Residences at Delta II – Delta, CO (Dec 27, 2024) – TWG (www.twgdev.com), a real estate development company specializing in commercial, market rate, affordable, and senior housing developments, today announces the closing and planned construction of Residences at Delta II, a $18 million affordable, multi-family community coming to Delta, Colorado.
This new construction will be located on Villa Street and will consist of 50-units throughout two, three-story buildings. Offering one-, two-, and three-bedroom units, Residences at Delta II will serve families and individuals at and below 60% of the area median income (AMI) and will complement the adjacent and leased-up Residences of Delta I, a senior community with the intent to foster an intergenerational community.
“We’re excited to finally see phase two coming to fruition. Once completed, the full development will be an even better place to enjoy the community. We are thankful to Delta Housing Authority for their partnership and community engagement.” says TWG’s Ryan Kelly, VP of Tax Credit Development.
Community amenities will include a clubhouse, library, picnic area, playground and community garden. Individual units will offer central A/C, Energy Star appliances, ceiling fans and balconies.
“Our growing community urgently needs increased access to affordable housing options. Rising housing costs are placing a significant strain on local residents, particularly essential workers, and low-income families, making it difficult for them to live and work in the area. To maintain a vibrant community, we must prioritize the development of diverse, affordable housing solutions near Delta, ensuring that all residents have the opportunity to live in stable and accessible homes.” Says Ute Jantz, Executive Director, Delta Housing Authority.
This development will contribute to promoting equity & economic mobility for residents. Many Delta residents have lived in the county for generations and are now experiencing greater economic hardships as housing costs rise and the economy shifts away from the traditional industries in the area. Access to quality housing with stable rents and strong fair housing practices translates to increased health and financial equity and quality of life for individuals and families in this rural area. Housing stability for families can also translate into intergenerational opportunity, as adult children bear less of an economic burden supporting their parents.
“The Residences at Delta II is a powerful example of what can be accomplished through strong partnerships,” said Brent Barringer, Partner and Managing Director of LIHTC at Monarch Private Capital. “By working together with organizations like TWG, the Delta Housing Authority, and all of our partners, we are addressing the urgent need for affordable housing in Delta and beyond. This development will provide families and individuals with stable, high-quality housing, fostering a stronger and more inclusive community.”
Residences at Delta II would not be possible without our valued partners: Delta Housing Authority, RCH Jones Housing, and KDMC LLC Consulting, and Colorado Housing and Finance Authority (CHFA), Cedar Rapids Bank and Trust, Huntington Community Impact Capital, Monarch Private Capital, and Horizon Bank.