Affordable housing project for seniors (Colorado Springs: low income, fit in, real estate market)

[Vision67]

https://gazette.com/news/vowing-not-...1c0f66d35.html

Vowing not to be 'scared off,' Colorado Springs nonprofit plans affordable housing for seniors

"A Colorado Springs nonprofit is seeking to build affordable housing catering to seniors — its first new construction project after a contentious battle in the Broadmoor Bluffs area threatened to torpedo a similar project for low-income families.

Greccio Housing plans to break ground in spring or early summer on The Atrium at Austin Bluffs, a 54-unit apartment building in northeast Colorado Springs featuring below-market rate units for people 62 and older. The $13.2 million project is planned for 4921 Templeton Gap Road, near Austin Bluffs Parkway and Stetson Hills Boulevard.

It's the nonprofit's first proposed project since The Ridge, an affordable housing complex that was vehemently opposed by nearby Broadmoor Bluffs residents who waged a protracted legal fight, delaying the groundbreaking.

Lee Patke, the nonprofit's executive director, said he had no second thoughts about pursuing another affordable housing project after The Ridge, which is scheduled to be completed in late winter or early spring.

"No, we’re not getting scared off,” Patke said. "Because we believe our mission is — I don’t want to sound too hokey — but it’s a righteous mission. A lot of the high-end developers are looking out for the people who have the highest of incomes. And it's our civic responsibility to fill that gap and make sure they have decent affordable housing.

"So no, we're not going to get scared off. This is what we do. We know we’re doing it for a right reason. We know it has a positive benefit for the community."

The latest project comes as the nonprofit increasingly focuses on building new apartment buildings, due to the area's white-hot real estate market. In the past, the organization largely purchased older properties — such as motels — and renovated them.

The Atrium stems from a land donation made several years ago by Nor'wood Development Group to the city, with the stipulation that it be used for the public's benefit.

A couple years ago, city officials decided to sell the 1.1-acre plot of land for $1 to Greccio, the largest local nonprofit dedicated to providing affordable housing in the Pikes Peak region. The nonprofit has more than 500 units at 23 properties, most of which are owned by the nonprofit.

Much like The Ridge, the senior housing project received low-income housing tax credits from the Colorado Housing and Finance Authority to help finance the project.

But in a shift, Greccio will be the primary developer on The Atrium — a first for the nonprofit, and a sign of its maturation in recent years, Patke said.

During construction of The Ridge, a Wisconsin-based company served as primary developer. Greccio will be minority owner and property manager once The Ridge opens.

"It is a milestone sort of phase in Greccio’s lifespan, as well as in Colorado Springs',” Patke said.

Once completed, the project will be chock full of amenities for its new tenants, he said.

The first floor will include a community visiting room with a westerly view for parties or family functions. An exercise room and wellness center will be housed on the second floor.

The third floor will feature a craft room and a rooftop deck. A community garden also is planned for the property.

It's Greccio's first project specifically catering to seniors, though not its first time serving that population. About one-fifth of its clients are at least 62 years old, Patke said.

The decision came naturally, Patke said. Doing so meant fewer parking spaces will be needed — an important detail, considering the property's relatively small size.

More importantly, Patke said, is the difficulty that seniors are facing finding affordable housing in Colorado Springs — the city is short thousands of units of housing for seniors.

"All the pieces of the puzzle fit together to say this is a project that needs to be done for seniors," Patke said."

[mtngigi]

Good for them for developing this much-needed housing for seniors, who probably do need it more than some. But let's face it, this needs to happen across the board for everyone. I'm not sure where developers think low to middle income folks are supposed to live if all their developments are out of reach out of the majority of the population. I was so happy when the Broadmoor Bluffs folks lost that nasty battle.

[rochester_veteran]

Originally Posted by mtngigi

Good for them for developing this much-needed housing for seniors, who probably do need it more than some. But let's face it, this needs to happen across the board for everyone. I'm not sure where developers think low to middle income folks are supposed to live if all their developments are out of reach out of the majority of the population. I was so happy when the Broadmoor Bluffs folks lost that nasty battle.

The article did not mention what the rent prices were for the housing for seniors. Are the rents subsidized? When I was researching rentals in Cos when planning my move here, I found that over 55 rentals were more expensive. I've been retired a year now and my friends found an affordable and decent apartment for me in non-senior housing, a regular apartment complex that rents to all and I got it for cheaper rent than the over 55 places, they're kind of expensive.

[otowi]

Originally Posted by rochester_veteran

The article did not mention what the rent prices were for the housing for seniors. Are the rents subsidized? When I was researching rentals in Cos when planning my move here, I found that over 55 rentals were more expensive. I've been retired a year now and my friends found an affordable and decent apartment for me in non-senior housing, a regular apartment complex that rents to all and I got it for cheaper rent than the over 55 places, they're kind of expensive.

Greccio Housing is specifically focused on affordable housing/addressing needs of low income. I think you may have to meet certain criteria to qualify for their homes - not sure how it all works.