The NHP Foundation has started construction on Galena Apartments, a 54-unit all-electric workforce housing development located in Frisco, Colo. The community represents a public-private partnership between the developer, the Town of Frisco’s Middle-Income Housing Authority, the Colorado Office of Economic Development and International Trade, Summit County and the Colorado Department of Local Affairs.
Galena Apartments will be reserved for people in the middle market workforce in the Frisco area. This includes individuals working as first responders, teachers, medical professionals and local government officials who earn between 80 and 120 percent of the Area Median Income.
When the project was first proposed in 2023 as the first affordable development in the area, the original plans included an on-site office space and daycare center. These plans were later scratched and redeveloped to include more apartments, with floorplans ranging from studio to two-bedroom residences. The current design is fit to meet the U.S. Department of Energy Zero Energy Ready Home standards. The NHPF plans to build similar projects in the area in the future.
The property is being built a block away from Main Street in downtown Frisco and is situated half a mile from the Frisco Bay Marina at 602 Galena St.
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The Faircliff, another all-electric affordable community, opened earlier this year in Washington D.C. A collaboration between John Moriarty & Associates, Jonathan Rose Cos., Somerset Development Cos. and Housing Up, the community features 125 apartments as well as a solar-integrated green roof, 19 electric vehicle charging spaces and carbon-injected concrete.
Rounding up the funding
Funding for Galena Apartments came from multiple sources. The bulk of the finances came from 501c(3) bonds from MIHA, the first time it was used for a middle-income housing project in Colorado. The bonds total $18.6 million, and have a AA- rating from Standard & Poor’s.
Other funding sources included a $2.8 million grant from DOLA’s Strong Community Infrastructure program and its More Housing Now initiative, which was used to subsidize the the development’s infrastructure. The Town of Frisco also gave the project $8.1 million in gap financing.
Earlier this year, NHPF opened Terraces at Park Heights, a 100-unit affordable senior housing community in Baltimore. The community was the first part of a larger $400 million project to revitalize the 17.3-acre Park Heights Master Redevelopment Area. Once completed, the neighborhood will be focused on sustainability, with the intent to attract long-term investments.
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