2 minute read
FROM DREAM TO REALITY
LOCAL NON-PROFITS COLLABORATION BRINGS 14 YEAR DREAM TO LIFE.
This groundbreaking signifies a major achievement for GPR Properties, a collaboration between Greccio Housing, Partners in Housing, and the Rocky Mountain Community Land Trust. Culminating over fourteen years of planning, this project will help address affordable housing needs in Colorado Springs, particularly in the southeast region. Located on 7 acres in Southeast Colorado Springs, the Bentley Commons development sits at Hancock and Astrozon and has been successfully operated by the three nonprofits since 2009. When finished, this ambitious endeavor will see the options, alongside the revitalization of 24 existing units.
The development seeks to accommodate the diverse housing needs of the Colorado Springs community. With data from the Colorado Springs Housing Affordability Report indicating that between 28,000 and 39,000 housing units will need to be built by 2028 to meet population growth and close the housing deficit, this partner project between multiple nonprofits emerges as a crucial component in addressing this pressing goal.
It’s demonstrating that local non-profits can get this work done. Partners in Housing does transitional housing, [Greccio Housing] does affordable rentals, and the Rocky Mountain Community Land Trust does affordable homeownership, but we’re in this together and we can do great things locally.
- Lee Patke, Executive Director, Greccio Housing, Excerpt from 2024 ‘Loving Living Local ’ interview.
The housing will aim to help qualifying low-income individuals, families, and veterans, offering two and three bedroom units. In a break down of the 168 units, 27 units will be offered at 30% Annual Median Income (AMI), 19 units at 40% AMI, 102 at 50% AMI, and 44 at 60% AMI.
This project’s $65 million budget is made possible not only through the GPR Properties collaboration but also significant project funding and aims to keep rents low by utilizing local and state grants, low-interest loans, and participating in the Low-Income Housing Tax Credit program. The completion target date is mid-2025.
