Forest City (Now Brookfield Properties) Delivers New Affordable Home In Denver’s Top Selling Community

Nearly 18 Percent of all Stapleton Home Sales in 2016 were Affordable deed restricted for incomes at or below 80% Area Median Income

(DENVER) – April 18, 2017 – Denver continues to experience record-setting home prices and historically low inventory, and as the need for affordable housing continues to rise, Stapleton Denver is  following  through  on  its  commitment to provide a variety of  affordable  options through  home ownership programs  and apartment rentals.   Even though Stapleton is among the top selling communities in the  country,  nearly 18 percent  of all homes  sold last year in Stapleton qualified as affordable  deed  restricted.  Forest  City (now Brookfield Properties) provides  subsidies  for each  affordable  home  at Stapleton, whether  it  is  through  donated land, cash subsidies, or both. To date,  Forest  City (now Brookfield Properties) has subsidized a combined total of 787 affordable rental and for-sale homes with more planned  for the future.

“I’m proud  of the  partners  who continue to work together to deliver a variety of quality, affordable homes   in  Stapleton,”  said  Councilman  Christopher  J   Herndon,  District  8.    “These  homes   are  a testament to the community’s commitment to make sure the neighborhood is accessible to buyers in a wide range of price points.”

Stapletons Affordable Program By the Numbers:

  • 425 affordable for-sale homes completed or under construction to date
  • 18% of all home sales in Stapleton in 2016 qualified as “affordable” deed restricted
  • Land designated and being held to meet 10% affordable for-sale agreement
  • 362 affordable for-rent apartments completed or under construction to date
  • Land designated and being held to meet 20% affordable for-rent agreement

“The process of delivering affordable  homes  in a highly desirable community like Stapleton requires the  commitment  and  support  of  so  many  entities,”  said  VP of Public  Relations  for Forest  City (now Brookfield Properties) Stapleton, Tom Gleason. “We are working with local builders, the  City of Denver, and the State  to ascertain federal  and  state  tax credits that allow us to deliver a diverse mix of affordable  options in one of Denver’s great neighborhoods.”

Forest City (now Brookfield Properties) donates the land or offers cash subsidies to local builders that specialize in building these homes.   One   such  builder,   the Northeast   Denver  Housing  Center  (NDHC), is  an  organization

Stapleton   has   partnered  with   since   2007.   They  recently   brought   to  market   the   Northfield Apartments,  which are 84 affordable rental units. Additionally, NDHC has completed five stages of its For  Sale  income  qualified  Spruce  Townhomes,   which  consist  of  83  units  in  two  locations  in Stapleton—one  across  from  Central  Park and  the  other  off  Montview  Boulevard.  The  units  are two-bedroom and three-bedroom townhomes priced for households making at or below 80% of the area median income. Among the affordable for sale homes currently under construction at Stapleton by Northeast Denver Housing Center are 40 townhomes across the street from Stapleton’s transit oriented development at Central Park Station on the RTD A-line

“The availability of affordable housing in a city  and community can serve as the measure  of its health and   sustainability,’   said   Getabecha  Mekonnen,   Executive   Director,   as   he   explained   NDHC’s commitment to affordable  housing. “By working collaboratively with the public and private sector we at NDHC have been  able to build affordable  rental  and  homeownership units throughout Denver. Learning from our past, today we work hard to place housing units close to amenities ( jobs, schools, shopping, entertainment, transportation) and design livable and affordable  units that can contribute to the health, social and economic wellbeing of our clients.”

One Spruce Townhomes  new resident, Taylor Norvell commented, “This home was an answer to our prayer and it is such a wonderful place to raise our growing family.”

Thrive Home  Builders, known for the  energy  efficient zero energy  ready  homes  is also building an affordable  housing option in Stapleton. Together  with Forest  City (now Brookfield Properties) Stapleton, Thrive introduced the Elements Collection—165 new income-qualified townhomes in Stapleton last year.

“Our vision for Thrive is to be a force for good in the community, and we fundamentally believe in the transformative  power  of homeownership  and  the  stability that  comes  with owning a home,” said CEO of Thrive Home  Builders, Gene Myers. “Our corporate  mantra  is to ‘always do the right thing,’ and  as a local Denver builder, we’re placing our values ahead  of profit to help address  the needs  of the community that we live and work in.”

Thrive has been  one  of Stapleton’s most  successful  builders of market  rate and  affordable  homes since it began its first development in Stapleton more than 13 years ago. The company’s expertise lies in  building  high-quality,  energy  efficient,  and  sustainable  homes  in  Denver,  which has generated ongoing  demand for  both  its  market-rate  homes  and  mixed-income  home  collections  in  seven different Stapleton neighborhoods.

“Thrive   has  had   an  incredible   track  record   of  success  in  the  Stapleton  community  and  the introduction of the  Elements  Collection is perfectly  timed for the  greater needs  of Metro Denver,” said Tasha Jones, Director of Marketing  for Forest City (now Brookfield Properties) Stapleton. “We are fortunate to have a builder of this caliber be part of Stapleton’s affordable housing program.”

The Elements  Collection offers high-quality income-qualified affordable  townhomes in Stapleton’s Conservatory  Green neighborhood, with future plans for homes  in Willow Park East, and Wicker Park neighborhoods.  Homes  offer  two and  three-bedroom floorplans ranging between 1,213 and  1,330 square feet and have a starting price point of $189,900.

About Stapleton’s Affordable Housing Program

The  Affordable  Homes   at  Stapleton  are  well-designed  and  carefully  crafted.  The  homes   are surrounded by all the lifestyle amenities that Stapleton is known for, and they are priced for people with   moderate  incomes   (60%   and   80%  AMI  for  rent   and   for  sale  respectively),  providing opportunities to afford a home  at Stapleton. Maximum income figures are subject to change based on U.S. Department of Housing & Urban Development annual updates.

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