Kutak Rock Serves as Bond Counsel for The Rose on Colfax Apartments ProjectNews | January 5, 2022
Kutak Rock acted as bond counsel in connection with the issuance by the City and County of Denver, Colorado of its $15,425,000 City and County of Denver, Colorado Multifamily Housing Revenue Note (The Rose on Colfax Project), Series 2021. The Note was issued for the purpose of financing a tax-exempt mortgage loan to MHMP 15 E Colfax LLLP to provide for the financing of a 82-unit, 5-story 119,000 square foot multifamily facility located at 1510 North Valentia Street in Denver, Colorado, known as The Rose on Colfax. The ground floor space of the new development will have an Early Childhood Education Center to provide affordable and quality childcare on site for approximately 45 children. The multifamily housing complex will include 30 one-bedroom, 28 two-bedroom, 22 three-bedroom and two four-bedroom apartments.
The development of the Rose on Colfax will help stabilize the intersection of East Colfax and Valentia Street, which is currently a vacant parking lot and one-story building (former Saturday’s Dancing Club, a blighted former strip club) and has been susceptible to crime and vandalism. The development will also deliver longer term impacts to the East Colfax neighborhood through increasing the permanently affordable rental housing options in the neighborhood and offering wrap around resident services for families that reside at 1500 North Valentia Street. The development will also increase the community’s access to quality, affordable childcare and learning opportunities. Early care and education affordability and availability are two of the most important factors for working families to thrive.
All units in the apartment complex will be available for people making between 70 percent to 30 percent of median area income. This means at the high end, a single person can’t make more than $51,380 a year, while at the lower end, an individual person can’t make more than $22,020. These affordability requirements will be in place for 60 years.