Mile High Development is set to begin work on a $40 million, 102-unit affordable housing building at 925 Ralston Road in Arvada, Colorado. Dubbed Ralston Gardens Apartments, the project will be located close to a Walmart Supercenter and King Soopers market as well as the Arvada Community Garden. The development will offer one-bedroom, two-bedroom and three-bedroom options for residents whose area median income ranges from 30% to 80%. In 2021 it was awarded 4% federal and state low-income tax credits from the Colorado Housing and Finance Authority along with $14 million in federal tax credits plus an additional $4 million in state tax credits.
The much needed affordable housing project marks an important step forward for Arvada which has struggled with limited availability of such dwellings over recent years according to Denver Business Journal reports. With construction due later this month it looks likely that Mile High Development’s efforts may soon bring some relief for those seeking more accessible living options within town limits.
