14 Affordable Housing Developments Making a Difference

As the housing market has become increasingly expensive and inaccessible for both renters and buyers — affordable housing opportunities are more important than ever. Recent Harvard Joint Center for Housing Studies data found 22.4 million renter households were spending more than 30% of their income on rent in 2022. That means half of the U.S. population is considered housing cost-burdened.

Affordable housing is vital for community growth, economic mobility, and an individual’s mental and physical health. In response to these challenges, FirstBank has partnered with several organizations to finance over $500 million in affordable housing projects since 2020.

Here are 14 affordable housing developments FirstBank has financed that are making an impact in Colorado and Arizona.

Colorado Affordable Projects

1. 30PRL

A 5.5-acre car dealership lot in Central Boulder was transformed into a mixed-use development meeting the city’s goals of providing affordable housing. With 120 units of affordable housing in the heart of the city, this development has 10 permanently supportive units for individuals transitioning out of homelessness along with employment opportunities for people struggling with disabilities.

2. Alto

The Alto housing development opened in Westminster in 2018, consisting of 70 units and office space for the Adams County Housing Authority. The housing units are available to residents who make 60% or less of the area’s household medium income.

3. Green House Project

Currently in the third phase of a 25-acre development created by the Housing Authority of the City of Loveland, the Green House homes occupy approximately five acres of the Mirasol Senior Community and provide a continuum of housing opportunities for seniors. What makes Green House Project unique is it enables residents to pay with Medicare, helping meet affordable housing standards for aging communities.

4. Liberty View Apartments

Developed by the Aurora Housing Authority, Liberty View is a 59-unit apartment complex located within a half mile of Fitzsimons Station light rail station. This affordable housing community is dedicated to housing veterans who earn between 30-60% of the area’s household median income.

5. Peoria Crossing I and II

Peoria Crossing is a transit-oriented development located a half mile from the RTD Light Rail in Aurora. FirstBank help financed both development phases for Housing Authority of the City of Aurora, which brings a total of 154 units to the area. Qualified tenants can earn no more than 60% of the area median income.

6. Smith Ranch

Located in Silverthorne, CO, this affordable housing project is a large development containing 214 units on 51.5 acres, with a beautiful mountain backdrop that brings sustainable housing to an already overpriced market.

7. Sun Valley Redevelopment (DHA)

Sun Valley, located off the Federal Blvd. and Sixth Avenue corridor, is known as one of Denver’s lowest income communities, with over 80% of the population living below the poverty line. The Denver Housing Authority (DHA) is currently in the process of developing nearly 1,000 units, and an 11-acre regional park.

8. Willoughby Corner

Is one of the largest Net-Zero-Ready affordable housing developments in Colorado. Developed by Boulder County Housing Authority, Willoughby Corner will feature 400 affordable ‘for rent’ and ‘for sale’ units for Lafayette residents who are at or below 60% of the area median income. Depending on income, monthly rent for a one bedroom will range from $821 to $1,642.

9. Belmar Groves

While Belmar Groves in Lakewood, CO has been around since 1972, it’s undergoing a substantial renovation to make the 118-unit apartment more accessible to underserved and disabled communities. Owned by Metro West Housing Solutions, the $25 million renovation will include new roofs, upgraded appliances for visually challenged residents and improved landscaping.

Arizona Affordable Projects

10. Cabana Encanto, Cabana Bullard, and Cabana Happy Valley

FirstBank helped developer Greenlight Communities finance over 900 attainable rental units across Phoenix, including two apartment complexes in Goodyear, Cabana Encanto and Cabana Bullard, and another in Phoenix called Cabana Happy Valley. Greenlight Communities focuses on developing underutilized land in highly desirable areas, using sustainable and resourceful development practices to create attainable, modern housing at rental rates community members can afford.

11. Rose Terrace and Casa Bonitas

FirstBank partnered with the Housing Authority of Maricopa County to help develop and renovate Rose Terrace in Avondale, AZ and Casa Bonitas in Surprise, AZ. Both developments bring approximately 150 units to the Phoenix area.

12. Newtown Micro Estates

In the heart of Tempe, AZ, 13 modern tiny homes were created to allow for affordable homeownership. While each home is compact and private, the sense of community is widespread with a shared common room, courtyard, and personal gardens.

Affordable homeownership is critical to uplifting and supporting the communities we serve. Most importantly, it helps build financial stability. To learn more about FirstBank’s affordable housing initiatives, check out:

Unlocking: Colorado

Unlocking: Arizona

For more information, visit the First-Time Homebuyers Resource webpage at efirstbank.com or browse additional homeownership tips and tricks at efirstbankblog.com.

FirstBank Member FDIC. Equal Housing Lender. NMLS ID#458768.

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