Volunteers of America and NAHT close on $11M of Equity for Brandon Courtyard
Columbus, OH. Friday, September 28, 2018. National Affordable Housing Trust (NAHT) is proud to announce the closing of Brandon Courtyard in Denver, Colorado. NAHT closed on Brandon Courtyard in partnership with Volunteers of America (VOA) and investment from Bank of the West. The partners also include the Denver Housing Authority on the development side and Sugar Creek Capital as an investor for the Colorado state credits.
“NAHT is proud to continue its longstanding relationship with the Volunteers of America by providing permanent affordable housing for families, seniors, and veterans – specifically housing and services for formerly homeless in Denver, Colorado,” stated Lori Little, NAHT President and CEO. “VOA has demonstrated the ability to provide quality housing and services to households across the country. We look forward to working with VOA on this important development to provide opportunities to these individuals and families in Denver.”
Brandon Courtyard Apartments will provide 103 units of permanently affordable rental housing in two connected buildings to families, couples, individuals, seniors, and veterans. Fifty-nine of these units will be set aside for people experiencing homelessness, who will be supported by VOA’s robust package of services. This project presents a unique opportunity to use Colorado State LIHTC to support the development of additional PSH units. The project will provide much needed additional permanent supportive housing as well as additional family units in west Denver’s low-vacancy, high-rent housing market.
“Volunteers of America is very excited to transform this legacy site from functionally obsolete housing for vulnerable women and children into a state of the art Permanent Supportive-Family Housing property serving individuals and families. The property has a long and rich history of providing services to vulnerable populations going all the way back to the turn of the century. The VOA Colorado Board made the decision to redevelop the site in 2014 so it could continue serving those in need within a modern format into the next century. We are looking forward to welcoming our first residents in late 2019,” stated Dianna Kunz, President and CEO of Volunteers of America Colorado.
Volunteers of America is a national, non-profit, faith-based organization dedicated to helping those in need rebuild their lives and reach their full potential. Through thousands of human service programs, including housing and healthcare, VOA helps nearly 1.3 million people in over 400 communities. Since 1896, VOA’s ministry of service has supported and empowered America’s most vulnerable groups.
“Bank of the West thanks Volunteers of America and NAHT for welcoming us as a new investor. We are pleased to help finance this development that will improve the lives of its residents,” added John Denton, manager of Bank of the West’s Community Development Finance group. “We hope to build on this initial success in many future endeavors.”
For media inquiries, contact: Heather Holland, [email protected], 614.917.2864