In an effort to provide a path to home ownership, Denver opened 132 income-restricted condominiums in the Central Park neighborhood Wednesday, officials announced.
The Central Park Urban Living Condos, located at 36th Avenue and Central Park Boulevard, are one- and two-bedroom homes for $139,500 to $169,500. The condos are restricted to households that earn 60% to 80% of the area median income, which is up to $55,950 for a single-person household.
“This project is so needed,” said Britta Fisher, executive director of Denver’s Department of Housing Stability. “This will make a meaningful difference for 132 individuals and families, providing housing stability and an asset from which to build and grow their lives.”
Fisher said the condos are one of Denver’s largest developments of income-restricted homeownership units.
Of the 132 condos, 51 are one-bedroom and 81 are two-bedroom, each with 9-foot ceilings and large windows. The building is located adjacent to RTD’s Central Park Station to allow easy access to affordable public transportation.
“Affordability of homes, and how close we live to transportation, jobs, good schools, grocery, open space and overall amenities of healthy living, contribute to our wellbeing,” said Gete Mekonnen, executive director of Northeast Denver Housing Center, which developed the project.
In addition to Northeast Denver Housing Center, the $35.9-million project was funded by $2,640,000 from Denver’s Affordable Housing Fund, a land donation from Brookfield Properties and funds from the Colorado Department of Local Affairs.
With the completion of this project, there are now 1,152 city-financed affordable housing units under construction at 24 sites throughout Denver, and 855 income-restricted units in the planning stage, officials said.