The NHP Foundation (NHPF), the Town of Frisco and partners hit two housing milestones in Frisco, Colorado, just three days apart. They broke ground on The Bella, a 52-unit affordable community, and opened The Scout, a 54-unit workforce community.
That's 106 homes for people living and working in Frisco and Summit County. The sites sit just blocks apart but serve different income ranges.
Groundwork on Main Street: Partners broke ground on The Bella at 101 W. Main Street on Tuesday, Sept. 22. It's NHPF's first Low-Income Housing Tax Credit (LIHTC) development in Colorado.
Studio, one-bedroom and two-bedroom apartments
Households earning 30%, 50% and 80% of AMI, averaging 60%
Completion expected in November 2027
The Town approved a density bonus that tripled the site's development capacity. Its support also includes about $4.9 million in soft financing and a property tax abatement.
Per NHPF's Neal Drobenare, the Town will own the land in perpetuity, keeping the homes permanently affordable.
The Bond Play on Galena: On Friday, Sept. 25, partners cut the ribbon on The Scout at 602 Galena Street. The all-electric community offers long-term, income-restricted housing with rents capped at 120% of AMI.
Its financing breaks new ground:
The Colorado Middle-Income Housing Authority issued $18.6 million in 501(c)(3) bonds, its first bond deal
NHPF guaranteed repayment, using its S&P AA- credit rating to enhance tax-exempt bonds for the first time
That guarantee helped lower borrowing costs
The Town invested $8.1 million on top of buying the land
Two Price Points, Two Playbooks: The Bella uses LIHTCs and other public-private financing to reach substantially lower incomes, while The Scout uses a middle-income bond structure.
NHPF says its bond guarantee approach could apply to middle-income and workforce housing in other high-cost communities. Whether any of them borrow it is the next thing to watch.
🥾Want to advertise in TheJobWalk? Learn More🥾
