CHFA closed a $5.7 million 3.5% construction loan for Wolff Street Flats, a 23 unit for sale affordable condo project in Denver. Homes average about $285,000 for buyers at 80% AMI, with completion scheduled for August 2027. AI Summary
A small condominium project in Denver’s West Colfax neighborhood may be the best evidence yet that Colorado’s housing reforms are producing real results.
The Colorado Housing and Finance Authority this month closed a $5.7 million low-interest construction loan for Wolff Street Flats, a 23-unit affordable for-sale development by Osina Development and Modus Real Estate. It is the first project to close under CHFA’s Drive It Home Construction Loan program, which draws from a $50 million bond investment authorized by bipartisan legislation enacted last year.
Scott Speil, principal of Osina, told HousingWire TBD that construction will begin next week. Completion is scheduled for August 2027.
Homes at Wolff Street Flats will sell to households earning 80% of Area Median Income or less — roughly $89,000 annually for a two-person household — at an estimated average price of $285,000.
Read more: https://www.housingwire.com/articles/drive-it-home-denver-condos/