Pennrose and the Longmont Housing Authority (LHA) have broken ground on Ascent at Hover Crossing, a $39 million affordable housing development in Longmont, Colorado.
The project, which will open in winter 2025, seeks to provide high-quality houses for families of various economic levels.
Affordable Housing Milestone
The groundbreaking ceremony marked the start of a transformative project that will create 75 new homes for families and individuals.
Designed with a focus on affordability, the community includes a mix of one- to four-bedroom apartments, ensuring options for households of different sizes.
Units are tailored to support families earning between 30% and 80% of the Area Median Income (AMI), with 31 units dedicated to those earning 50% AMI or less.
The project helps meet a critical housing need identified through recent market studies and assessments.
Community-Centered Design
Ascent at Hover Crossing prioritizes comfort and functionality for its residents.
The apartments will be equipped with contemporary kitchens, in-unit washers and dryers, and roomy cupboards that provide ample storage.
Family-friendliness is highlighted in the community design, which meets the needs of both parents and kids.
The common facilities include a workout center, an indoor play area, and multi-purpose rooms, all of which give opportunities for recreation and community connections.
In addition, a dedicated Early Childhood Education (ECE) center with three classrooms will serve local families with low-cost, high-quality childcare and educational services.
Sustainability and Accessibility
The development, which incorporates eco-friendly methods, is totally electrified and includes rooftop solar panels to reduce energy costs and environmental effect.
Pennrose's dedication to sustainability is evident in the project's compliance with the NGBS Bronze green building standards.
Another plus is the convenient location, which is close to important amenities.
Everyday living will be easy and accessible for residents thanks to the proximity of a pharmacy, grocery store, hospital, outdoor recreation area, and public transportation.
Financial and Local Support
The project is backed by a combination of federal Low-Income Housing Tax Credits, state tax credits, and private investment.
Local support from the City of Longmont, Boulder County, and the Colorado Health Foundation underscores its community importance.
FirstBank has provided $25 million in financing, further emphasizing the financial commitment to this initiative.
To support the most vulnerable households, 18 units will be subsidized with project-based housing choice vouchers managed by LHA.
Ascent at Hover Crossing represents more than just housing; it’s a significant step toward creating a supportive, sustainable community for Longmont families.
