Volunteers of America National Services (VOANS) has received key financing to develop a new affordable housing community in Colorado Springs, Colorado.
The nonprofit announced that it has been awarded $1 million in state housing credits and $1.5 million in 4% low-income housing tax credits from the Colorado Housing and Finance Authority. The funds raised will go toward Paloma Garden, a development that will combine two adjacent properties into one new affordable housing community.
The $33 million project involves the construction of a new 75-unit building and the renovation of a 50-unit existing building formerly known as Laurel Gardens.
The new community will be home to residents 62 years and older and earning between 30% and 60% of the area median income, ranging from approximately $17,000 to $39,000.
Volunteers of America Colorado will provide property and case management services on-site. A full-time service coordinator will connect residents to programs and resources in the community, with an emphasis on healthy aging. Common areas will include community and exercise rooms and a resident lounge/library.