Kutak Rock Serves as Bond Counsel for Paloma Garden ProjectNews | May 30, 2023
Kutak Rock acted as Bond Counsel in connection with the issuance by the City of Colorado Springs, Colorado of its City of Colorado Springs, Colorado Multifamily Housing Revenue Bonds (Paloma Garden Project) Series 2023 in the amount not to exceed $21,250,000. The Bonds were issued for the purpose of funding a loan to Paloma Garden VOA Senior Housing LLLP to finance the acquisition, construction, renovation, improvement and equipping of a 127-unit senior multifamily housing project located at 920 South Chelton Road and 3140 Mallard Drive, Colorado Springs, Colorado 80910, to be known as Paloma Garden, within the boundaries of the City of Colorado Springs, Colorado.
The new community will be home to residents 62 years and older and earning between 30% and 60% of the area median income, ranging from approximately $17,000 to $39,000. Volunteers of America Colorado will provide property and case management services on-site. A full-time service coordinator will connect residents to programs and resources in the community, with an emphasis on healthy aging. Common areas will include community and exercise rooms and a resident lounge/library. The apartments will feature walk-in showers, in-unit washers and dryers, and balconies. The new building will elevate healthy affordable housing with high-quality indoor air ventilation and will be built to 2020 Enterprise Green Communities, Zero Energy Homes, and WELL Building standards. The site will feature outdoor common areas between the two buildings, raised garden beds, bike storage, and a walking loop for residents.