A purpose-driven, mixed-use affordable housing development created through an innovative partnership of community-focused organizations
Made possible through a partnership between Housing Catalyst and the Fort Collins Downtown Development Authority (DDA), Oak 140 will be the first Low Income Housing Tax Credit (LIHTC) project targeting the nearby workforce in downtown Fort Collins. Since identifying the significant need and desire for affordable housing for people working in and around downtown, the DDA and Housing Catalyst have worked to create a development that honors the vision to address this unique community demand.
This is a project driven by the missions of its two quasi-public partners. For Housing Catalyst, it is to create vibrant, sustainable communities throughout Fort Collins by building and managing safe and healthy affordable housing. For the Downtown Development Authority, it is to build public and private investment partnerships that foster economic, cultural, and social growth in the Downtown area. Providing much needed affordable housing is a key component in the DDA’s vision to make Fort Collins a stronger, safer, and better community by creating living options for downtown employees that currently find it financially challenging to live and work in Fort Collins because of rising housing costs. The DDA has provided significant equity and land contributions that make this project possible.
The project aligns with the City of Fort Collins’ belief that one of the keys to a healthy community is the ability to house its residents in good quality, affordable housing. It also supports the City Council’s priority on improving access to a broad range of quality housing that is safe, accessible, and affordable. The Downtown Plan adopted by the City Council in 2017 calls for increasing “the supply of housing in the Downtown area and encourage diverse housing types, including choices for a variety of income levels, demographics and lifestyles,” encourages “increased density and intensity in strategic locations,” and specifically identifies this site as having “High Potential for Infill/Redevelopment.” The Oak 140 development will support the City of Fort Collins in fulfilling its housing, health, and quality of life goals.
Funding & Partners
- 4% LIHTC with State Credits
- Private Activity Bond committed by the City of Fort Collins and Larimer County in 2019 & 2020
- The partnership between Housing Catalyst and the Fort Collins Downtown Development Authority is an innovative approach that makes affordable housing in this highly desirable downtown area financially feasible.
Housing Catalyst formed a tax credit partnership to develop, own, and manage the housing. The five-story building will house 79 apartments – including studio, one-bedroom, and two-bedroom units – on the top three levels. Level 1 of the building will be lobby and office space with parking on Level 2. The desire is to target people working in and around downtown.
- Studio – 4 units
- One-bedroom – 58 units
- Two-bedroom – 17 units
The overall income average will be 60% AMI with the following mix:
Construction begins Summer 2021; completion anticipated early 2023
Architect: Shopworks Architecture
Planner/Landscape Architect: Ripley Design
General Contractor: Calcon Constructors
RBC Community Investments (Tax Credit Investor)
Sugar Creek Capital (State Tax Credit Investor)