Golden West, a nonprofit senior living community serving Boulder’s elderly population for the past 50 years, was awarded a Federal Low-Income Housing Tax Credit by the Colorado Housing and Finance Authority. Golden West plans to use the tax credit to further its mission of providing low-income housing and services to the elderly.
“Maintaining affordable housing for seniors in Boulder is at the core of our mission,” said John McCarthy, President and GEO 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.”
Golden West currently offers about 40% of all affordable senior apartments in Boulder, a city in which affordable housing continues to remain an omnipresent concern. In addition, Golden West accepts Medicaid-eligible seniors into the community through its assisted living program.
The LIHTC program was created by Congress in 1986 under Section 42 of the Federal Tax Reform Act. The goal of the program is to encourage the construction and rehabilitation of low-income rental housing by providing a federal income tax credit as an incentive to investors. To qualify for the program, organizations must meet certain income, rent and extended-use requirements. Tax credits for organizations vary in percentages depending on the need presented when applying for the program.
CHFA is the designated state allocating agency for Colorado and is responsible for designing and implementing the state’s program.