The company behind the development of 83 new affordable housing units in north Longmont announced today it has closed on the land for the second phase of the Crisman Apartments.
MGL Partners said Wednesday the Crisman II apartments will serve individuals and families making between 30-60% of area median income, meeting a crucial need for workforce housing in Longmont.
MGL Partners was also the developer of the first phase of 117-unit Crisman I Apartments, which opened in 2018. Located at 680 State Highway 66, Crisman II Apartments came about through several partnerships, including the Longmont Housing Authority, according to a MGL Partners news release.
“This project would not have been possible without the extraordinary partnership of the Longmont Housing Authority, and the support and flexibility of the land seller, Pacific West Bank, Colorado Finance & Housing Authority, and Royal Bank of Canada,” MGL Partners partner Greg Glade, said in the news release.
“Everyone came to the table committed to seeing this project through,” Glade said. “We look forward to meaningfully adding to the supply of affordable workforce housing here in Longmont.”
Under terms of the development agreement, MGL Partners will share 50/50 ownership of the project with the LHA, the news release states.
City Manager Harold Dominguez said in the news release that while Longmont is committed to investing in affordable housing to meet growing demand, with development costs on the rise, that work has become increasingly challenging.
“The Crisman Apartments are a great example of a creative partnership between public and private sectors to bring a much-needed resource to Longmont,” Dominguez said. “We knew from partnering with MGL Partners on Crisman I that they brought the expertise to get quality affordable housing funded and built. We are thrilled to be moving forward with them on this project and look forward to delivering these new apartment homes to our community in late summer and fall of 2023.”
The 83-unit Crisman II will consist of four, three-story walk-up buildings serving a range of income levels. Importantly, the unit mix in this complex is designed to better meet the needs of low-income families, according to the news release.
The community will offer one- and two-bedroom options as well as a number of and three-bedroom units, community gardens and a new children’s play area.Located in north central Longmont just .01 miles from an RTD station, the site offers easy access to area jobs, services and shopping along Longmont’s Main Street, according to the news release.
Over the last two decades, MGL Partners has developed some of Colorado’s most successful multifamily rental communities across all income levels, including more than a dozen Low-Income Housing Tax Credit (LIHTC) projects. Crisman II will be the 15th affordable housing project for which MGL Partners has served as a General Partner here in Colorado, the news release states.
Crisman II is anticipated to cost a total of $30.4 million.
In addition to the 4% LIHTCs the project was awarded by Colorado Housing & Finance Authority (CHFA), the Colorado Division of Housing approved $2.075 million in gap financing for the project in April of this year, CHFA approved $975,000 of Capital Magnet subordinate financing, the Longmont Housing Authority approved $1.27 million in gap financing, and the city of Longmont approved $600,000 of gap financing, 50% fee waivers on the project as well as a Payment in lieu of Taxes (PILOT), according to the news release.
Pacific West Bank is providing the construction.
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