Parkview Village West, located in Arvada’s South-Central neighborhood, has one- and two- bedroom apartments for residents with incomes at 40-60% AMI. The property was originally built in 1972 and re-financed through Low-Income Housing Tax Credits (LIHTC) in 1995. Its former owner, Foothills, sought to reposition its portfolio to focus on larger developments but wanted to ensure Parkview stayed affordable and in the hands of a mission-aligned organization that would prioritize the stability and wellbeing of Parkview’s long-time residents. Foothills approached Rocky Mountain Communities (RMC) in 2021 to explore the acquisition of Parkview Village West.
With aging infrastructure and rising market pressures, Parkview residents were at high risk of displacement. Without mission-driven intervention, the building could have deteriorated further or been converted to market-rate, either of which would have reduced the affordable rental stock in a growing and increasingly costly Metro Denver suburb.
Rents at Parkview Village West will remain affordable through at least 2040 under a land use restriction agreement (LURA) from CHFA that transferred ownership with the acquisition of the property from Foothills to RMC. Looking ahead, RMC plans to refinance the property through a LIHTC resyndication and redevelop it into a higher density, updated property that continues to serve households with incomes between 40-60% AMI, without displacing current residents.
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