Boulder County Housing Authority (BCHA) has awarded Pinkard Construction Willoughby Corner, a newly proposed, permanently affordable neighborhood in east Lafayette, Colorado. The project includes the construction of 400 rental and for-sale apartments, townhomes, and duplexes priced below the market rate for families and individuals who qualify.
Rendering provided by project architect, HB&A Architecture and Planning
The project budget is approximately $40 Million and is projected to break ground in March 2023. The project is moving forward after both Lafayette Planning Commission and City Council unanimously approved the rezoning of the 24-acre Willoughby Corner site at the intersection of 120th and Emma streets from Industrial (M1) use to High-Density Residential (R4).
In addition to the rezoning, BCHA also received nine percent Low Income Housing Tax Credits from the Colorado Housing and Finance Authority (CHFA). The award will total $13 million over the next ten years and will specifically support the creation of affordable homes for older adults.
“After our excellent experience building The Spoke on Coffman with Pinkard, BCHA is excited to continue the relationship and momentum on Willoughby Corner,” said Norrie Boyd, BCHA Executive Director. “The Preconstruction staff have been incredible advisors throughout our funding, entitlements, and design processes. Pinkard understands what we need and provides a high level of service to support our pursuit of competitive tax credit financing.”
Boyd said that Willoughby Corner would serve households earning 60 percent or less of the Area Median Income (AMI) with below-market-rate rental homes and for-sale options for households earning up to 120 percent AMI.
“Pinkard is excited to be a part of BCHA’s mission to provide housing relief to the families, individuals, single parents, older adults, and people living with disabilities in the area,” said Tony Burke, President of Pinkard Construction. “It’s no secret that rising housing prices have made renting and homeownership unattainable for many and Willoughby Corner is a lifeline for many.”
In addition to the 400 affordable homes, Willoughby Corner will feature many sustainable features, including solar photovoltaics and electric charging stations, a network of community gardens, pedestrian and bike trails, and access to transit. BCHA Partnered with the University of Colorado's Masters of the Environment program to identify opportunities for boosting inclusivity and resilience in the face of climate change.
To date, Pinkard has completed over 184 multifamily projects and over 78 affordable housing projects.