June 22, 2015
DENVER – Low-income Denver residents will have a new affordable-housing option next year with the construction of the nearly $15 million Garden Court Yale Station Apartments, a 66-unit affordable housing development funded by U.S. Bank.
Garden Court, located at 5155 E. Yale Ave. in the University Hills neighborhood, will consist of one-, two- and three-bedroom units located adjacent to the Yale Station light rail stop. The development will also include a fitness area, computer room and community garden. Each unit will receive an RTD neighborhood eco-pass as part of the lease.
Units will be available to tenants who earn between 30 percent and 60 percent of the area median income. Rent will be below market rate at between $450 and $1,200 a month.
“Garden Court not only provides much-needed affordable housing to Denver families, it also gives them immediate access to transportation by having the Yale Station stop so close at hand ,” said Ann Melone, vice president of U.S. Bancorp Community Development Corporation, which invested tax credit equity in the project. “The community garden also gives families the opportunity to grow fruits and vegetables to supplement their meals in a healthful way.”
Demand for affordable rental housing is strong in the area, which has only a 1 percent vacancy rate.
“High affordable housing is essential to the stability, health and economic security of families,” said Carl Koelbel, VP of developer Koelbel and Company of Denver who is jointly developing with Mile High Development. “Garden Court fits our mission of providing safe, desirable and affordable housing in the Denver region.”
Studies show that families who live in decent housing have fewer emergency room visits for routine care, less childhood asthma, and improved adult mental and physical health.
U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provided nearly $11.5 million in equity raised from federal low-income housing tax credits that partially replaces a $13.4 million construction loan from the bank’s community lending division.
Construction is expected to be complete in the spring of 2016.
This USBCDC investment marks the 25th affordable-housing project in the Denver area and the 34th in Colorado since the division began 20 years ago. The developments across Colorado produced 2,331 apartments from a total equity investment of more than $106 million by USBCDC.
About U.S. Bancorp Community Development Corporation
With nearly $14.5 billion in managed assets as of March 31, 2015, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
About U.S. Bank
Minneapolis-based U.S. Bancorp (“USB”), with $410 billion in assets as of March 31, 2015, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The company operates 3,172 banking offices in 25 states and 5,016 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.