Four-party partnership to provide much-needed housing stability close to jobs, transportation, and services
(Boulder County, Colo.) -- Longmont will soon be adding 73 more permanently affordable rental homes to its existing supply following the successful closing of the construction loan for The Spoke on Coffman, the Boulder County Housing Authority’s (BCHA) latest community-strengthening initiative. The loan closing allows BCHA to begin construction immediately.
In addition to the affordable homes, the new neighborhood – located at 518 Coffman Street – will also include a 262-space parking deck with bike and electric vehicle charging, a commercial space with an enterprise café, and office space. Construction is scheduled to begin in September and be completed by spring 2022.
We are very excited to bring affordable housing to the heart of downtown Longmont, just one block off Main Street and directly across from Boulder County’s St. Vrain Community Hub service center. There are so many people in our community who are struggling with the high cost of housing, and this has only been made worse by the current pandemic. The Spoke on Coffman will provide housing stability close to jobs, transportation, and service supports. We’re eager to start building and have been closely coordinating with local businesses, the Longmont Downtown Development Authority, and our construction contractor to carefully plan the work to minimize impacts to downtown businesses. – Norrie Boyd, BCHA Interim Director
The affordable homes will serve families and individuals with income up to 60% of the Area Median Income (AMI). In 2020, 60% AMI in Boulder County is $69,060 for a family of four or $48,360 for a single-person household, the typical income for a nurse, firefighter, or bank teller.
The Spoke on Coffman represents a four-party partnership that includes Boulder County, BCHA, the Longmont Downtown Development Authority (LDDA), and the City of Longmont. This collaborative effort helped lead to the creation of a new neighborhood near downtown that will serve many purposes.
Our mission is to develop, support, and promote a vital and valuable downtown Longmont. The Spoke on Coffman will be a big contributor to this, providing homes for people who will have easy access to all that downtown has to offer and who themselves will help boost the vitality and vibrancy of our community. Additionally, this project brings needed public parking into the downtown footprint for businesses and visitors to the area. – Kimberlee McKee, LDDA Executive Director
We look forward to the addition of 73 affordable homes for Longmont residents. We are proud to be part of this collaborative and creative effort, and we are so happy to help put forward a centrally-located community in our beautiful downtown that so many of our neighbors in need can call home. – Kathy Fedler, Housing and Community Investment Division Manager, City of Longmont’s Community Services Department
The Spoke on Coffman will provide a significant boost to the work of the Boulder County Regional Housing Partnership, which has set a goal of tripling the number of affordable homes across the county by 2035. The City of Longmont is a leading partner in this regional effort.
How The Spoke is financed
The Spoke on Coffman is benefiting from the Colorado Housing and Finance Authority (CHFA) Low Income Housing Tax Credits (LIHTCs), a federal program through which investors help fund construction of affordable housing by purchasing tax credits that provide a return on their investment, while enabling rent levels for the homes to be set below market rates. LIHTCs are commonly used for this purpose and represent a public-private partnership that helps communities build permanently affordable housing.
Affordable housing financing for The Spoke on Coffman includes a $15,300,000 construction loan by Citi Community Capital, $11,893,254 in affordable housing tax credit equity from Enterprise Housing Credit Investments, $1,644,187 in Boulder County Worthy Cause funds, fee waivers from the City of Longmont, $1,550,000 from the Boulder Broomfield HOME Consortium, and $3,730,000 in State of Colorado Department of Local Affairs (DOLA) grant funds.
We are proud to support such an important community-building initiative.This is such a great opportunity to create a much-needed affordable neighborhood so close to the wide range of services we provide at the St. Vrain Community Hub and help further the visionary efforts of the Boulder County Regional Housing Partnership. – Boulder County Commissioner Deb Gardner
(who joined Commissioners Elise Jones and Matt Jones to approve the Worthy Cause funding for The Spoke on Coffman)
The design team is led by RNN Architects, a Denver-based minority-owned full-service architectural firm with experience in planning and designing urban mixed-use housing developments. The construction team is led by Pinkard Construction, a family- and employee-owned general contractor that has completed 72 affordable housing developments throughout the Front Range.
The design team created a virtual fly-through of the new neighborhood that gives viewers a comprehensive look at its features. The design was informed by the community process that included feedback from local business and non-profit leaders, area residents, and representatives from Longmont Chamber of Commerce and the City of Longmont.
The Spoke on Coffman will be located across the street from the St. Vrain Community Hub, Boulder County’s one-stop location for a wide range of services and benefits, including health coverage, food, financial, and child care assistance, financial coaching, immunizations, employment supports, mental health services, and much more. While these services are being provided remotely or by appointment only during COVID-19, by project completion the Hub should return to in-person service.
The Boulder County Housing Authority expects to release applications for homes at The Spoke on Coffman by winter 2021, with move-ins possible by spring 2022. Anyone wanting more information about the new neighborhood, including construction and leasing updates and information about applying, is encouraged to sign up for the interest list.
For more information, visit www.TheSpokeOnCoffman.org.