With a shortfall of affordable housing upwards of 20,000 units, it’s no surprise that Washington-based developer Inland Group chose Colorado Springs as the location for their newest affordable senior living community, Traditions at Colorado Springs.
Brinkman Construction completed the four-story, 166,000 SF community. The complex includes 180 units consisting of studio, one- and two-bedrooms. Community amenities onsite include a community garden, dog park, fire pit, theater, craft room and library.
Apartment homes are being rented to seniors age 55 and older who earn less than 60 percent of the area median income adjusted for household size. In addition, eighteen of the units will be targeted at individuals whose income is less than half of the average median income.
The project utilized Low Income Housing Tax Credits which is a program through the federal government that provides dollar-for-dollar tax credits for investments in affordable housing. This program accounts for approximately 90% of all affordable rental housing in the U.S.
This marks the third project that Inland and Brinkman Construction have worked on together. Copper Stone in Lafayette will be completed next month and Affinity Fort Collins opened in 2017.
