The Santa Fe Arts District in Denver will soon be home to 64 affordable housing units, reserved for people earning up to 80% of the median income.
“We’re excited to celebrate these new, affordable and much-needed condominiums that give hard-working Denver residents the ability to achieve homeownership,” said Mayor Michael Hancock after Wednesday's groundbreaking. “We’re also celebrating the significant expanded use of land trusts in Denver, which ultimately ensures affordability for the long term by putting land control in the hands of the community.”
Elevation Community Land Trust and Shanahan Development will be responsible for the project of predominantly studio condominium units at West 6th Avenue and Inca Street. The La Tela development will consist of four stories of homes plus ground-floor retail. For an individual seeking to purchase, they must earn no more than $54,950; the income cap is $78,500 for a family of four.
The Denver Department of Housing Stability gave the project a $3.7 million loan, and citywide there are 1,955 city-backed units under construction. The Colorado Department of Local Affairs also provided some financing. La Tela condominiums will have a maximum purchase price of $200,000, and will have on-site solar power generation. The estimated completion time is spring 2021.