Thistle Community Housing
$3,000,000 Single Family Revolving Line of Credit
Purpose: Acquisition and Single-Family Interim Construction; Workforce Housing
It’s hard for most middle-income people to make ends meet in upscale Boulder, Colorado. With home costs in this ski-resort town averaging $540,000, many working people find that living in the city is just not affordable. Faced with impossible housing costs, many people struggle with long daily commutes from outside of the city.
Thistle Community Housing develops quality, affordable housing so people who live in Boulder can afford to live there.
They have partnered with CHC on three middle-income housing developments, including the Yarmouth Way development was completed in March 2012. This mixed-income development consists of 25 homes, 10 of which are permanently affordable. All of the units are three and four bedrooms, 1 to 2.5 baths, with a one car garage. The affordable homes were priced from $204,300 to $229,200. The workforce housing homes were $285,000 to $410,000. Six of the families are employed by Boulder Valley School District, as well as asst professors from the University of Colorado. None had previously owned a home in Boulder.
We knew CHC had an appreciation for what we were doing in the community. Even if we had some other options, going with CHC was easier because we had a track record with them. The structure of the deal allowed them to use other resources to participate in loan. That’s good for CHC – it lowers their risk and allows them to develop new relationships.
They understand the role affordable housing plays in creating viable communities. They understand the kind of organizations that are doing this work. They understand that one person might have to wear a lot of hats. They are easier to work with.
CHC wants to make it work, so they try to find ways to solve problems that might come up.
They were able to increase our loan amount to be able to build quicker to respond to market demand. That was a big accommodation for them. They’re very flexible and they have an understanding that housing plays an important role in the community. (They also just started construction on another project with CHC financing – 1000 Rosewood. 16 single-family homes and one duplex. It’s in an unbelievable setting, in a very desirable part of town. 60,000-70,000 acres of green space, with a community park, two large dog parks, a running trail, rock climbing, all at their fingertips. It’s on the bus line and in walking distance to shopping and coffee shops.)