Approves an agreement with 1371 Xenia, LLC for $1,000,000.00 for a term of sixty years for the preservation of 23 income-restricted units at 1371 Xenia Street, to be rented at prices affordable to qualifying households ranging between 40% and 80% AMI, in Council District 8 (HOST-202581299).

The City Council is considering an agreement with 1371 Xenia, LLC for $1,000,000.00 over a sixty-year term. This agreement is for the preservation of 23 income-restricted rental units located at 1371 Xenia Street. The units will be rented at prices affordable to households earning between 40% and 80% of the Area Median Income (AMI). The project is situated in Council District 8 and involves renovations such as updating the heating system, roof repairs, walkway repairs, and LED lighting installation. The financing for this preservation project also includes equity funding from Gary Community Ventures and Colorado Health Foundation, along with debt financing from Mercy Community Capital and Colorado Housing Accelerator Initiative. The property owner, 1371 Xenia LLC, is a subsidiary of East Colfax Mixed Income Neighborhood Trust (EC MINT), a model aimed at preserving affordability in perpetuity.

This agreement will preserve 23 existing affordable housing units in the East Colfax neighborhood, ensuring they remain accessible to low- and moderate-income households for the next sixty years. Residents will benefit from improved living conditions due to planned renovations.

high