Pennrose, Longmont Housing Authority (LHA), and project partners celebrated the groundbreaking of Ascent at Hover Crossing, a brand-new 75-unit affordable housing community in Longmont, Colorado. The $39 million development is expected to begin welcoming residents in winter 2025.
Speakers at the ceremony included: Shannon Cox Baker, Regional Vice President, Pennrose; Susie Hidalgo-Fahring, Ward 3 Representative, City of Longmont; Denise DeBroy, Tax Credit Officer, Colorado Housing and Finance Authority; Nicole Mansour, Executive Vice President, FirstBank; Elliot Frolichstein-Appel, Director, Investment Manager, RBC Community Investments; and Tom Anderson Senior Vice President, Pennrose.
Ascent at Hover Crossing will include a mix of one-, two-, three-, and four-bedroom apartments designed with families and children in mind. The mixed-income apartments, located in two residential buildings, are available for a variety of incomes, with units ranging from 30% to 80% of the Area Median Income (AMI).
The spacious apartments feature modern kitchens, in-unit washers and dryers, high ceilings, and oversized closets with additional storage space. Residents will also enjoy a full suite of community amenities, including on-site property management and maintenance, conference rooms, an open-concept lobby, and a centralized community building with a fitness center, multi-purpose space, indoor play area, and outdoor space with playground and seating.
Plans for the development also include a two-story, three-classroom Early Childhood Education (ECE) center with indoor and outdoor play areas, reception center, office space, conference rooms, kitchen, and more. The development team worked closely with Wild Plum Center, a long-standing local non-profit provider of subsidized early education programs for low-income families. Wild Plum Center provided design consultation for the new Center and will operate the Center once open.
“We’re proud to work with LHA to provide much-needed affordable housing and improve access to high-quality, early education opportunities for local families,” said Shannon Cox Baker, Regional Vice President at Pennrose. “The City of Longmont is booming, and we are confident Ascent at Hover Crossing will be a valuable addition, benefiting local residents and families for years to come.”
“Access to stable, affordable housing and quality, affordable childcare are essential to a family’s economic stability, parents’ ability to work, and children’s healthy development. This reality is amplified for disadvantaged households,” said Harold Domiguez, Interim Executive Director for the Longmont Housing Authority. “The Ascent at Hover Crossing combines two important community assets, affordable housing and childcare, into one impactful project. LHA and the City are thrilled to bring this project to life alongside Pennrose.”
Ascent at Hover Crossing is conveniently located near a full-service grocery store, pharmacy, hospital, outdoor recreation opportunities, public transportation, and more.
The project comes at a crucial time for the City, which has seen a 15% increase in population size since the 2010 census, making it one of the fastest growing cities in the country. Ascent at Hover Crossing will help meet a critical need in the community. The concept for the Ascent stems from multiple informed data sources including LHA’s portfolio data, a project specific market study and a community wide housing needs assessment from the City of Longmont completed in 2023. Data shows the greatest need for units is for families at 50% AMI and below. The Ascent at Hover Crossing will provide 31 such units, with 18 of those units further subsidized with project-based vouchers.
Ascent at Hover Crossing will be designed to meet local and state sustainability goals. The property is 100% electricity powered, will feature rooftop solar in partnership with Longmont Power and Communications, and is designed to meet NGBS Bronze standards for green building. LHA will serve as the property manager.
The development has garnered significant local support, with LHA, the City of Longmont, Boulder County, State of Colorado Division of Housing and the Colorado Health Foundation all committing financial support to the development. In addition, LHA has committed 18 project-based housing choice vouchers, ensuring LHA’s most vulnerable residents have the opportunity to live in the new community.
The project was made possible by competitive awards of federal Low-Income Housing Tax Credits, state Affordable Housing Tax Credits, and tax-exempt Private Activity Bonds from the Colorado Housing and Finance Authority. Equity investment in the development was provided by RBC Community Investments and JP Morgan Chase, and FirstBank provided both construction and permanent loan financing.
“FirstBank recognizes the vital role that affordable housing plays in building strong communities, which is why we’ve financed nearly $25 million for Ascent at Hover Crossing,” said Jeff King, FirstBank Senior Vice President in Boulder County. “This project is more than just a financial investment; it represents our commitment to creating sustainable communities where individuals and families can thrive, ensuring that everyone has a place to call home.”
With a regional headquarters in Denver, Pennrose is committed to delivering high-quality, transformative affordable housing across Colorado and the Mountain region. Most recently, Pennrose, Rivet Development Partners, and TGTHR completed Nest56 at Denargo Market, an affordable, supportive housing community for youth ages 18 to 24 who are experiencing homelessness or transitioning out of Denver’s foster care system.
