Housing complex for homeless youth to be built in Colorado Springs

COLORADO SPRINGS, Colo. (KRDO) -- Youth experiencing homelessness will soon have a new option on where to live in Southern Colorado. The PLACE and Cohen-Esrey Development Group are partnering to build a 50-unit apartment community called The Launchpad.

The project was awarded $1,198,000 of 9% Low-Income Housing Tax Credits (LIHTCs) by the Colorado Housing and Finance Authority Tax Credit Allocation Committee.  

"They {Cohen-Esrey Development Group} will own the building for 15 years, but we will do what goes on inside of it," said Andy Petersen, the director of development for The PLACE.

According to the latest numbers from March, 350 youth were experiencing homelessness in El Paso County, and 150 of them are living on the streets right now.

"We know this will be a game-changer to have 50 units in one space where our team can actually work with them rather than having the youth all around town, which is kind of what they are right now," said Petersen.

The Launchpad will be built near 19th and Uintah.

People ages 18-24 who are earning at or below 30% of the area median income will also be eligible.

"We also try and work with them to have their income, 30 percent of their income, go toward their rent. They may not be able to do it right when they get into it, but we work with them on how to save every month that will go toward their regular rent, and hopefully, after about six months they’ll be able to pay on their own," said Petersen.

The goal is to break ground later this year.