Press Release: Nonprofit partners announce new affordable housing expansion
GPR Properties, comprised of Greccio Housing, Partners in Housing, and Rocky Mountain Community Land Trust, will expand their Bentley Commons Apartments from 24 to 192 units.
We are excited to announce that the Colorado Housing and Finance Authority (CHFA) has awarded State Affordable Housing Tax Credits to GPR Properties to expand the Bentley Commons Apartments from 24 to 192 affordable housing units. The property is located on 7 acres in Southeast Colorado Springs, near Hancock and Astrozon, and has been successfully operated by the 3 nonprofits since 2009. Since 1999, Greccio Housing, Partners in Housing, and Rocky Mountain Community Land Trust have provided housing stability for people with low incomes in Colorado Springs through various partnerships and as independent nonprofit housing providers. The housing continuum is represented through various “GPR Properties” entities, providing transitional housing, affordable rentals, and affordable homeownership opportunities to individuals and families with modest incomes. Commitment to the partnership and the expansion of Bentley Commons has long been a stabilizing force in southeast Colorado Springs, and will soon serve additional families with children, singles, veterans, and those in transitional housing units. While others have joined to address the growing housing needs in our area, the partners of GPR are proud of our continuing our locally-based and long-term commitment to the people and community of Colorado Springs. The expansion will include 168 new units across 6 buildings, renovation of the existing 24 units originally built in 2005, and reconfiguration of the community center and outdoor recreation areas. Construction is expected to begin in early 2023 and be completed in late 2024. Architectural design will accentuate and complement existing buildings on the property, and the community center will be home to on-site leasing, maintenance, an internet café and community space, and a ‘central park’ outdoor area for recreation, exercise, and playgrounds. At a time when hundreds of units are under construction for high-end wager-earners, GPR and Bentley Commons will continue to serve individuals and families earning up to 60% of Area Median Income (AMI). Unit mix and income restrictions are:
60 one-bedrooms, 105 two-bedrooms, and 27 three-bedrooms
27 units @ 30% AMI, 19 units at 40%, 102 units at 50%, and 44 units @ 60%
Medici Development Group, an experienced and successful development consultant, is the technical consultant and construction manager for the project. Medici is a valued consultant on other local projects, including the recently opened Atrium at Austin Bluffs and the in-development Sunrise at Shiloh Mesa project. Palace Construction is a statewide leader in the construction of multi-family apartment projects and has been selected as General Contractor. Funding commitments include those from the City of Colorado Springs, El Paso County Housing Authority, Myron Stratton Foundation, Colorado Division of Housing (pending), and Colorado Housing and Finance Authority. Service and support providers will include Greccio Housing’s Resident Resource program, transitional housing from Partners in Housing, the VA Supportive Housing voucher program, and numerous community partners and providers. Property management for the expanded complex will be provided by Greccio Housing and its Commercial Real Estate Services division. The need for affordable housing continues to increase in the face of inflation, the desirability of our community, a still-red-hot housing market, and rising rents. Greccio, Partners in Housing, and Rocky Mountain Community Land Trust have remained committed to expanding Bentley Commons for over 13 years, including a multi-disciplinary design Charrette, purchasing additional land, collaborative project design and determining the population to be served, a completed Development Plan, and completion of extensive environmental review and assurance of a safe and healthy home to hundreds of citizens.