What makes The Reserves different than other affordable projects is that it accommodates a broader range of income levels, anywhere from 30% of area median income, or AMI, to 80% of AMI.
For Alice Price, finding an affordable place to raise her six grandchildren was a daunting challenge, until September when she moved into The Reserves at Green Valley Ranch, a new 216-unit mixed-income apartment community near Denver International Airport.
Historically, to access Low-Income Housing Tax Credits, the federal tax breaks that make it possible to build affordable projects, a developer had to ensure at least 20% of units were set aside and affordable to households making less than half of the AMI in a given area. Or they could ensure that 40% were rent-restricted and occupied by households making less than 60% of AMI.
Rents on a three-bedroom affordable apartment at The Reserves range from $1,123 a month at 30% AMI up to $2,342 at 80% AMI. On a two-bedroom, rent runs from $709 a month to $2,028 and on a one-bedroom from $593 to $1,693. The Reserves at Green Valley Ranch had more than 500 applicants for the 144 affordable units and filled them quickly, said Patricia Hudson, CEO of Mission Rock Rock Residential, a Denver-based property manager overseeing the property.
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