TWG, a national real estate development company specializing in commercial, market rate, affordable and senior housing developments, has announced the construction of a $15.2 million affordable, multifamily complex for seniors in Delta.
According to a TWG, the development has titled the housing, “Residences at Delta.”
Located at 1498 Villa St., Residences at Delta will be a two-story, 50-unit complex and a five-minute drive away from Mountain View Park and Sweitzer Lake State Park. The affordable senior housing project offers one-bedroom apartments reserved for seniors 62 years and older, who earn up to 60% of the area median income.
“We are thrilled to see the community welcome the Residences at Delta project, which received over 40 letters of support, attesting to the overwhelming admiration for the senior population in Delta,” said Ryan Kelly, vice president of tax credit development at TWG. “This development follows several other affordable housing projects developed by TWG in Colorado, and we are grateful to continue to have a positive impact in the state for all types of renters.”
Constructed in partnership with the Delta Housing Authority, the project will bridge the generational gap between seniors, their families and youth in the community. TWG and Delta Housing Authority will link residents with appropriate services to improve their economic horizons and allow them to age in the area they love, while enhancing the well-being of all demographics in Delta.
“Residences at Delta is an important project, bringing seniors an affordable option they can call home in the local community,” said Ute Jantz, executive director of the Delta Housing Authority. “By partnering with TWG, we are working to achieve our mission of providing housing that is safe, high-quality and affordable for residents of Delta County.”
Amenities of the new property include a clubhouse, exercise facility, dog park and elevators, in addition to raised garden beds and a greenhouse to promote sustainability and allow residents to garden in the community. Construction of the project is beginning this month, and the development is expected to be completed by the spring of 2023.
“Residences at Delta would not be possible without support from the City of Delta, and its commitment to providing quality affordable housing,” TWG said in the press release. TWG was awarded a low-income housing tax credit (LIHTC) from the Colorado Housing and Finance Authority (CHFA) and the Delta Housing Authority received a grant from The Colorado Department of Local Affairs (DOLA) Division of Housing (DOH).”
The project also includes support from numerous key partners, including Horizon Bank, Red Stone Equity, RCH Jones Consulting and Williford, LLC.