Celebrate Construction of Newest Community of Affordable Homes in Louisville on Sept. 30

Event marks the construction mid-point for Kestrel and will include hard hat tours of the construction site

Boulder County, Colo. - On Friday, Sept. 30, the Boulder County Housing Authority (BCHA) will host a celebration marking the construction mid-point for Kestrel, its newest community of affordable homes in Louisville. BCHA and its development partners will be joined by members of the Boulder County Board of County Commissioners and the Louisville City Council, as well as representatives from the Colorado Division of Housing. The event is closed to the public, but media are encouraged to attend.

     What: Kestrel Construction Celebration, with hard hat tours of the site

           Note: This is an active construction site, so please wear long pants
           and protective (not open-toed) shoes. BCHA will provide hard hats,
           protective eye wear, and safety vests for the tours.

     When: Friday, Sept. 30, 9:30 a.m.

     Who (as of Friday, Sept. 23):

• Boulder County Commissioners Cindy Domenico, Elise Jones, and Deb Gardner
• Louisville City Council Members Jay Keany, Chris Leh, and Ashley Stolzmann
• BCHA Executive Director Frank Alexander
• Representatives from the Colorado Housing Finance Authority and Colorado Division of Housing
• BCHA’s Development Partners, including Milender White Construction Company, Humphries Poli Architects and Barrett Studio Architects

     Where: Kestrel Construction Site, northwest of the intersection of 95th Street
     (also known as Highway 42) and South Boulder Road in Louisville; please
     enter the construction site from the north.

The mixed-use, intergenerational neighborhood will feature 200 homes: 129 townhome-style units for individuals and families of mixed ages, and a 71-unit apartment building for residents ages 55 and older. Construction began in February and is taking place in five phases. BCHA anticipates that the first units (townhomes) will be ready for occupancy by March 2017. The senior building is anticipated to be completed later in 2017.

“We’re thrilled to pause – briefly – during construction to recognize the tremendously talented team that is bringing this community to life,” said BCHA Executive Director Frank Alexander. “More importantly, we want to thank all of our partners for their efforts to address the severe need for affordable housing in Boulder County, where at least 40,000 people live in households in which over half of their income goes to rent.”

In addition to creating an inclusive, multi-generational community to help meet the region's growing demand for affordable housing, BCHA has followed 100-year thinking in Kestrel’s design, incorporating sustainability planning with future generations in mind. The community will maintain high energy sustainability – exceeding Enterprise Green Communities criteria by 50% – and will incorporate a geothermal heating and cooling system, natural features, regional trail connections, green space, innovative play structures, and a state-of-the-art community building. Kestrel will have a property manager on site and, as with BCHA's other properties, will have coordinators to link residents to other supportive resources and services.

Construction of the $54 million community is being financed with a variety of federal, state, and local funding sources, as well as conventional private debt and equity. Major funding sources include federal Low-Income Housing Tax Credit (LIHTC) equity and a unique funding source through state housing tax credits. Kestrel also received construction and permanent financing from Citi Community Capital and federal disaster recovery funds from the Colorado Division of Housing. Approximately $1 million in permit and fee rebates were injected into the Kestrel development from the City of Louisville, another $580,000 from the Boulder-Broomfield Regional HOME Consortium, and more than $1 million was provided by the taxpayer initiative Worthy Cause funds.

“Kestrel is another important milestone in our efforts to address this community’s growing affordable housing crisis, and we can’t wait to start welcoming families home next year,” said Boulder County Commissioner Deb Gardner. “Following in the footsteps of BCHA’s Josephine Commons and Aspinwall developments in Lafayette, Kestrel will be a national model for affordability and diversity, community integration, and state-of-the-art design and energy efficiency.”

All units will be available for households with incomes at or below 60% of the Area Median Income (approximately $57,000 for a family of four). Priority will be given to households displaced by the 2013 Flood, those who live and/or work in Louisville, and seniors (age 55 and older) to live in the senior housing. The waitlist for the townhomes is expected to open in late 2016 and the waitlist for the senior building will open in mid-2017.