02/08/2024
GPR II Properties Expands Affordable Housing in Colorado Springs!
We are so proud to be part of this amazing addition of affordable housing to our Colorado Springs Community, if you are wondering where Rocky Mountain Community Land Trust fits in this project, we are the R in GPR (Greccio Housing, Partners In housing and Rocky Mountain Community Land Trust). After a 15-year struggle to get all the necessary funding, land and processes in place, the Bentley Commons affordable housing complex is expanding from 24 units to 192 units. With the help and incredible support of our partnering financial institutions, local and state housing agencies and governing boards we will be building 6 more buildings and a green space in a location that is close to grocery stores, schools and bus routes. We are so excited to invest in a development that will serve our City for years to come.
Originally Bentley Commons was a 24-unit project developed to be a luxury condominium project, however with the 2007 global financial crises the developer of these units lost the complex to bankruptcy. Fueled by the global recession Congress enacted the Housing and Economic Recovery Act of 2008 and from it the Neighborhood stabilization Program emerged making it possible for GPR to purchase Bentley Commons. The abandoned condos were quickly fitted to serve low to moderate income families in accordance with the Neighborhood Stabilization Program’s income restrictions. The dream was always to expand the number of affordable dwellings by building more units on the premises.
Once the additional 168 units are built, there will be a total of 192 apartments to be made up of 60 one bedroom, 105 two bedroom and 27 three-bedroom units. These apartments will have 27 units for incomes at 30% of AMI and below, 19 units at 40% AMI, 102 units at 50% AMI and 44 units at 60% available to families and individuals who meet these income guidelines and 8 units will be exclusively for VA Supportive housing vouchers. For perspective below is a chart representing the 30%-60% annual AMIs for Colorado Springs based on the huduser.gov website.
Colorado Springs
HUD Metro FMR Area $105,100
AMI% Persons in Family
1 2 3 4 5
60% $40,950 $46,800 $52,650 $58,500 $63,188
50% $34,150 $3,900 $43,900 $48,750 $52,656
40% $27,300 $31,600 $35,100 $39,000 $42,015
30% $20,400 $23,400 $26,325 $29,250 $31,594
On January 30 of this year, 15 years of hard work came to fruition at the ceremonial groundbreaking, and we are so excited to see this development blossom.
