Kutak Rock Serves as Bond Counsel for The Forum Apartments Renovation ProjectNews | December 28, 2021
Kutak Rock acted as bond counsel in connection with the issuance by the City and County of Denver, Colorado of its City and County of Denver, Colorado Multifamily Housing Revenue Note (Forum Apartments), Series 2021 in the amount not to exceed $10,000,000. The Note was issued for the purpose of financing a tax-exempt mortgage loan to Forum Apartments LLLP to provide for the acquisition, renovation, construction and equipping of a 101 unit (including one manager’s unit) permanent supportive housing facility for individuals experiencing homelessness located at 250 West 14th Avenue in Denver, Colorado known as The Forum Apartments.
The Forum Apartments was acquired by the Colorado Coalition for the Homeless in 1995 and opened in 1996 as a permanent supportive housing facility for people experiencing homelessness. The building used to be part of the University of Denver School of Law.
Upgrades to the facility funded with proceeds of the Note will include replacing its heating and cooling systems, improving the elevators, electrical and plumbing systems, replacing furnishings in the units and improving community spaces in the building. Units in the building will continue to be available only for people making up to 60 percent of the area median income, $44,016 or less a year for one person. The average person living in the facility makes closer to 13 percent of the area median income. Many residents rely primarily on state or federal aid, and many live with disabilities.