ALAMOSA – For the first time in 19 years, a new affordable rental housing development supported with Low Income Housing Tax Credits (LIHTC) will be built in the San Luis Valley. The Iron Horse, developed by Northwest Real Estate Capital Corp. (NWRECC), will be located in Alamosa and offer 40 new apartments with affordable rents for individuals and families.
Colorado Housing and Finance Authority (CHFA) awarded $1,141,509 in LIHTC to support the development. “The City of Alamosa is excited to be part of a collaborative effort with CHFA, NWRECC, and all of the partners involved to build decent, safe, and affordable housing in our community! Achieving strong growth in economic development is nearly impossible without new housing development…they go hand-in-hand! This is a wonderful opportunity for growth in our community,” said Ty Coleman, mayor of Alamosa.
The Iron Horse will be built across the street from Alamosa High School, less than one mile from Ortega Middle School, and near grocery, pharmacy, medical services and other local amenities. The Iron Horse will also offer a Resident Services Plan developed by NWRECC’s Stepping Stones program. These free services will be based on the residents’ unique needs and facilitated through partnerships with community based organizations.
“NWRECC is thrilled to be partnering with CHFA and the City of Alamosa on The Iron Horse. Affordable housing is crucially important to the health of any community, and we are delighted to be part of the team delivering this new housing opportunity in Alamosa,” said Jess Giuffré, director of development at NWRECC. The Iron Horse will help meet a great need for affordable rental housing in Alamosa.
Currently, the only other three existing LIHTC properties in Alamosa have zero vacancies. The Iron Horse will offer one-, two-, and three bedroom apartments for households with incomes at 30 to 60 percent of the Area Median Income, which in Alamosa County, currently ranges from $17,040 to $34,080 in annual gross income for a two-person household.
“CHFA is pleased to support much-needed new affordable housing in the San Luis Valley. Supporting rural housing needs is a priority of CHFA’s and we look forward to seeing The Iron Horse open its doors, providing the opportunity for housing stability to the Alamosa community,” said Cris White, CHFA executive director and CEO. Construction on the Iron Horse is estimated to begin in Fall 2020 and be completed by the end of 2021.
Download Press Release (PDF): New Affordable Rental Housing Coming to Alamosa