HomeMy WebLinkAbout20201269.tiffIIIIESREY
Commissioner Mike Freeman
Commissioner Scott James
Commissioner Barbara Kirkmeyer
Commissioner Steve Moreno
Commissioner Kevin Ross
Weld County Colorado
PO Box 758
Greeley, CO 80632
Re: Affordable Housing: Cottonwood Hollow - Firestone, CO
Dear County Commissioners:
Cohen -Esrey Development Group, LLC
8500 Shawnee Mission Parkway, Suite 101
Merriam, KS 66202
Main: 913.671.3300
FAX: 913.671.3301
April 30, 2020
My name is Lisa Sorensen with Cohen -Esrey Development Group and we develop affordable multi-
family housing. We truly believe in the mission of affordable housing. I was formerly with Denver Housing
Authority for 7 -years and have worked here in Colorado in the affordable housing industry for most of my
career. Cohen -Esrey has been developing affordable properties since the mid -nineties and has completed
several dozen projects in the last decade in multiple states which include adaptive reuse of historic structures,
new construction, as well as acquisition/rehab of existing buildings.
We are currently working on a new construction, affordable multi -family project located in Firestone,
Colorado. It will be located the NEC of Arbor (to be built) and Sable in the proposed Cottonwood Hollow
development. Please see attached map and preliminary site plan. We are planning to have 119 (1, 2, & 3
bedrooms) units on 7 acres of land that will lock -in affordable rents for 40 years
The 2020 Average Median Income (AMI) for Weld County is $84,300. Below are the income ranges reflected
as a percent of the Weld County AMI that we would serve. There is a range because each category is adjusted
based on the number of people living in the unit.
Area Median
Income (AMI)
# of
Units
Salary Range
1 -Br Rental
Range
2 -Br Rental
Range
3 -Br Rental
Range
20% AMI
2
$ 9,840 - $15,180
$316
$337
NA
30% AMI
10
$14,220 - $22,770
$474
$569
NA
40% AMI
18
$18,990 - $36,440
$633
$759
$877
50% AMI
18
$23,730 - $45,550
$791
$948
$1,096
60% AMI
41
$28,470 - $54,660
$949
$1,138
$1,315
70% AMI
30
$33,210 - $63,770
$1,107
$1,328
$1,534
Note: These are current estimates and subject to minor revisions. Amounts are also increased annually by HUD
CoI M.un. Go-+:onS
S/6/2 -O
2020-1269
Page 2
Weld County Commissioners
Cottonwood Hollow
We are currently planning the following common area amenities: on -site management, security
cameras, limited access entries, community room with kitchen, computer room, exercise room, picnic/BBQ
area, playground, bicycle/ski repair stations, parcel lockers and a common area with Wifi. The unit amenities
will include central air conditioning, blinds, carpet, faux wood flooring, stone countertops, pantry,
patio/balcony, refrigerator, stove/oven, dishwasher, garbage disposal, microwave and in -unit washer/dryer. Due
to the reduced rents for an affordable housing project, we are not able to provide all the amenities of a market
rate project. However as we refine our budget, we attempt to provide as many amenities as we can. We also
ensure the exterior finishes of the property are consistent with the neighborhood.
Our plan is to submit an application to the Colorado Housing & Finance Authority (CHFA) on August 3,
2020 to apply for Low -Income Housing Tax Credits and the Colorado Affordable Housing Tax Credit. We
believe we have a strong application given the market study clearly supports this project and we have received
support from the Colorado Division of Housing and the Greeley -Weld Housing Authority (GWHA). I have
spoken with the GWHA about securing 15 vouchers to assist with the rental payment of the 20%, 30% and
some of the 40% AMI units. In addition to the tax credits, we will also need an allocation of approximate $20
million of Private Activity Bonds (PAB) for the debt financing.
We would like to request the full amount of the January, 2021 Weld County Private Activity Bond
allocation for this project if we receive a tax credit allocation from CHFA. We expect to hear the determination
from CHFA by December 2020. In addition, it would help us greatly with our tax credit application if the
Commissioners would like to provide a letter of support for Cottonwood Hollow. I would be happy to provide
any additional information or present our project to the group if your schedule permits.
Thank you for considering these requests.
Best regards,
LiavSore� .v�
Lisa Sorensen, Development Director
Cohen -Esrey Development Group
cc: Don Warden, Weld County Director of Finance & Administration
Firestone, Co - Weld County (google American Furniture in google maps)
Address: None https://www.co.weld.co.us/maps/propertyportal/
Acres: 7 acres
# Units: 119
Zoning: MF — 17 units / acre
Firestone Blvd:'
Long ront- Prkn,Ride i
ria-
_ , The Home O;epotly
Ile
Farms Park :Il�
Hello