IDF Deploys First Capital Magnet Fund Loan to Jefferson County Housing Authority
LOVELAND, Colo. (October 18, 2019) – Impact Development Fund (IDF), a nonprofit financial institution which creates economic opportunity by delivering flexible capital to strengthen underserved Colorado communities, is pleased to announce its first deployment under the Capital Magnet Fund (CMF) program to restructure the financing of Jefferson County Housing Authority’s (JCHA) Caesar Square Apartments.
The Caesar Square Apartments were constructed in 1971, offering 108 residential units for households earning between 30% and 60% area median income for Jefferson County. IDF financing of $2,808,000 will allow JCHA to fully scope the rehabilitation needs of the property and initiate a request for a non-competitive allocation of 4% Low Income Housing Tax Credits.
Based upon initial property assessments, there will be necessary repair and replacement of structural, mechanical and electrical shortfalls. A new community center building will be constructed to facilitate a fully accessible leasing office, laundry facility, meeting space, play area, and picnic/outdoor gathering areas. To accommodate the new building, parking areas, drive lanes and landscaped areas will be reconfigured to enhance safety and comfort of residents.
“IDF is proud to assist in the preservation of critical affordable housing supply in Jefferson County,” said IDF Executive Director, Sean Doherty. “Through the rehabilitation work and long term affordability of the project, JCHA is on the front lines of ensuring their residents have a safe and affordable place to call home.”