Nederland Affordable Housing Project Gets Tax Credit

NEDERLAND, CO -- A planned, 26-home, affordable rental development near downtown Nederland has been awarded low income housing tax credit funding–the first time the Colorado Housing and Finance Authority has given this type of assistance to an affordable housing project. Recently named Tungsten Village by Nederland community members, the project will serve the area’s low-income workers, seniors, and others struggling with high housing costs, according to a press release from the Boulder County Housing Authority.

“We are thrilled that the Colorado Housing and Finance Authority recognized this opportunity for a mountain community where over 70% of the population spends more than a third of their income on housing,” said Frank Alexander, Director of Boulder County Department of Housing & Human Services in a press release. “Over the next several decades, Tungsten Village will provide important supports for hundreds of families and individuals who make up the fabric of the Nederland community. This will also help ensure that many of the community’s teachers, first responders, café workers, child care providers, and seniors can live in the community in which they work or simply want to remain.”

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The Colorado Housing and Finance Authority received 33 applications for funding, and the Nederland project was one of just 15 approved. According to the Boulder County Housing Authority, the 9% tax credit funding will also allow Tungsten Village to serve residents earning 30% or less of the area median income. As an example, for a family of four that earns up to $33,000 per year, the maximum monthly rent on a three-bedroom apartment would be $867, including utilities.

“Housing affordability is a significant issue in our community, particularly for teachers, essential service providers and working families,” says Nederland Mayor pro tem Julie Gustafson in a statement. “The Nederland Board of Trustees gave the Town’s approval for this project because we know it is a critical part of housing our community and keeping our town vibrant.”

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