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New affordable housing complex set to bring relief to hundreds of working families

COLORADO SPRINGS, Colo., (KRDO) - Construction is underway on a $50,000,000 affordable housing project on the north side of Colorado Springs.

The project will bring some economic relief to working families and homeless veterans.

A lot of the funding needed to get this project done came from local participants, including the City of Colorado Springs and the Colorado Springs Housing Authority.  

On Tuesday, housing developers broke ground to start the construction of the first-ever affordable housing complex on the north side of Colorado Springs. It's located on Federal Dr. Developers hope to build 240 units by the Spring of 2024.

Lincoln Avenue Capital is breaking economic barriers for families and individuals in the Springs. Ben Taylor, a project manager and Vice President of Lincoln Ave. Capital believes breaking ground in this area will open a variety of opportunities for those families and individuals.

“So that is what affordable housing is there for. People can live where they work and their kids can go to schools that they otherwise wouldn't be able to," said Taylor.

The North Side of Colorado Springs has grown exponentially in the last few years, and so have housing prices.

"There is a lot of affluence in this neighborhood and the diversity of housing and different populations just aren't prevalent and don't exist because they just can't afford to live here," Taylor said.

The goal of this project is to help those individuals who make $45,000 or less and families who make less than $70,000 a year, including 20 units strictly for working veterans.

Bob McLaughlin with Mt. Carmel Veterans Center says they see 30 new vets come into their system every month.

"Getting those units for me is fantastic. What I hope to do at the Mt. Carmel center is fill those units as soon as possible and then ask for more," added McLaughlin.

There will be 10 three-story buildings with a plethora of amenities including a clubhouse, fitness center, and a playground for kids.

"It is not a permanent solution, but it is a resting spot where they can come and live here and save hundreds if not thousands of dollars on rent and be able to live in a community they otherwise wouldn't be able to," added Taylor.

On average, rent for an apartment here will range between $900 for a single and up to $1300 for a four-bedroom.

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Jasmine Arenas


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