Exum Applauds Groundbreaking of New Affordable Housing Project in Colorado Springs

COLORADO SPRINGS, CO – Today Senator Tony Exum, Sr., D-Colorado Springs, attended the groundbreaking ceremony of a new affordable housing development for low-income seniors in Colorado Springs.

"I was honored to join local leaders to celebrate Silver Key Senior Services’ groundbreaking on the Silver Key Apartments affordable housing project,” said Exum. “Colorado Springs is no stranger to our statewide housing crisis. The Silver Key Apartments will provide dozens of affordable housing units and will be life-changing for a number of our community’s low-income seniors and veterans. During my time in elected office, I have been proud to support the Colorado Housing Finance Authority’s work to distribute affordable housing tax credits, ensuring projects like the Silver Key Apartments have the necessary resources to become reality.”

The Silver Key Apartments project is a 50-unit affordable housing complex for low-income older adults, with an allocation of 13 units specifically designated for older adult veterans. The apartments are located adjacent to Silver Key Senior Services’ headquarters at 1625 S. Murray Boulevard, Colorado Springs, Colorado.

In 2022, Silver Key Senior Services received an award of 9 percent tax credits from Colorado Housing Finance Authority for the development of the Silver Key Apartments project. As a result of legislation passed in 2019, the Colorado Affordable Housing Tax Credit allocates $10 million in state credit annually from 2020 to 2024. Last year the Colorado General Assembly passed legislation to extend the program through 2031, maintaining the credit amount at $10 million per year while removing the aggregate cap for credits for developments in counties impacted by a federally declared natural disaster, allowing developments to leverage state and federal natural disaster funds for recovery efforts.