DENVER - The City of Denver is working on a $1 billion affordable housing development in Denver’s Sun Valley neighborhood that will include three, four, and five-bedroom units.
“The need's ever increasing, right? Just based upon economics of Denver, and Colorado growing more expensive. And then when families who need three, four and five-bedroom units, you know, that's become more of a challenge because there's less of units that size. The Housing Authority is dedicated to make sure that we produce three, four and five bedroom units because we have a waiting list,” said David Nisivoccia with Denver Housing Authority. “For instance, for three bedrooms, about 2,200 people. For four bedrooms is about 525. For five bedrooms are about 100 people. So you can see, just upon those numbers, the need in Denver is extensive. And we feel a desire to make sure that we build units that reflect that affordable market”
Nisivoccia said in the first year the first two complexes open, 264 units will be available and include two, three, four, and five-bedroom units. Most units will have income restrictions.
“This neighborhood will have about 5,000 units in it. The Housing Authority will be responsible about for 1,700 of those units,” Nisivoccia said. “Most developers, either they're nonprofit or for-profit, tried to build one and twos because the deal pencils out a lot better. But we're not your typical developer, right? We wanted to develop for those who have a need, who have desire to want to be integrated in the community.”
According to the Denver Housing Authority, 11 buildings in the Sun Valley neighborhood have been constructed so far.
At the completion of DHA’s projects, there will be 970 units. DHA is partnering with private developers to build 734 new additional units in a variety of income ranges.
Applications are now available for the Thrive and Greenhaus complexes.