Denver Gardens Among First Recipients of Federal Tax Credit Assistance Program

The American Recovery and Reinvestment Tax Act of 2009, an economic stimulus package passed by Congress in February 2009, includes several provisions modifying and expanding the scope of the energy efficiency and renewable energy incentives. The Denver Gardens, an affordable housing complex in Denver, is one of the first projects in Colorado and among the first in the country to receive financing through the Act's Tax Credit Assistance Program (TCAP).

The Denver Gardens project was awarded $1.7 million in TCAP funds by the Colorado Housing and Finance Authority (CHFA). These funds helped close the gap it was facing due to the recent decline in tax credit market values, by helping to close the $14 million purchase and renovation transaction the Denver Gardens needed. Now, more than 100 low-income seniors will be able to call the Denver Gardens home.

The complete renovation program for the Denver Gardens is $3 million, $1 million of which is going to sustainable features to lower the energy costs and improve livability for its residents, like the installation of photovoltaic panels and energy-efficient appliances, windows and lighting.

"Denver Gardens is a great example of how innovative tools help satisfy our commitment to our communities. We believe in giving back and the CRA Qualified Investment Fund's purchase of this bond on behalf of Colorado State Bank and Trust helps provide quality, affordable and sustainable housing for low income families when it is needed most," said Greg Symons, CEO of Colorado State Bank and Trust.

Posted on June 02, 2010 15:04:20 by Blog Author