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What does the Low Income Housing Tax Credit mean for Golden West?

//What does the Low Income Housing Tax Credit mean for Golden West?

What does the Low Income Housing Tax Credit mean for Golden West?

According to Zillow, the median home value in Boulder has risen 2.6% in the past year to almost $700,000. In addition, the median rent price in Boulder has risen 3.8% in the past year. With some of the highest housing costs in the country, Boulder continues to face a crisis when it comes to housing its senior and low-income residents.

To address this crisis, the First Christian Church founded Golden West Senior Living in 1965. Though our community is no longer affiliated with the church, we continue to support their mission of providing affordable, safe and quality housing to seniors age 62 and older. Now, over 50 years later, we offer about 40% of all affordable senior apartments in Boulder.

Recently, Golden West was awarded a Low-Income Housing Tax Credit by the Colorado Housing and Finance Authority. The credit will not only allow us to maintain ownership of our community and continue Golden West’s original mission for the next decade — it will allow us to expand our affordable apartments and extend our reach to even more seniors in the Boulder area.

“Maintaining affordable housing for seniors in Boulder is at the core of our mission,” said John Torres, the President and CEO of Golden West. “We will use the credit to maintain and renovate our buildings, raise equity, and strengthen the community’s sustainability well into the future.”

Not only will our current residents continue to enjoy affordably priced apartments, they will also benefit from future building renovations and much-needed upgrades made possible by the tax credit. Under the tax credit program, our rent limits will continue to be determined by the area median income. To find out if you qualify for our apartments, or will continue to qualify moving forward, check out the rent and income limits on the CHFA website.

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2018-02-06T14:29:00+00:00