2nd phase of Keystone’s Wintergreen development earns over $1.5 million in tax credits | SummitDaily.com

2nd phase of Keystone’s Wintergreen development earns over $1.5 million in tax credits

The Village at Wintergreen brought nearly 200 affordable housing units to Keystone when it first opened. Now, Summit County and developer Gorman and Co. are partnering to launch a second phase of the development which will bring 46 more units.
Jason Connolly/For the Summit Daily News

The Colorado Housing and Finance Authority recently announced the projects that were awarded federal and state housing tax credits, and one of them was Gorman and Co.’s second phase of its Wintergreen development in Keystone.

The purpose of the program is to reduce the amount of debt financing or other funding sources needed to make a development financially feasible, according to a news release from the authority. The organization’s allocation priorities were for developments that served homeless or special needs populations or developments in counties with fewer than 180,000 residents.

Two types of federal tax credits were available, a 4% credit and a 9% credit. The Wintergreen development was awarded the 4% tax credit, which amounts to about $879,000. The state credit amounts to about $700,000 for a total of more than $1.5 million.

Once completed, the second phase of the Wintergreen development will have 46 units, which will be divided into 12 one bedrooms, 29 two bedrooms and five three bedrooms. The project is supported by the Summit Combined Housing Authority and is partly funded by Summit County.

For more information on this years’ recipients, visit CHFAInfo.com.

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