Colorado Coalition for the Homeless Breaks Ground on New Affordable Housing and Integrated Healthcare Center

Colorado Coalition for the Homeless Breaks Ground on New Affordable Housing and Integrated Healthcare Center

New facility offers integrated primary care, mental health care,
substance treatment services, social services and housing in one location.

WASHINGTON, D.C. – February 5, 2013 – (RealEstateRama) — The Colorado Coalition for the Homeless has broken ground on the new Stout Street Health Center and Renaissance Stout Street Lofts at 22nd and Stout Streets in Downtown Denver. This landmark property will blend a fully integrated health care center serving homeless and at-risk families and individuals with seventy-eight units of affordable, supportive housing. The expected completion date is April 2014.

The Colorado Coalition for the Homeless has broken ground on the new Stout Street Health Center and Renaissance Stout Street Lofts at 22nd and Stout Streets in Downtown Denver. This landmark property will blend a fully integrated health care center serving homeless and at-risk families and individuals with seventy-eight units of affordable, supportive housing. The expected completion date is April 2014.

Stout Street Health Center

The Stout Street Health Center is replacing the existing Stout Street Clinic—an aging structure that currently lacks adequate space to effectively meet the complex health care needs of an expanding homeless community.

The new Health Center will fully integrate medical and mental health care, substance treatment services, dental and vision, social services, and housing acquisition to more fully address the spectrum of problems homeless patients bring to their medical providers. Specialized services for homeless children and families will also be incorporated.

The property will feature larger interior waiting areas to eliminate the physical and emotional discomfort of standing in long lines on the street and a sheltered exterior courtyard for patients to utilize prior to opening hours. A new off-street access bay for ambulances and emergency vehicles will prevent traffic obstructions that are common at the current site.

Renaissance Stout Street Lofts

The Renaissance Stout Street Lofts will provide affordable rental apartments targeted to a variety of incomes. The Lofts will blend 50 supportive housing units for chronically homeless individuals, families and youth with 28 affordable housing units targeted to households at 30, 40, and 50 percent of the Area Median Income ($16,000 to $35,000).

The Lofts will feature 63 one-bedroom and 15 two-bedroom apartment homes featuring energy efficient heating and cooling, CAT-5 cabling and appliances, including garbage disposals and dishwashers. Amenities include on-site laundry facilities, a community room with a common kitchen and outdoor courtyard, a computer room, elevator access, video surveillance systems and secured electronic access with underground parking. On-site property managers and social workers will also be available to residents for various services, as needed.

“Every person we see has a devastating story of a job loss, family tragedy, childhood trauma, untreated addiction or illness—the most common precursors to homelessness”, said Coalition President John Parvensky. “This development will open the door to hope for 17,000 adults and children in the Health Center, and 78 household in the Lofts”.

From left to right: Rod DuChemin, AFL-CIO Housing Investment Trust and Building America CDE; Cris White, CHFA; Congresswoman Diana Degette; John Parvensky, Colorado Coalition for the Homeless; Patrick M. Gillies, HRSA; Pat Coyle, Colorado Division of Housing; Denver City Councilman Albus Brooks; and, Hassan Salem, U.S. Bank celebrated with the Colorado Coalition for the Homeless at the groundbreaking for Stout Street Health Center and Renaissance Stout Street Lofts.

Building a Strong Economy

The project will create more than 75 construction jobs and 70 full-time permanent health care jobs, and provides job continuity for more than 100 current clinic positions. It will generate more than $70 million in direct and indirect economic activity in Denver.

Green and Healthy Environment

The entire development has been designed in accordance with Green Communities guidelines established by Enterprise Communities, utilizing green building materials in its structure, and interior and exterior finishes. Site lighting, heating and cooling will be energy efficient and designed to minimize light pollution.

The building exterior will be comprised of fiber cement siding and masonry. Materials will be selected with an emphasis on recycled content and local availability. Green Label Certified flooring materials with recycled content will be used throughout, along with low VOC paints and sealants. Water conserving plumbing fixtures, ENERGY STAR® appliances, and energy efficient lighting will be featured.

Leveraged Financing

The Lofts are financed with a combination of Low Income Housing Tax Credits, private equity investment, HOME Investment Partnerships Program financing from the City of Denver and the Colorado State Division of Housing, Federal Home Loan Bank funds, and construction financing through U.S. Bank. The Health Center is financed through New Markets Tax Credits (NMTC) combining NMTC equity, leveraged financing, foundation and private donations, and Health Resources and Services Administration (HRSA) capital funding.

“U.S. Bank is proud to expand our partnership with the Colorado Coalition for the Homeless. The Coalition strives to create lasting solutions to homelessness and we are delighted to help them achieve their vision,” said Hassan Salem, Denver market president for U.S. Bank.

U.S. Bank, a longtime partner of the Coalition, is providing two separate financing packages for the $38 million development, including an $11 million construction loan and nearly $13 million of Low-Income Housing Tax Credit equity to finance the residential housing, and an $8.5 million loan and nearly $6 million in NMTC equity to support the development of the Health Center. U.S. Bank structured the tax credit investments through its community investment subsidiary, U.S. Bancorp Community Development Corporation partnering with Building America CDE on the NMTC financing. U.S. Bank also allocated an award of NMTCs in support of the project through its own Community Development Entity, USBCDE.

“The new Stout Street Health Center will provide critical housing and healthcare services for low-income residents in the community,” said Eric Price, Chief Executive Officer of Building America CDE. “The project is a good example of how New Markets Tax Credits can be used to attract equity investment to projects that will bring necessary healthcare services to those most in need.” Building America CDE is a subsidiary of the AFL-CIO Housing Investment Trust.

A $5 million capital campaign is in progress to raise the remaining funds needed to complete construction. Through the generosity of The Colorado Health Foundation, the Anschutz Foundation, the Jay & Rose Phillips Family Foundation, Caring for Colorado Foundation, Gates Family Foundation, Hearst Foundations and other foundations and individual donors, the campaign has reached 78 percent of its goal.

The Renaissance Stout Street Lofts and Stout Street Health Center are designed by long-time collaborator Humphries Poli Architects, PC and Scott Edwards Architecture. The general contractor is Kiewit Building Group. “Kiewit has long been a service-focused organization, dedicated to supporting other organizations that make a difference in the communities where we build,” said Chris Bantner, Kiewit Building Group’s Senior Vice President. “Our involvement with the Colorado Coalition for the Homeless signifies our commitment to the well-being of the community through affordable housing and accessible healthcare services.”

The mission of the Colorado Coalition for the Homeless is to work collaboratively toward the prevention of homelessness and the creation of lasting solutions for homeless and at-risk families, children, and individuals throughout Colorado. The Coalition advocates for and provides a continuum of housing and a variety of services to improve the health, well-being and stability of those it serves.

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