Denver proposes $3 million loan for 118 affordable homes at 1001 Lincoln
The proposed financing would support income-restricted rental homes in a reused office building and parking garage in Denver’s Golden Triangle.
Denver is considering a proposed $3 million loan to Lincoln LLLP to help build 118 income-restricted rental homes at 1001 Lincoln St. in Council District 10, near East 10th Avenue and Lincoln Street.
The loan request, identified as Resolution 26-1384 in Denver’s legislative record, would use money from the city’s Affordable Housing Fund. Kentro Group is identified as the developer.
The project would include 13 studios, 77 one-bedroom apartments, 23 two-bedroom apartments and five three-bedroom apartments. Rents would be restricted for households earning 30% to 70% of area median income, with a weighted average of 55%. The proposed distribution includes 13 units at 30% of area median income, 42 at 50%, 47 at 60% and 16 at 70%.
The project would reuse a vacant 1970s office building and parking garage. Denver design-review materials describe a seven-story building and say the adaptive reuse could shorten construction time by about six months.
The resolution request calls for a 264-month loan term after closing and an affordability and occupancy covenant lasting at least 60 years. City Council had not approved the financing as of Sept. 18.