Archway Communities Receives Land Bank Award for Affordable Housing Project
Archway Communities in Lakewood, Colo., has received $2 million in funding from the Colorado Housing and Finance Authority and the Colorado Office of Economic Development and International Trade. Archway is one of 16 recipients to receive funding as part of the inaugural Land Banking Awards made possible by Colorado State Proposition 123, which enables an increase in affordable housing in the state.
Over the next few years, Archway will put this funding toward an upcoming community, Gates Family Housing. Gates Family Housing will be a 150-180-unit affordable housing community located on the site of the former Gates Rubber Factory, and adjacent to one of Denver’s thriving commercial corridors, South Broadway. The project will be 100 percent affordable housing, with a mix of income levels from 30 percent AMI (area mean income) to 80 percent AMI.
Archway anticipates closing with financial partners and starting construction in mid-2025.
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