Buckner & Fields Applaud Grand Opening of Affordable Housing Development in Aurora
Walden35 creates an additional 100 affordable rental units in Aurora
AURORA, CO - Today Senators Janet Buckner, D-Aurora, and Rhonda Fields, D-Aurora, attended the grand opening of Aurora’s newest affordable housing development.
“Walden35 is an amazing example of what’s possible when state and local partners come together to achieve our shared goals of increasing affordable housing options and keeping Coloradans housed,” said Buckner. “I was honored to help celebrate the grand opening of this new development and welcome Aurora families to their new homes. As we continue our work to ensure every Coloradan can afford a safe place to rent or own, we’ll work hard to find more innovative ways to create housing opportunities like this one.”
“It takes a village to see projects like Walden35 become reality,” Fields said. “During my time in elected office I have been proud to support partners like the Colorado Housing Finance Authority, who work with local governments across the state to fund affordable housing projects. The Walden35 development is a testament to the tireless efforts of so many community members who work hard to see Aurora thrive, and I’m thrilled that more families now have an affordable place to call home.”
Walden35 is a 100 unit affordable housing development with units available to households earning between 30 and 70 percent of the Area Median Income. The development was funded through partnerships between the Aurora Housing Authority and the Colorado Housing Finance Authority (CHFA), both of which awarded Low Income Housing Tax Credits to the project. Additionally, the City of Aurora and the Colorado Division of Housing (DOH) provided loans to fund the project. The apartments are located at 3500 Walden St, Aurora, Colorado, with access to light rail transportation.
In 2022, Buckner and Fields co-sponsored legislation to create the Transformational Affordable Housing Revolving Loan Program within DOH to provide flexible, low-interest, and below-market-rate loan funding to to assist counties, municipalities, nonprofits, housing authorities, councils of government, and other eligible recipients in completing eligible loan projects. The program is funded with $150 million of federal funding from the America Rescue Plan Act.
Additionally, Buckner and Fields co-sponsored legislation to extend the existing Colorado Affordable Housing Tax Credit until 2031. Extending the tax credit – offered by CHFA and originally set to expire in 2024 – will result in at least $420 million in additional tax credits that can be allocated by CHFA over the next nine years.