15 Nov, 2019

Senior Apartments in Rifle, CO awarded Affordable Housing Tax Credits from Colorado Housing and Finance Authority.

Rifle will soon have its first senior Affordable Housing Tax Credit development, Maxfield Heights.

RIFLE, CO (October 2019) – Rifle will soon have its first senior Affordable Housing Tax Credit development, Maxfield Heights. In partnership, TWG Development and Rifle Housing Authority are thrilled about being awarded tax credits from Colorado Housing and Finance Authority (CHFA) for this exciting new development. Maxfield Heights’ includes features and amenities that will serve individuals with hearing, vision, and mobility challenges. Construction is anticipated to begin in Spring 2020 with completion in Summer 2021.

Maxfield Heights will be a two-story building with 50 one-bedroom apartments for seniors aged 55 and older earning 30% – 60% of the area median income (AMI). The site in Rifle, CO is within 1-mile of a multitude of amenities, including Rifle’s Senior Center. The project will feature units designed specifically for tenants with sensory disabilities.
“The Rifle Housing Board of Directors are so excited with the approvals of our Tax Credit application,” said Natalie Bowman, Executive Director of the Rifle Housing Authority. “This is the first step in helping senior and disabled residents obtain safe and affordable housing for many years to come. We look forward to the next steps in the design and of course the building of apartments over the next 18-24 months. A very big thank you to Colorado Housing and Finance Authority for seeing the great need for housing for seniors and disabled residents.”

“TWG is thrilled about this project and the relationship that has been created with the Rifle Housing Authority. TWG has a significant track record in building high quality apartments while also delivering the ultimate resident living experience that our Seniors deserve. This project will feature designs and amenities that will allow the tenants to maintain their active lifestyles while also providing the ability to age in place. This project will be more than a building; it will become a home for many Seniors in Rifle,” said TWG’s Aquisitions Director, Ryan Kelly.

Media Contact: Ken Bretz, kbretz@twgdev.com, 317-644-0662

About CHFA: CHFA strengthens Colorado by investing in affordable housing and community development. Created in 1973, CHFA invests in loans to low- and moderate-income homebuyers through our network of participating lenders, and makes loans to affordable multifamily rental housing developers and small and medium sized businesses. CHFA also provides education and technical assistance about affordable housing and economic development. CHFA is a self-sustaining public enterprise. CHFA issued debt is not the obligation of the state. For more information about CHFA please visit chfainfo.com, call its Denver office at 1.800.877.chfa (2432), or its Western Slope office at 1.800.877.8450.

About Rifle Housing Authority: Rifle Housing Authority was formed in 1977 with the mission to build and maintain affordable and safe living facilities for qualified seniors and disabled residents with an emphasis on respect, dignity and cooperation.  Rifle Housing Authority owns and manages two neighboring properties, Kendall Heights and Jackson Heights, housing seniors and people with disabilities. Their housing was built over time, using a variety of resourceful funding methods including RD and HUD. RHA has over 90 households on their wait list, and very little turnover of their existing units. Monthly, they coordinate services with the local service providers to support resident’s success and well-being.

About TWG Development: TWG is a real estate development company specializing in commercial, market rate, affordable, and senior housing developments. TWG was formed in 2007 to develop, own, and manage affordable housing communities. Through its related entities, TWG is able to see a development from concept to lease-up to stabilization. TWG has overseen over $1 billion in development, consisting of over 10,000 units.