Colorado Affordable Housing Project UnderwayNews | September 2, 2014
Kutak Rock lawyers Micah Halverson, a partner, and Barry Burns, an associate attorney, both of the Denver office, represented the construction lender in the financing of an affordable housing complex located in Delta County, Colorado. This construction loan was made in conjunction with 9% low-income housing tax credits (LIHTC) awarded to the project by Colorado Housing Finance Authority.
Halverson and Burns assisted the lender to draft and negotiate the construction loan documents. They reviewed the real estate and corporate due diligence materials to aid the lender in underwriting the risks of the financing.
The housing project, Villas at the Bluff, is a two-phase LIHTC development. Phase I was completed in 2009 and consists of 48 apartment units that are now fully occupied. Phase II began with a groundbreaking ceremony on June 23, 2014 and once completed will feature 32 apartment units available to low-income families and individuals. The estimated $6.5 million construction project will include modern designs and finishes, walk-in closets and energy saving heating/cooling systems and appliances, among other amenities. It is expected to be available to residents in January 2015.