The Ridge - South Colorado Springs
The Ridge is a funded and approved new-construction project at the intersection of Hwy 115 and S. Academy, in the Broadmoor Bluffs neighborhood. A 60-unit property of 1-, 2-, and 3-bedroom units, The Ridge has undergone a tremendous amount of scrutiny, and has been approved/supported at every level of review. The most recent was a 35-point opinion by District Court, with all 35 points in favor of The Ridge.
With Commonwealth Development as primary developer, and Greccio Housing as minority owner and property manager, The Ridge is expected to break ground before the end of the year, and as early as prior to Thanksgiving. Construction is expected to take 12 months. Funding is provided through Low Income Housing Tax Credits, local and State investment, and traditional construction and long-term financing.
Rocky Mountain Apartments - Southeast Colorado Springs
Rocky Mountain is a unique affordable housing development, as it represents the first “Acquisition and Conversion” of an existing office building into 18 NEW affordable housing units. Located to the east of Dunkin Donuts on Bijou and Circle, the 1- and 2-bedroom unit development will offer 2 ADA units, central location, enclosed courtyard with picnic area, playground, a community garden, and a “Grab-N-Go” library.
Funding partners will include the City of Colorado Springs, El Paso County Housing Authority, State of Colorado, and Ent Credit Union. Demo of the interior will begin prior to the end of 2018, with full construction beginning around the end of February. Apartments should be available for move-in near the end of summer, 2019.
The Rocky Mountain Apartments are located in a qualified Enterprise Zone, which means that support of this project through donations are eligible for an additional 25% State Tax CREDIT! Investing in this development is a great way to support affordable housing in our community!
The Atrium at Austin Bluffs - Northeast Colorado Springs
Serving the rapidly growing senior population, The Atrium at Austin Bluffs is a project in development. The City of Colorado Springs authorized transfer of the property to Greccio Housing on the condition that it be developed as a senior affordable housing complex. Concepts for this infill development project continue as we match community needs with available funding opportunities.
Plans include service to one of our most vulnerable populations, on-site and service-enriched offerings from Greccio’s Resident Resource team as well as community nonprofit partners, an abundance of community gathering and social activities, low-impact planning for traffic, a roof-top community atrium and garden space, and a small dog-run area for future residents’ furry friends!
Watch for more to come on this exciting new opportunity!
Woodbine Apartments ADA Upgrades
Originally acquired in 2012, Woodbine is undergoing an accessibility renovation and improvement project. Already completed is a new ground-floor entryway, which replaced a cumbersome 5-step elevated entry deck, which then led to more stairs to the garden level or second floor. The new entryway offers ground-floor access for those with mobility impairments improved ease of visiting.
The next phase of improvements, beginning in November and December, will be conversion of up to 4 of the ground-level apartments to full ADA accessibility – larger bathrooms, walk/roll-in showers, modified doorways and cabinets/countertops, and more! With much of the housing inventory in our city constructed in the 70s and 80s, conversion to greater accessibility is a priority today.
Thank you to the City of Colorado Springs for their investment of HOME funds into this important upgrade and expanded accessible offering for a population with limited options for housing.
The Arcadia Apartments -North-Central Colorado Springs
One of our smaller apartment communities, the 6-unit Arcadia Apartments were originally acquired in December of 2016. An already-sound building, desired improvements have included a new boiler system for heat, paving of the gravel parking lot, painting the exterior, and conversion of 1 of the units to ADA accessibility. Installation of a new and high-efficiency boiler system have just been completed, and funding is being pursued to support the other projects. These Improvements will make the Arcadia Apartments a stable, safe, and affordable place to live for another generation. Watch for future notices for timing of completion of these upgrades!
Greccio’s Resident Resource Center and home office -East-Central Colorado Springs
We just completed conversion of our exterior lighting to highly-efficient systems, which will also reduce costs and our demand for energy. A huge “THANK YOU!” to Energy Outreach Colorado for their investment in our agency, and their commitment to energy efficiency and sustainable systems in Colorado!
Greccio budgets and regularly contributes to reserve accounts to ensure ongoing care and replacement of its properties, to include major mechanical systems, deductibles for storm damages, and routine upkeep. Grants and loans are not uncommon for unique upgrades, improvements consistent with community priorities, or other major improvements for which funding becomes available.
Affordable housing has an insignificant or positive effect on property values in high-valued neighborhoods and improves values in lower-valued neighborhoods. And, affordable housing has no negative impact on the price or frequency of sales of neighboring homes.
Affordable housing does not overburden schools and infrastructure. Studies show that single-family homes have two to three times the number of school-aged children of those residing in apartments.