**Arapahoe County Explores Preserving Affordable Housing at Reserve at South Creek**
ARAPAHOE COUNTY, Colo. — As Denver7 continues its coverage of solutions to Colorado’s affordable housing needs, efforts extend beyond new construction and groundbreaking ceremonies. Preservation of existing affordable homes is emerging as a critical part of addressing the housing challenge.
“Preservation must continue to be a part of solving the affordability challenge,” said Perica Bell, Managing Director and Head of Preservation at April Housing.
Based in Los Angeles, April Housing manages one of the nation’s largest low-income housing tax credit (LIHTC) portfolios. The organization hopes to partner with Arapahoe County to take over the Reserve at South Creek apartment complex—located near S. Jordan Road, E. Broncos Parkway, and Dove Parkway—which currently offers dozens of affordable housing units. The goal: preserve these existing affordable units and expand affordability within the community.
“Demand continues to outpace the production of new housing,” Bell explained. “So continuing to build new housing alone, without concerted efforts to preserve existing quality, affordable housing, will continue to result in a net loss.”
The current proposal aims to preserve 69 affordable units within the complex and convert the other 99 market-rate units into affordable housing. All units would be rented at rates affordable to households earning 60% or less of the area median income.
Elizabeth Loomis, Division Manager of Community Development, Housing, and Homeless Services at Arapahoe County, emphasized the importance of community stability. “We want to ensure that our families are staying rooted within their communities, so their children can continue their education in their pre-existing school districts, and we continue assisting individuals with employment,” she said.
If approved by the Arapahoe County Housing Authority at its meeting next week, the county would hold a 1% interest stake in the development.
Bell outlined the next steps in the process: “It’s really a step-by-step process. The second portion is going to the State to apply for tax credits and bonds. That process dictates the timeline—it could be as soon as the end of the year or it might take a bit longer.”
Arapahoe County recently surveyed thousands of residents to identify community priorities, with housing emerging as a key concern—31% of respondents listed it as a priority.
A significant part of the proposal involves April Housing overseeing renovations and safety improvements for the units. Bell described the process known as “re-syndication,” in which existing tax credit properties secure additional tax credits and financing.
“This allows us to make substantial renovations and improvements to residents’ homes,” Bell said. “Residents receive refreshed and renewed homes, often with updated amenities, along with the assurance of longer-term affordability.”
The Arapahoe County Housing Authority is scheduled to meet on January 27 to discuss the preservation plan for the Reserve at South Creek. This potential partnership marks a promising step toward stabilizing and expanding affordable housing options within the county.
https://www.denver7.com/news/local-news/arapahoe-county-mulls-proposal-that-would-safeguard-current-affordable-housing