Nearly $800,000 in federal tax credits have been allocated for an affordable housing development in Grand Junction.
The Colorado Housing and Finance Authority awarded $785,116 in federal low-income housing tax credits for Pathways Village, a 40-unit housing development designed to help homeless families and individuals in Western Colorado.
Construction of Pathways Village is expected to begin in May 2015 and continue for about a year.
It’s been estimated the development will generate more than $11.3 million in economic effects and support 53 jobs.
“Homelessness isn’t just a metro issue. Unfortunately, the recent economic struggles have resulted in many communities across Colorado needing to come together to provide housing and services that can help families and individuals get back on their feet,” said Cris White, executive director and chief executive officer of the Colorado Housing and Finance Authority.
“Over the past year, CHFA has made it a priority to work with Governor Hickenlooper’s office and with local community leaders to ensure our resources are available to help them in the planning and development of housing needed to reduce homelessness in Colorado.”
Pathways Village, a 40-unit project developed by Cardinal Capital Management, is designed to offer a first step in address the need for homeless housing on the Western Slope. It is the first project to come out of the jointly-sponsored Pathways Home Permanent Supportive Housing Toolkit.
“Pathways Village is the first housing of its kind along the Western Slope to provide homeless individuals and families with quality, affordable housing and the support services they need to live with stability and dignity,” said Erich Schwenker, president of Cardinal Capital Management.
There are currently 414 homeless households in Mesa County, according to data from the Colorado Coalition for Homeless “A Snapshot of Homelessness, Point-in-Time Study 2013.” The completion of Pathways Village is estimated to address nearly 10 percent of those eligible households.
Cardinal Capital Management worked with HomewardBound of the Grand Valley, a nonprofit organization serving the homeless, in developing Pathways Village.
“Pathways Village will serve and benefit the most vulnerable in our community for many years to come by providing much needed supportive housing here in the Grand Valley. We look forward to working with Cardinal Capital and the various project partners to ensure the success of Pathways Village,” said Doug Karl, executive director of HomewardBound.
Hilltop Community Resources based in Grand Junction will provide services to formerly homeless residents, including community based case management to accurately identify tenants’ needs and strengths, with subsequent service delivery designed to promote self-sufficiency.
The Grand Junction Housing Authority provided 40 Section 8 rental subsidy vouchers for residents of Pathways Village.