Welton Place opens.
Welton Place is a 2300 Welton St.
Welton Place is affordable housing in downtown Denver.
Denver-based Century Development on Monday announced it has opened the 233-unit Welton Park, the most recent affordable-housing community in Denver.
The $43.5 million Welton Park is at 2300 Welton St. It is in an area served by a number of Registered Neighborhood Organizations including the Arapahoe Square Neighborhood Association, the Ballpark Neighborhood Association, Curtis Park Neighbors and the Five Points Business District.
“We’ve been hard at work on this development during the past three years, and it’s with tremendous pride and satisfaction that we’re now able to announce its completion, and continue to help meet the high demand for affordable housing in Denver,” said Brent Snyder of Century Advisors, who along with Josh Robbins, developed the two building Welton Place.
“The City of Denver, DURA (the Denver Urban Renewal Authority) and the State of Colorado Division of Housing all worked extremely hard to make this community a reality, and we’re all looking forward to delivering these quality residences in a price range that is more affordable to most people,” according to. It’s another step in the right direction.”
Welton Park, which includes a 4-story and a 3-story building, was designed by Humphries Poli Architects, P.C. One building has 28 units and the other 195. It was constructed by Calcon Constructors. Greystar is the property manager.
The units are available to those earning either 30 percent or 60 percent of the area median income.
While all of the units are affordable, some are super affordable for qualified renters. There are nine studios available with monthly rents as low as $420 for those earning 30 percent of the AMI or $841 for someone earning 60 percent of the AMI.
To qualify for 30 percent of the AMI, one person would earn $16,830 or less annually. The limit for a person earning 60 percent of the AMI is $33,660. The maximum incomes rise based on family size.
For example, a 3-person family at 30 percent of AMI, would quality with a maximum income of $21,630. The maximum income for a 3-person family at 60 percent of the AMI is $43,260.
The development is financed under the HUD 221 (d)(4) program, by 4 percent Low Income Housing Tax Credits allocated through the Colorado Housing and Finance Authority and by tax-exempt private activity bonds issued by the City and County of Denver.
Additional financing partners include:
- City Real Estate Advisors.
- The Denver Office of Economic Development.
- The State of Colorado Division of Housing.
- And DURA.
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