Fort Lupton Mayor Zo Hubbard yesterday joined executives from The Michaels Organization, the Colorado Housing and Finance Agency, and the Colorado Department of Local Affairs, as well as Fort Lupton residents to celebrate the grand opening of Sagebrush Apartments, the first newly constructed affordable living community developed in Fort Lupton in more than 15 years.
“Having workforce housing located right on a major transportation corridor and so close to grocers, medical care, bank, hardware, auto parts and even our new library has made this project even more important than we knew originally,” said Mayor Zo Hubbard.
“Sagebrush represents far more than just new apartments,” said James Weglarz, Regional VP of Development for The Michaels Organization. “This new community is a significant investment in the lives of Fort Lupton residents and will ensure affordable housing is an accessible resource for all in Southern Weld County.”
Sagebrush offers 72 apartment homes across two 36-unit buildings in the heart of Fort Lupton’s city center. All units at Sagebrush Apartments are 100% affordable. Using the Low Income Housing Tax Credit regulation of Income Averaging, the unit mix has a variety of income tiers from 30% AMI to 80% of Area Median Income (AMI), which creates affordability for households with a wide variety of incomes.
“Sagebrush Apartments’ ribbon cutting marks a significant milestone in our ongoing commitment to creating and maintaining housing for all Coloradans, regardless of their budget,” said Maria De Cambra, Executive Director of the Department of Local Affairs. “Projects like Sagebrush demonstrate the importance of affordable housing initiatives in addressing the diverse needs of our community and enhancing the quality of life for everyone in Colorado. Together, we are building a more inclusive and resilient future where housing affordability is within reach for all.”
The $25 million Sagebrush Apartments development was been made possible by several stakeholders and funders, including private equity raised through the sale of Low Income Housing Tax Credits allocated by the Colorado Housing Finance Agency. The Weld County Housing Authority provided vouchers and The Fort Lupton Housing Authority assisted in obtaining a PILOT for real estate tax relief. Berkadia Affordable syndicated the tax credits to the Bank of Montreal (formerly Bank of the West), which also served as the construction lender. The Department of Local Affairs provided vital Housing Trust Funds. Sagebrush will also go through a permanent loan conversion using the CHFA HUD Risk Share loan program.
In addition to Michaels, the Sagebrush Apartments development team included Architect Kephardt and General Contractor B.C. Builders LLC. The property will be managed by Michaels.
