Three of the 14 affordable residential developments to receive federal and state housing tax credits from the Colorado Housing and Finance Authority in the agency’s first round of awards this year are being built in the Pikes Peak region.

Receiving tax credit approval through the highly competitive selection process signifies hurdling a milestone for affordable housing developers, since some apply multiple times before being accepted, which delays construction.

A total of 32 applications for projects around the state were submitted for this funding cycle, according to the housing and finance authority. Letters of intent for a second round in 2026 for 4% federal tax credits are due to the agency by 5 p.m. Monday.

Here are the local approvals announced May 21, which collectively will provide 135 new apartment units for low- to moderate-income households as well as older adults.

Silver Key Senior Services to build on Colorado Springs’ Old North End

An empty lot at 2126 N. Weber St. that has views of Pikes Peak and Penrose Hospital to the west will be infilled with a 49-unit affordable apartment complex for seniors age 62 and older.

The project of the nonprofit Silver Key Senior Services has been awarded 9% federal Low-Income Housing Tax Credits totaling nearly $1.7 million and $500,000 in standard state housing tax credits.

“As housing costs continue to rise, far too many older adults are struggling to find safe, affordable places to live while remaining connected to their community,” Jason DeaBueno, president and CEO of Silver Key Senior Services, said in a statement. “The Weber Apartments are about ensuring older adults can remain part of the community they helped build.”

Silver Key opened a 50-unit complex at 1575 S. Murray Blvd., adjacent to the organization’s headquarters, in the fall of 2024. With apartments for very low, low and moderate-income seniors, the organization received more than 550 applications initially, DeaBueno had told The Gazette.

Ground-breaking on the new Silver Key Apartments at North Weber is expected later this year, after completing final financing and permitting approvals, he said.

The complex will offer 47 one-bedroom units and two, two-bedroom units. Five apartments will be for residents earning 30% or less of the area median income, 21 units at 50% of the area median income and 23 units at 60%.

The complex will incorporate design and accessibility features that support the idea of “aging in place,” according to the organization’s application to the housing and finance authority.

There will also be case management, on-demand transportation, health, wellness and nutrition programs, assistance with resources, home safety modifications and other extras for residents.

The site is within walking distance of a grocery store, a park, a bus stop, a medical device and hearing aid shop, a hospital and other healthcare offices, a credit union, restaurants and Shook’s Run trail, which makes the location ideal for older adults, according to DeaBueno.

The property will be built with an all-electric-ready and solar-ready design, the plan states.

Mountain community to get Crossroads at Divide affordable apartments

AmericaWest Housing Solutions and Riverstone Platform Partners are building Crossroads at Divide.

The property at Clark Ranch and Lone Ranger roads in the unincorporated Teller County community of Divide will lie at the gateway to the gaming city of Cripple Creek and the mining town of Victor, as well as ski resorts farther west.

The project received $1.8 million in 9% federal tax credits and $500,000 in standard state credits.

The 36-unit apartment building will be three stories and feature 12 one-bedroom units and 24 two-bedroom units. Five apartments will be for residents earning 30% or less of the area median income, five at 50%, 18 at 60% and eight at 70%.

Residents will be able to take classes in finances and budgeting, literacy, health and wellness and eviction-prevention. They’ll also receive food assistance and referrals to promote family and economic stability.

A regional park is a few minutes away, and a grocery store, medical clinic, senior center and community center are less than half a mile.

The 5.16-acre site allows for up to 77 total units. Future plans call for a second phase to house workforce families earning at or below 120% area median income, according to AmericaWest.

Crossroads at Divide apartments will be located near a new 15,000-square-foot Teller County service center, a project that will consolidate county offices like the departments of motor vehicles, human services and public health.

The center is being constructed where the current ball fields are at Hayden Divide Park, though the playground and basketball courts will remain.

A new subdivision, called Alpine Vista, which will add up to 300 single-family homes, townhomes and duplexes alongside 100,000 square feet of commercial space, will rise on the former Saddle Club property across from the park.

The 61-acre mixed-use development is underway near the corner of U.S. 24 and CO 67 by developers Craig and Jessica Nelson.

Former motel site at 123 Manitou Ave. to become new apartments

For the first time, an affordable housing project in Manitou Springs has received housing tax credits. A 50-unit apartment complex at 123 Manitou Ave., the site of the former La Fon motel, will feature 20 one-bedroom, 12 two-bedroom and 18 three-bedroom apartments for residents earning 30% or less to 60% or less of the area median income.

The project received $1.6 million in 9% federal tax credits and $500,000 of standard state credit for Paragon Development Inc. and TWG Development.

The new units are designed for seniors, multi-generational families and local employees such as artists, teachers, hospitality workers, healthcare workers, municipal employees, emergency responders and service industry workers, according to the application.

Rainbow Housing Assistance Corp. will provide services to residents through its online program and service called LINK (Leveraging Innovative Netting Knowledge), which delivers education, workforce development and health-focused programs that are supplemented with staff involvement.

The project represents “the first realistic opportunity in years to live within the community they serve,” stated a news release from the Manitou Springs Urban Renewal Authority.

“In resort and tourism-based communities like Manitou Springs, many working households earning between 30% and 60% AMI have increasingly been priced out of the local housing market, leading to longer commutes, workforce shortages, school enrollment pressures and growing challenges maintaining a year-round community,” the release said.