#United States #Frisco #NHP Foundation #Bella Project #Frisco Colorado

NHP Foundation's New Affordable Housing Initiative in Frisco, Colorado

The NHP Foundation (NHPF), a prominent national organization dedicated to creating affordable housing, has officially secured financing for its latest project, The Bella. This state-of-the-art community will add 52 units of affordable housing in Frisco, Colorado, a location known for its scenic beauty but increasingly high living costs. This initiative marks a milestone as NHPF’s first Low-Income Housing Tax Credit (LIHTC) project within the state, further showcasing their commitment to tackling housing challenges in mountain resort areas.

Significance of Affordable Housing in Frisco

Frisco's housing market poses significant challenges, especially for local workers and families aiming to settle in the area. With its picturesque views and proximity to popular ski resorts, the town has witnessed soaring real estate prices. The Bella aims to address this pressing issue by providing affordable living options for low- and moderate-income households. The community will include studio, one-bedroom, and two-bedroom apartments targeted at families earning between 30% to 80% of the Area Median Income (AMI). Importantly, the average affordability across the development is set to be at 60% AMI.

Eric W. Price, President and CEO of NHPF, emphasized the importance of the project, stating, "This closing represents another significant milestone in NHPF's expanding presence in Colorado. Together, The Bella and nearby The Scout demonstrate how innovative state financing, strong municipal partnerships, and mission-driven development can help address the affordable housing shortage facing mountain resort communities."

Collaborative Efforts for Housing Solutions

The Bella project follows the significant success of NHP’s previous development, The Scout, and is a testament to the collaborative effort between local and state agencies, as well as private partners. Mayor Rick Ihnken of Frisco remarked, "Projects like The Bella demonstrate what is possible when local, state, and private partners come together around a shared commitment to housing affordability." This sentiment captures the shared resolve that has enabled the developments.

The Town of Frisco has played a crucial role in this initiative by contributing approximately $4.9 million in soft financing along with property tax incentives. Such proactive support has made it possible for The Bella to move forward, reflecting Frisco's dedication to maintaining a community where residents can afford to live and thrive.

Financing and Development Details

The financing framework for The Bella encompasses an array of financial tools, including 9% Federal Low-Income Housing Tax Credits, Colorado State Low-Income Housing Tax Credits, and community-supported grants. These strategic partnerships highlight the shared responsibility among stakeholders to enhance affordable housing options. The project represents not just construction but a commitment to ensuring that workers and families can remain in the communities they contribute to.

The Bella's design promises to be modern and energy-efficient, particularly catering to the families who need it most. The demolition phase began on August 25, with the aim for completion projected in November 2027. This development not only bridges the gap between income and housing costs but also reflects NHPF’s ongoing strategy to enrich markets facing significant affordability challenges.

About NHPF and Their Mission

Founded in 1989, The NHP Foundation is a not-for-profit organization rooted in the quest for affordable housing solutions. With over three decades of robust experience, NHPF specializes in acquiring, investing, and developing affordable housing. Their approach integrates essential services tailored to communities, ensuring that residents experience stability in housing, health, and education. Their initiatives continue to see remarkable success, with a 96% stabilization rate for residents in 2025.

Affordable housing developments like The Bella signify vital steps towards creating equitable communities where all residents can flourish, even in areas traditionally defined by luxury and recreation. The collaborative spirit among NHPF, local authorities, and community stakeholders is crucial to fulfilling the promise of affordable living.

Conclusion

As Frisco welcomes The Bella, it stands as a beacon of hope and progress in addressing the housing affordability crisis. This project exemplifies how dedicated efforts and strategic partnerships can shape healthier, more sustainable communities that allow individuals and families to thrive without being burdened by the weight of rising housing costs. The work of organizations like the NHP Foundation is essential to ensuring that every Coloradan has access to a place they can call home.