Golden West Senior Living Enters Letter of Intent with Boulder Housing Partners for Ownership

Agreement would ensure continuation of low-income housing for Boulder seniors

BOULDER—The Board of Directors for The Golden West Communities, Inc., has entered a letter of intent for Boulder Housing Partners to assume ownership and management of the Golden West Senior Living residences, located at 1055 Adams Circle. Today, Golden West provides almost 40 percent of the city’s low-income housing for seniors, and this agreement helps ensure continuity for its residents. The transaction should be completed by August.

“We are extremely pleased to pursue this opportunity,” said John Torres, Executive Director, Golden West. “These are two respected Boulder institutions that have like-minded missions to provide affordable, quality housing and services. We feel Boulder Housing Partners has the infrastructure and know-how to continue the legacy Golden West has maintained since 1965.”

The 3.5-acre Golden West campus includes 253 independent living apartments for income-qualified seniors 62 years or older. Boulder Housing Partners, which also has more than 50 years of local experience in public housing, today manages 1,600 low-income residences. The organization was the City of Boulder’s first and only public housing authority, charged with building or managing low-income housing and rental assistance vouchers.

“Our mission is to provide quality, affordable homes and foster thriving Boulder communities,” said Jeremy Durham, Executive Director, Boulder Housing Partners. “When the Golden West board approached us with this opportunity, joining forces was a logical conclusion as we both feel this is beneficial to the community.”

Currently, Golden West is managed by Silva-Markham Partners of Denver. Boulder Housing Partners will work closely with this organization to ensure a smooth transition for residents.

Golden West Senior Living opened in 1965. In 2017, Golden West was awarded a Federal Low-Income Housing Tax Credit by the Colorado Housing and Finance Authority. Funds from the tax credit were used to help maintain and complete necessary and critical property renovations to the aging facility.  Boulder Housing Partners has extensive experience with managing properties with the low-income housing tax credit loans, which would enhance its ability to make this transition seamless.

About Boulder Housing Partners

https://boulderhousing.org/
Formed in 1966 as Boulder’s public housing authority, Boulder Housing Partners builds, owns and manages quality affordable homes for low and moderate-income residents, while fostering thriving and sustainable Boulder communities. Through the organization’s award-winning communities and innovative programs, Boulder residents have access to over 1,500 affordable apartment homes, over 100 market-rate apartments and over 1,400 rental assistance vouchers.

About Golden West

https://gwboulder.org/
Golden West Senior Living has been serving seniors since 1965 with affordable housing and services. Located at 1055 Adams Circle, Golden West managed more than 200 independent living apartments for low-income seniors. Golden West also provides meaningful programs and events in a welcoming environment.

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FAQs

Golden West, a small non-profit serving low to moderate-income seniors, relies on residents’ rents for operating funds and has never had deep reserves. The pandemic significantly impacted Golden West’s financial situation, causing higher operating costs and lower revenue due to low occupancy. Additionally, a much-needed building upgrade and subsequent construction disruptions compounded these issues. This led to the difficult decision to close the assisted living facility and the dining program.

GW’s $25 million Low Income Housing Tax Credit (LIHTC) loan partnership agreement required GW to meet specific financial metrics, separate from the financial well-being of the Towers. Meeting these metrics became increasingly difficult, prompting the Board of Directors to seek ways to maintain GW’s mission, culture, and financial stability. BHP, with a similar history and mission of providing housing for lower-income members of the Boulder community, possesses tremendous LIHTC experience and substantial financial reserves, making them an ideal partner to preserve the original mission and vision of GW.

Boulder Housing Partners strives to make living in Boulder welcoming and affordable for people from a diverse range of backgrounds, regardless of income. The housing authority for the City of Boulder for over 55 years, BHP builds, owns, and manages quality affordable homes for low and moderate-income residents, while fostering thriving and sustainable Boulder communities. BHP is one of a select group of public housing authorities in the United States participating in the prestigious Moving to Work program, which encourages innovation by providing flexibility in the use of federal funds. Its communities have won national and international awards for sustainability and affordable housing development.

Probably not. However, representatives of GW will be involved in the transition in an advisory capacity, and BHP will work to maintain the original mission under new leadership.

Yes, the Board of Directors requested that the name be retained for the community.

Yes, that is a condition set by the GWC Board of Directors.

Yes, the LIHTC agreement requires that GW Towers be operated as affordable housing for the next 30 years. BHP will be required to assume and fulfill that agreement.

Today, BHP provides nearly 1,600 affordable apartment homes, over 100 market-rate apartments, and more than 1,400 rental assistance vouchers. BHP also manages the Housing Choice Voucher (formerly Section 8) housing subsidy program.

No, residents will not have priority access to Housing Choice Vouchers (Section 8), but they may receive advance notice when the voucher lottery is scheduled to open.

BHP anticipates taking over management of the building at a date still to be determined.  SMP will remain the management company until that time.

BHP intends to operate GW in the tradition of the original GW, maintaining a strong resident-centered customer service culture and focus on services.

The income qualifications will not change as they are part of the LIHTC agreement. However, the application process may change since BHP has a single application process for its various properties and may incorporate GW into that system.

No, you will not need to recertify for the transition, but you must continue to recertify annually based on your current recertification date.

You will continue to pay rent to the LIHTC Partnership. BHP has transitioned its housing to 100% electronic payment of rents and will work to transition Golden West to electronic payments over time.

No, not as part of the transition. However, rents will continue to be adjusted annually based on operating costs, but will have to remain within the affordable rent limits set by HUD.

No, your existing lease with the LIHTC Partnership will remain in effect.

Once BHP assumes direct management, we will be the point of contact for all of the residents’ needs, until that time continue to use the current process.  As we begin to work onsite with everyone living here, we will share the points of contact and the methods for submitting work orders, addressing property management issues, and finding support for any resident needs.  BHP will provide clear direction around all of this in resident meetings and resident communications.

Current programs such as activities and resident services coordinator, Beauty Salon, and Wellness Center will continue. BHP may add programs, as they are committed to the GW tradition of a service-oriented community.

John will return to retirement once the transfer is finalized, and Donna will continue to assist with the transition for as long as needed.

BHP is interested in trying to bring back a dining program, but that will depend on finding a vendor and will not likely be an immediate change.

BHP will be actively pursuing renovation of that building.  The building will remain senior housing and most likely one-bedroom apartments.