Whittier Affordable Housing Preservation
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Preservation is a public/private cooperative effort that kept 86 rental apartments from being lost as affordable units! Located in the Whittier Neighborhood, the apartments are within a five block area scattered over 26 sites in 29 different buildings. They were built in 1976-77 with the help of Federal Funds that promised to keep them affordable for 25 years. At the end of 25-year term the owner or the new purchaser of the units could have chosen to put the units up on the market and they would be lost as affordable rental units. These units became nationally known as ≥expiring Section 8≤ properties. Northeast Denver Housing Center (NDHC), the current developer/sponsor, negotiated with the owner over a year and half to secure the buildings and retain their affordability and succeeded in July of 2003.
The 26 years old buildings were in need of substantial amount of improvements. NDHC worked with the City of Denver, Housing & Urban Development (HUD), Key Bank and Enterprise Social Investment Corporation to raise the needed dollars to acquire the buildings and renovate them. The total cost of the project is approximately 9.8 million with half of it going to improve the interior and exterior rehabilitation of the buildings. Each unit is being transformed into a completely new apartment. |
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