This property is currently under construction.
The Vida at Sloan’s Lake community will be an affordable mixed-use development on West Colfax Avenue (between Quitman and Perry Street) as part of the larger Sloans district. “Vida”, the Spanish word for “Life”, focuses on the concept of healthy living not only for its future senior and disabled residents, but also on “re-establishing” health services on the ground-floor of the building to serve the surrounding community. The complex will be developed, owned, and operated by the Denver Housing Authority whose mission is to create thriving communities in Denver. Vida at Sloan’s Lake promises to be another shining example of this mission. This property will consist of 175 low-income restricted units for senior/disabled persons with approximately 28,000 sf of commercial space. Construction is anticipated to start in mid-2017 and be completed by the Fall of 2018.
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in the Low-Income Housing Tax Credit program in Denver but actual income limits may differ for units at Vida at Sloan's Lake.
|AMI Band||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|Very Low Income (50%)||$32,500||$37,150||$41,800||$46,400||$50,150||$53,850||$57,550||$61,250|
|Low Income (60%)||$39,000||$44,580||$50,160||$55,680||$60,180||$64,620||$69,060||$73,500|
Vida at Sloan's Lake was built in part with financing obtained through the Low Income Housing Tax Credit (LIHTC) program. In addition to providing apartments for low-income households, this property could include some market rate units. Households earning 60% or less of the Area Median Income (AMI) qualify for targeted rental units in LIHTC financed housing. This property may also designate units for renters with even lower incomes, from 60% of AMI down to 30% AMI. It is even possible that all units have been set aside for those with extremely low incomes (as low as 15% of AMI). This means that the same size unit can rent for different amounts based on the income of the renter.
Figuring out income and rent limits for affordable housing can be complex especially when more than one federal program is involved. To know for sure if you qualify, you must contact the property directly. The amounts provided here should only be used as a basic guide.
Vida at Sloan's Lake is managed by Denver Housing Authority.