Liora at Sloan's Lake: Pioneering Affordable and Sustainable Living in Denver

The NHP Foundation (NHPF), in conjunction with Zocalo Community Development, has achieved yet another milestone by securing land for Liora at Sloan's Lake—a project set to infuse the Denver housing market with 158 energy-efficient apartments. Anchored at 3701 16th Avenue within the vibrant surroundings of Sloan's Lake neighborhood, this development is a significant stride toward making sustainable, affordable accommodation a reality for residents earning 30%, 50%, and 60% of Area Median Income.

David Zucker, CEO of Zocalo Community Development, elucidates the mutual objectives with NHPF, stating, "Our partnership with NHPF reinforces Zocalo's commitment to real estate development that balances investment returns, community, and environmental impact."

Financing for this $60 million development has been meticulously assembled, highlighting the collaboration between public and private entities. CHFA’s contribution is multifaceted with tax-exempt bonds and Low Income Housing Tax Credits. The amalgamation of an $18.5 million Bellwether Enterprise loan, alongside an ingenious mix of public funds and corporate backing—culminating in LIHTC equity from a PNC Bank-managed fund, subordinate debt from the Colorado Division of Housing, and further monetary inputs from Zocalo, conveys a blueprint of interdependent financing.

Neal Drobenare, SVP of NHPF, attests to the project's alignment with CHFA Proposition 123 Land Banking Program priorities, as it delivers high-density and transit-accessible housing packed with environmentally sustainable features.

This initiative cements NHPF's ongoing efforts to furnish Colorado with affordable housing, following groundbreaking advancements in Frisco. Tim Pryor, NHPF Vice President of Acquisitions, regards the Liora project as a "blueprint for other expansion NHPF is undertaking in areas of need."

The commitment to Enterprise Green Communities Plus standards ensures that Liora at Sloan's Lake will not only meet energy efficiency benchmarks but will also incorporate green design elements, including an all-electric HVAC system.

Leaders across various state departments have articulated their endorsements. Eve Lieberman of the Colorado Office of Economic Development and International Trade underscores the importance of such projects to Colorado's economy, while Anthea Martin from Bellwether Enterprise and John Nunnery of PNC Multifamily Capital acknowledged the critical role of achieving affordable housing solutions.

Marie De Cambra of the Colorado Department of Local Affairs unequivocally sums up the project’s significance: "Liora at Sloan's Lake is a model of what we can achieve when public and private partners come together with a shared commitment to making housing more affordable for Colorado residents. Through $9.5 million in support from the Department of Local Affairs, this collaboration brings over 150 energy-efficient homes to one of Denver's most vibrant neighborhoods—close to jobs, schools, and transit. By investing in projects like this, we're not only expanding housing opportunities but strengthening the foundation of our communities across the state."

Liora at Sloan's Lake emerges as a stark reminder that housing affordability need not be a utopian ideal but can be manifested through strategic partnerships, innovative financing, and an unwavering commitment to inclusive community development.