A long-time developer of low-income housing is moving ahead with the second-phase of a similar project in Longmont, located at the southwest corner of Colo. 66 and Highway 287.
The Crisman II Affordable Rental Housing development will include 83 new rental units, 49 (59%) of which will service households at or below 50% of the Area Median Income. The number of affordable units is going above the city’s Inclusionary Housing requirements for 12% unit affordability, said Molly O’Donnell, division director of Housing and Community Investment for Longmont, via email.
The City Council last week approved the Crismann II development, indicating the project satisfied the city’s rules for inclusionary housing.
Crisman II is the second phase of Crisman I Apartments that was completed by developer MGL in 2018 and is immediately adjacent to the of the second phase, said Dani Vachon, development manager for MGL Partners, via email.
MGL completed the first phase through a partnership with the Longmont Housing Authority, which will also complete the second phase with MGL, Vachon said.
MGL is a trusted, experienced Low Income Tax Credit (LIHTC) developer in Colorado, Vachon said. MGL has developed 13 LIHTC projects as the general partners and more than 14 projects as development consultant, said Vachon.
“MGL has also completed the first WorkForce Housing deal in the state, Elevate at Pena Station, which was not financed by tax credits but a covenant over 25% of the units at 80% of AMI,” she said.
The Longmont Housing Authority will enter into a co-developer agreement with MGL Partners, the primary developer, to provide funding and support for the project, according to a city staff report to the city council. The LHA will be providing tax relief for the development, the report states.
The project has received 4% Low Income Housing Tax Credits from the Colorado Housing and Finance Authority along with Private Activity Bonds from the city of Longmont and the state of Colorado to support the project, the report states.
MGL anticipates starting construction on Crisman II in May with construction to last 14 months, Vachon said.
