A feasibility study by the Loveland Housing Authority is underway for the possible construction of an affordable housing project that will be built on the east side of the city.
The project will go up on a 4.4-acre site to the west of the Boyd Lake Outlet Canal, a half a mile to the south of U.S. Route 34.
As proposed, the project will see the building of 84 affordable multifamily rental homes designed to serve households with Area Median Incomes of 80% and below.
In a city where the average monthly apartment rent is around $1,600, any affordable income project is seen as a welcome development.
Plans for the site also include the construction of a community center, community garden, and children’s play area. The site will additionally have access to local and regional walking and biking trails.
The property for the project is being donated by the Denver-based McWhinney Real Estate Investment & Development Company.
The project will go up adjacent to the Greens at Van de Water, a McWhinney complex with 252 upscale apartment units.
The feasibility study could be completed by late 2022. If the project makes sense, construction could begin either late next year or early 2023 on a rough 5-year schedule.
By Garry Boulard