February 1, 2009
Eagle, Colorado, like many small mountain towns in Colorado’s resort region, has a shortage of affordable housing. This is particularly troublesome for seniors in the community, who are often forced to leave their hometowns after retirement because they can no longer afford the high cost of living. Seniors on Broadway in Eagle is helping address this shortage with its 14 unit low-income senior housing project with rents substantially below market rates. The development is targeted to seniors age 62 and over who have an income that is no more than 30%-60% of the area average median income. The building shares a site with an existing 36-unit RD515 senior housing project, and the common spaces shared by both are fostering a strong sense of community among the residents.NDC was pivotal in the development and financing of this project and worked extensively with Eagle County, CO from concept to completion. Because Eagle County staff had never used Low-Income Housing Tax Credits (LIHTC) and lacked the expertise needed to acquire the credit and structure the financing, NDC provided extensive technical assistance, completing the county’s LIHTC application, structuring equity capital contributions around the development’s construction and draw schedules, helping the community maximize equity through the management of the development’s lease-up, and providing information and training on compliance issues to the Seniors on Broadway property management staff. In addition, NDC’s Corporate Equity Fund provided $2,227,030 million of equity for the project through the purchase of the project’s tax credits.