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NHP Leading Effort to Build 158 Sloan’s Lake Affordable Apartment Units
The NHP Foundation is helming a 158-unit affordable housing venture at Sloan’s Lake. NHP, along with partner Zocalo Community Development, has raised $60 million for the Liora at Sloan’s Lake. Construction is set to begin later this fall.
Commercial Edge reports rents at Liora will be restricted for households earning 30 percent, 50 percent and 60 percent of the Area Median Income. The land acquisition was closed last month, with construction set to start this fall.
Among the financing partners for the development was the Colorado Housing and Finance Authority, which provided tax-exempt bonds and 4 percent Low-Income Housing Tax Credits.
Others arranging capital are a $3.85 million Proposition 123 land loan from the State of Colorado and Colorado Housing and Finance Authority, $18.5 million loan from Bellwether Enterprise, $24.5 million in LIHTC equity from a PNC Bank-managed fund comprised of a one-third party investor, $9.5 million in subordinate debt from the Colorado Division of Housing and several million dollars in deeply subordinated loans from Zocalo.
- ◦Development
