InnovAge Senior Housing-Thornton helps aging adults enjoy their
independence as long as possible
DENVER--(BUSINESS WIRE)--Sep. 4, 2013--
Bank and InnovAge
have closed on a $22.4 million financing package that paves the way for
the construction of InnovAge Senior Housing-Thornton, a 72-unit senior
housing apartment building in Thornton, approximately eight miles north
of Denver. Development of the project is currently underway. The
property will open by June 2014.
“The senior population in Thornton is growing rapidly, outpacing growth
in both the Denver metropolitan area and across the country,” said
Hassan Salem, Denver market president for U.S. Bank. “InnovAge Senior
Housing-Thornton will help fill a void of limited housing that targets
seniors, while fostering independent living in a community environment.”
U.S. Bank’s commitment to the project includes more than $9.6 million of
Low-Income Housing Tax Credit (LIHTC) equity through its community
investment subsidiary U.S.
Bancorp Community Development Corporation (USBCDC) and more than
$12.8 million of loans, most of which is bridging the LIHTC equity
during construction. LIHTCs, which were allocated by the Colorado
Housing and Finance Authority and are being capitalized by USBCDC,
subsidize the cost of the development, allowing the housing units to be
rented at below-market, affordable rates to eligible seniors.
“We’re dedicated to making personalized senior care decisions simple and
affordable,” said Maureen Hewitt, chief executive officer of InnovAge.
“Combining our existing healthcare, home care and support services with
affordable housing options increases our ability to help aging adults
continue to live in their communities with dignity and independence. We
appreciate U.S. Bank’s support of our efforts.”
InnovAge Senior Housing-Thornton is the organization’s first ground-up
construction of an affordable, independent senior housing development.
InnovAge also operates an affordable senior housing community in Aurora,
CO. The Thornton development is the nonprofit’s first partnership with
U.S. Bank. The City Council approved InnovAge’s conceptual site plan in
July of last year.
The four-story building will feature 50 one-bedroom units and 22
two-bedroom units marketed to seniors 55 or older whose annual income is
less than 30, 40, 50, or 60 percent of the Average Median Income in
Thornton. Each apartment will support independent living with a full
kitchen, energy star appliances, washers and dryers, and a balcony or a
patio. InnovAge Senior Housing-Thornton will also feature a sun room,
beauty salon, exercise room, theater room, community garden, and outdoor
courtyard. Rents start at $438 per month for a one bedroom, one bathroom
Located near Washington Center Parkway and Washington Street, the
housing complex is less than a mile away from the InnovAge “Program of
All-inclusive Care for the Elderly” (PACE) facility on 124th
Avenue. PACE is an innovative Medicare and Medicaid program for older
adults and people over age 55 living with disabilities.
InnovAge is a nonprofit organization that
serves as the comprehensive resource for Colorado’s aging population and
is here to help seniors and caregivers, alike. InnovAge provides a full
spectrum of services to enable older adults to live independently in
their homes and communities. InnovAge offers skilled and non-skilled
home care services, healthcare and day programs, care management and
memory loss programs in communities throughout Colorado.
About U.S. Bank Community Lending Division
provides hundreds of millions of dollars of financing every year for the
development of affordable housing in communities all across the United
States. U.S. Bank customers are both for-profit and non-profit
developers who are bringing to life a full range of multi-family living
for both individuals and families. Together with these partners, U.S.
Bank is helping to address the shortage of affordable housing that
exists in nearly every state where we do business.
About U.S. Bancorp Community Development Corporation
more than $11.7 billion in managed assets as of June 30, 2013, U.S.
Bancorp Community Development Corporation, a subsidiary of U.S. Bank,
provides innovative financing solutions for community development
projects across the country using state and federally sponsored tax
credit programs. USBCDC's commitments provide capital investment to
areas that need it the most and have contributed to the creation of new
jobs, the rehabilitation of historic buildings, the construction of
needed affordable and market-rate homes, the development of renewable
energy facilities, and the generation of commercial economic activity in
underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
About U.S. Bank
U.S. Bancorp (NYSE:USB), with $353 billion
in assets as of June 30, 2013, is the parent company of U.S. Bank, the
5th largest commercial bank in the United States. Celebrating its 150th
anniversary this year, the company operates 3,087 banking offices in 25
states and 5,032 ATM and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. Visit U.S. Bancorp
on the web at www.usbank.com.
Source: U.S. Bancorp
Nicole Garrison-Sprenger, U.S. Bank Public Relations