DENVER--(BUSINESS WIRE)--U.S. Bank and InnovAge have closed on a $22.4 million financing package that paves the way for the construction of InnovAge Senior Housing-Thornton, a 72-unit senior housing apartment building in Thornton, approximately eight miles north of Denver. Development of the project is currently underway. The property will open by June 2014.
“Combining our existing healthcare, home care and support services with affordable housing options increases our ability to help aging adults continue to live in their communities with dignity and independence. We appreciate U.S. Bank’s support of our efforts.”
“The senior population in Thornton is growing rapidly, outpacing growth in both the Denver metropolitan area and across the country,” said Hassan Salem, Denver market president for U.S. Bank. “InnovAge Senior Housing-Thornton will help fill a void of limited housing that targets seniors, while fostering independent living in a community environment.”
U.S. Bank’s commitment to the project includes more than $9.6 million of Low-Income Housing Tax Credit (LIHTC) equity through its community investment subsidiary U.S. Bancorp Community Development Corporation (USBCDC) and more than $12.8 million of loans, most of which is bridging the LIHTC equity during construction. LIHTCs, which were allocated by the Colorado Housing and Finance Authority and are being capitalized by USBCDC, subsidize the cost of the development, allowing the housing units to be rented at below-market, affordable rates to eligible seniors.
“We’re dedicated to making personalized senior care decisions simple and affordable,” said Maureen Hewitt, chief executive officer of InnovAge. “Combining our existing healthcare, home care and support services with affordable housing options increases our ability to help aging adults continue to live in their communities with dignity and independence. We appreciate U.S. Bank’s support of our efforts.”
InnovAge Senior Housing-Thornton is the organization’s first ground-up construction of an affordable, independent senior housing development. InnovAge also operates an affordable senior housing community in Aurora, CO. The Thornton development is the nonprofit’s first partnership with U.S. Bank. The City Council approved InnovAge’s conceptual site plan in July of last year.
The four-story building will feature 50 one-bedroom units and 22 two-bedroom units marketed to seniors 55 or older whose annual income is less than 30, 40, 50, or 60 percent of the Average Median Income in Thornton. Each apartment will support independent living with a full kitchen, energy star appliances, washers and dryers, and a balcony or a patio. InnovAge Senior Housing-Thornton will also feature a sun room, beauty salon, exercise room, theater room, community garden, and outdoor courtyard. Rents start at $438 per month for a one bedroom, one bathroom unit.
Located near Washington Center Parkway and Washington Street, the housing complex is less than a mile away from the InnovAge “Program of All-inclusive Care for the Elderly” (PACE) facility on 124th Avenue. PACE is an innovative Medicare and Medicaid program for older adults and people over age 55 living with disabilities.
InnovAge is a nonprofit organization that serves as the comprehensive resource for Colorado’s aging population and is here to help seniors and caregivers, alike. InnovAge provides a full spectrum of services to enable older adults to live independently in their homes and communities. InnovAge offers skilled and non-skilled home care services, healthcare and day programs, care management and memory loss programs in communities throughout Colorado.
About U.S. Bank Community Lending Division
U.S. Bank provides hundreds of millions of dollars of financing every year for the development of affordable housing in communities all across the United States. U.S. Bank customers are both for-profit and non-profit developers who are bringing to life a full range of multi-family living for both individuals and families. Together with these partners, U.S. Bank is helping to address the shortage of affordable housing that exists in nearly every state where we do business.
About U.S. Bancorp Community Development Corporation
With more than $11.7 billion in managed assets as of June 30, 2013, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
About U.S. Bank
U.S. Bancorp (NYSE:USB), with $353 billion in assets as of June 30, 2013, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. Celebrating its 150th anniversary this year, the company operates 3,087 banking offices in 25 states and 5,032 ATM and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.