Medici Consulting Group is looking to acquire a 4.5-acre property at 1055 El Rancho Road and build 54 low-income rental apartments there. Josh Russell, a partner at MCG, said the apartments would be available for families earning less than 60 percent of the area’s median income, which varies based on the number of people in the household, he said.
The project has an estimated cost of $16.5 million, and is in its initial stages of financing, Russell said. MCG plans to apply for up to $6 million in state low-income housing tax credits for El Rancho Flats.
Russell said MCG has hosted a public meeting as a prerequisite to submitting an application to the Colorado Housing and Finance Authority. Russell said the state “wants to get feedback either for or against” using the tax credits for the project.
Once the project has submitted its proposal to CHFA, Russell said, the determination process likely will take months.
He added that there will be other opportunities for public comment on the project’s location, design and other aspects.
.For more information, visit the CHFA website https://www.chfainfo.com/arh/lihtc
A recording of the public meeting is available through Medici Consulting Group.
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