IDF Bridge Financing Preserves 137 Units of Rural Affordable Housing
LOVELAND, Colo. (January 16, 2020) – Impact Development Fund (“IDF”), a nonprofit community development financial institution has partnered with Cardinal Capital Management, Inc. (“Cardinal”), a social impact developer who specializes in new construction, acquisition, rehabilitation and the preservation of special needs and low-income housing.
IDF financed $2.74M of the acquisition costs necessary to purchase three rural multifamily properties currently serving low-income residents in Clifton, Buena Vista and Canon City, Colorado. The three properties represent 137 affordable housing units that will be preserved for seniors, low-income and special needs residents. Following the property purchase, Cardinal will provide specialized on-site management services and participate in thorough resident engagement to inform renovation plans for the properties.
“Unfortunately, due to increased construction costs and market conditions, the development of new affordable housing units in rural communities is a challenge,” says Sean Doherty, Executive Director of IDF. “This opportunity, in partnership with Cardinal, allows us to preserve 137 units of existing affordable housing stock and proactively renovate units for their highest and best use in each community.”