Date of Release: 5/17/10

DENVER) – Last September, Denver Garden Apartments became the first project in the country to tap into the Tax Credit Assistance Program (TCAP) funds created for affordable housing development and preservation in the American Recovery and Reinvestment Act (ARRA).   Today the $14 million purchase and renovation is complete and Denver Gardens sparkles with new a new solar array, new exterior components and a remodeled interior.

Colorado Housing and Finance Authority (CHFA), who administered the state’s $27.3 million TCAP fund, awarded Community Housing Concepts, Inc. (CHC) $1.7 million in TCAP funds to purchase and renovate Denver Gardens, a 100 unit affordable senior apartment complex located in southeast Denver. The award supported CHC’s plans to upgrade the property, originally built in 1979, while still maintaining its affordability for residents. Completion of Denver Garden’s $14 million purchase and renovation is estimated to have spurred $29.8 million in economic impact and support 222 jobs.

As part of the rehabilitation, CHC updated the property’s individual units with energy efficient windows, doors and energy efficient appliances.  Each unit also received new kitchen and bathroom cabinets, countertops, bathroom amenities, and new flooring. Among the exterior improvements is new maintenance free R-5 insulated vinyl siding which is made from synthetic and reusable resources.  Additional exterior improvements include new trim, paint, and concrete repairs as well as a new covered entry way and outdoor patio area.   In total, the scope of rehabilitation included approximately $34,000 per unit in improvements.

With the rising cost of energy and the negative effects large properties can have on the environment, improving the “green” rating on Denver Gardens was one of CHC’s primary concerns. CHC applied for and received a pledge for grant money from the Governor’s Energy Office and Energy Outreach Colorado to assist with additional solar energy components of the renovation.  Installed by Namasté Solar, the Denver Garden solar array is comprised of 377 Sharp 230-watt solar modules for a total system size of 86.71kW.  This system is currently the largest flush mounted solar PV system in Colorado.

David Henry of Namasté Solar remarked “This project came to our company at a very critical time during a tough economy.  As a result of the Denver Gardens project, Namasté Solar was able to keep a crew of 6 people working full time for approximately 1 month.  Although 1 month does not sound like much, it was enough to bridge a downtime gap and prevent lay-offs that no longer need to occur because of an increase in solar project installations we are beginning to experience.  We are very thankful to have participated in this project and feel rewarded to have been part of bringing solar to a typically underserved market.”

Other green improvements include a new energy efficient boiler system.  This new boiler has the ability to operate at 10% of volume when demand is low.  In addition an outside air temperature sensor was installed to reduce water heating temperatures as the daily air temperature increases.  Finally, a solar hot water pre-heat system was installed with three 75 gallon storage tanks to reduce the building’s consumption of natural gas.

CHC selected Steele Properties LLC to serve as the tax credit developer for Denver Gardens; Monroe Group Ltd will continue to manage the property.  Jason VanAernam, Construction Manager for Steele Properties stated, “This opportunity was made possible by the cooperation and support of numerous local partners.  Thus far we are very pleased with the results of all of the energy saving measures made available to us with Governor’s Energy Office funding. The energy improvements have enhanced the living conditions for the aging community at Denver Gardens and have given the tenants a more desirable space to call home.”

The City and County of Denver also helped fund the project.  First, Denver’s Road Home pledged grant money for the project as the vast majority of tenants at the property are at risk of being homeless given their income level but for the housing CHC is providing.  Funding from Denver’s Road Home will be used in part to hire a Service Coordinator for all of Denver Gardens’ residents, and to provide services on-site to ensure these residents remain and age in place in their units.  Second, the City pledged additional HOME Funds to assist with project financing.

Hud Karshmer, president of CHC stated, “We are thrilled with the outcome of this project.  The award of TCAP funds and our partnerships with CHFA, the Governor’s Energy Office, and Denver’s Road Home has allowed us to create a showpiece affordable project and provide a safe, comfortable home for our elderly residents.”

For more information about the TCAP program, please visit www.chfainfo.com.

For More Information Contact:
Diana Heinicke
Community Relations Manager, CHC
Diana@CommunityHousingConcepts.org
(p) 303-322-8888