado Springs has reached nearly $1,400.
• The pre-development pipeline has another 839 units that have received tax-credit awards and are getting ready to close on financing and break ground by the beginning of next year. Those include:
• The Commons, a 50-unit permanent supportive housing project, offering chronically homeless individuals and families housing and support services to exit homelessness.
• Village at Solid Rock, a collaboration between Solid Rock Baptist Church and Commonwealth Development that will bring 77 one-to-three bedroom apartments to southeast Colorado Springs. Rents range from $400 to $1,200 a month.
• Draper Commons, a 280-unit project in the Lowell neighborhood downtown. Draper Commons is using modular construction techniques to offer studio, one- and two-bedroom apartments with rents as low as $430 a month.
• The College Creek Apartments will bring more workforce housing to northeast Colorado Springs. with 240 one- to four-bedroom apartments renting for $900 to $1,450 month, in an area where the average monthly rent tops $1,700 for a two-bedroom apartment.
• Bentley Commons, another Greccio Housing development, with 192 one- to three-bedroom apartments renting for $600 to $1,200 a month.
Source: Steve Posey, city of Colorado Springs’ HUD and community development manager
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