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Partnerships
Volunteers of America
"(Florence Square is) truly one of the most creative, attractive, and unique affordable housing and mixed-use developments I've ever seen. It's also a stunning enhancement to East Colfax." |
Having assembled the land and performed all of the necessary due diligence on a potential affordable senior housing facility in the Villa Park neighborhood in Denver, CO, Medici Communities solicited Volunteers of America to play a role in the project recognizing that the neighborhood-wide services envisioned as an integral part of the project would be best implemented and managed by a entity with the resources and expertise necessary to ensure a successful service program.
With Volunteers of America as the owner and operator of the project, Medici Communities assisted in finalizing the financing package which included low income housing tax credits and participation from Federal Home Loan Bank, the State of Colorado and the City of Denver. Enterprise Community Partners also participated by awarding funds to the project through their Green Communities program to assist in implementing sustainable construction methods and practices. In a partnership with BC Builders, LLC Medici Construction Management also built and managed the construction of the project.
Payne Chapel AME Church Housing Corporation & City of Colorado Springs
Faced with the upcoming expiration of the HUD-financed mortgage on three properties it owned in Colorado Springs, CO, Payne Chapel AME Church Housing Corporation turned to Medici Communities to assist them in identifying and implementing solutions that would achieve their goal of protecting this inventory of affordable housing for the Colorado Springs area.
After the original solution which included financing through low income housing tax credits became infeasible due to a major downturn in the market, Medici continued to work with Payne Chapel and Colorado Housing and Finance Authority to identify alternate sources of underwriting which included gap financing provided by the City of Colorado Springs. Through perseverance and creativity, Medici was able to successfully implement this project in a very challenging market while still meeting the owner's original goals.
Archdiocesan Housing
As evidenced by a portfolio of over 20 projects providing affordable housing to communities across Colorado and Wyoming, Archdiocesan Housing has the resources and expertise necessary to successfully develop, own and manage affordable housing. Medici Communities brings value to such a well established entity by supplementing their capabilities with non-redundant and specialized services including strategic planning, regulatory negotiations and construction management.
Jefferson County Housing Authority
Medici Communities and MGL Partners assisted the Jefferson County Housing Authority during the due diligence and acquisition of two family apartment properties in Arvada, CO. Medici Construction Management provided construction management services to the housing authority during renovations which included challenges associated with environmental abatement, structural repairs and performing work in occupied buildings.
Aurora Housing Authority & the City of Aurora
In order to broaden the positive community impact of the Florence Square project, Medici Communities actively pursued a partnership with the Aurora Housing Authority that eventually expanded the product mix and increased the financing options for the property. This agreement concludes that the Aurora Housing Authority will build an additional 38 units of affordable housing on a parcel that was awarded to Medici. As a result, this partnership allowed Medici to access financing options typically reserved for housing authorities, while the City of Aurora has been awarded with a diverse and thoughtful product mix.
City of Denver
Denver Housing and Neighborhood Development Services sought a thoughtful developer to help create an attractive and functional senior development in the community while at the same time claim a positive return on their neighborhood investment.
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