The Longmont Housing Authority is planning updates for 72 affordable senior rental apartments that haven’t seen critical work since at least 2004.
The Village Place Apartments is a Low Income Housing Tax Credit Property for seniors age 62 and older at 600 Main Street that the city acquired in 2005. According to staff documents, the apartment interiors have not been updated since the 1990s and critical systems like the roof and mechanical systems were last replaced in 2004.
The property’s tax credits are slated to be resyndicated to secure affordability for existing and future residents. The entire process, which includes a refinance with rehabilitation, is estimated to be about $23 million, staff said.
About $11.5 million of that will come from the city’s 2022 and 2023 allocations of private activity bonds, with staff planning to seek the award of noncompetitive tax credits and private activity bonds from the statewide balance held by the Colorado Housing Authority.
On Tuesday, the Longmont Housing Authority Board of Commissioners — which is composed of the members of Longmont City Council — unanimously authorized the acceptance of a $6 million private activity bond from the city.
Staff said that closing is anticipated in November with construction expected to be completed by December 2024.
