News Archive

September 23, 2016

Celebrate Construction of Newest Community of Affordable Homes in Louisville on Sept. 30

Event marks the construction mid-point for Kestrel and will include hard
hat tours
of the construction site

Boulder County, Colo. - On
Friday, Sept. 30, the Boulder County Housing Authority (BCHA) will host a
celebration marking the construction mid-point for Kestrel, its newest
community of affordable homes in Louisville. BCHA and its development partners
will be joined by members of the Boulder County Board of County Commissioners
and the Louisville City Council, as well as representatives from the Colorado
Division of Housing. The event is closed to the public, but media are encouraged
to attend.

What: Kestrel
Construction Celebration, with hard hat tours of the site

Note: This is an
active construction site, so please wear long pants
and protective (not
open-toed) shoes. BCHA will provide hard hats,
protective eye wear, and safety
vests for the tours.

When: Friday, Sept.
30, 9:30 a.m.

Who
(as of Friday, Sept. 23):

  • Boulder County
    Commissioners Cindy Domenico, Elise Jones, and Deb Gardner
  • Louisville City
    Council Members Jay Keany, Chris Leh, and Ashley Stolzmann
  • BCHA Executive
    Director Frank Alexander
  • Representatives
    from the Colorado Housing Finance Authority and Colorado Division of Housing
  • BCHA’s Development
    Partners, including Milender White Construction Company, Humphries Poli
    Architects and Barrett Studio Architects

Where: Kestrel
Construction Site, northwest of the intersection of 95th Street

(also known as Highway 42) and South Boulder Road in Louisville; please
enter
the construction site from the north.

The
mixed-use, intergenerational neighborhood will feature 200 homes: 129
townhome-style units for individuals and families of mixed ages, and a 71-unit
apartment building for residents ages 55 and older. Construction began in
February and is taking place in five phases. BCHA anticipates that the first
units (townhomes) will be ready for occupancy by March 2017. The senior
building is anticipated to be completed later in 2017.

“We’re
thrilled to pause – briefly – during construction to recognize the tremendously
talented team that is bringing this community to life,” said BCHA Executive
Director Frank Alexander. “More importantly, we want to thank all of our
partners for their efforts to address the severe need for affordable housing in
Boulder County, where at least 40,000 people live in households in which over
half of their income goes to rent.”

In
addition to creating an inclusive, multi-generational community to help meet
the region's growing demand for affordable housing, BCHA has followed 100-year
thinking in Kestrel’s design, incorporating sustainability planning with future
generations in mind. The community will maintain high energy sustainability – exceeding
Enterprise Green Communities criteria by 50% – and will incorporate a
geothermal heating and cooling system, natural features, regional trail
connections, green space, innovative play structures, and a state-of-the-art
community building. Kestrel will have a property manager on site and, as with
BCHA's other properties, will have coordinators to link residents to other
supportive resources and services.

Construction
of the $54 million community is being financed with a variety of federal,
state, and local funding sources, as well as conventional private debt and
equity. Major funding sources include federal Low-Income Housing Tax Credit
(LIHTC) equity and a unique funding source through state housing tax credits.
Kestrel also received construction and permanent financing from Citi Community
Capital and federal disaster recovery funds from the Colorado Division of
Housing. Approximately $1 million in permit and fee rebates were injected into
the Kestrel development from the City of Louisville, another $580,000 from the
Boulder-Broomfield Regional HOME Consortium, and more than $1 million was
provided by the taxpayer initiative Worthy Cause funds.

“Kestrel
is another important milestone in our efforts to address this community’s
growing affordable housing crisis, and we can’t wait to start welcoming
families home next year,” said Boulder County Commissioner Deb Gardner.
“Following in the footsteps of BCHA’s Josephine Commons and Aspinwall
developments in Lafayette, Kestrel will be a national model for affordability
and diversity, community integration, and state-of-the-art design and energy
efficiency.”

All units will be available for households with
incomes at or below 60% of the Area Median Income (approximately $57,000 for a
family of four). Priority will be given to households displaced by the 2013
Flood, those who live and/or work in Louisville, and seniors (age 55 and older)
to live in the senior housing. The waitlist for the townhomes is expected to
open in late 2016 and the waitlist for the senior building will open in mid-2017.