A new apartment complex is set to be constructed in Colorado Sprigs for low-income senior citizens. The apartment complex will be constructed by Silver Key Senior Services adjacent to its headquarters at 1605 S. Murray Blvd. in southeast Colorado Springs. The nonprofit organization that provides a host of programs and assistance for seniors is preparing to submit an application to the Colorado Housing and Finance Authority for low-income housing tax credits to help fund construction. Silver Key also has been awarded a US$50,000 pre-development loan from the Pikes Peak Real Estate Foundation for consultation on the application.
With costs of construction materials and supplies rising exponentially in recent months, an initial 70-unit complex costing US$12 million to build has been scaled back to 50 to 60 units at a price to be determined. Although plans are not solidified, an estimated 70% of the units would be reserved for tenants who have an income of 30% or less of Colorado Springs’ median, which would amount to about US$19,500 annually. While the venture represents Silver Key’s first housing project, the organization has experience in the market, Jason DeaBueno, president and CEO of Silver Key. Silver Key has provided governance over Senior Heritage Plaza in Golf Acres, a city-managed Department of Housing and Transportation apartment complex, since the 1980s.
“The level of stock of opportunities for seniors is so low right now in our community, and we know this doesn’t solve the entire need, but we hope this is a start for many things to come to provide options in Colorado Springs. We’ve had a housing navigator for several years, and the lion’s share of calls is challenging around affordable housing and utility assistance. There are not enough places for immediate needs for seniors and we know unstable housing increases the mortality rate, with not only economic and social impacts but also functional and health impacts.” DeaBueno said.