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CHFA, Fort Carson partnership will create affordable military housing
A partnership between the Colorado Housing and Finance Authority (CHFA) and
the United States Army will result in 400 new homes for Fort Carson soldiers.
CHFA is providing permanent financing for new housing by issuing a taxable
bond in the amount of $118.6 million, the proceeds which will be loaned to Fort
Carson Housing LLC to build homes.
The loan closed on Nov 29, and construction is expected to begin in the near
future. The result will be modern high quality homes for soldiers of all ranks.
The homes will all be single family detached and will be located on the base.
“Fort Carson is already experiencing a housing shortage, particularly
affordable housing,” said Milroy A. Alexander, CHFA’s executive director. “That
need for housing will be exacerbated in the next few years as the Army
re-stations units and soldiers continue to return from overseas deployments.
This is the first time that CHFA has had the opportunity to partner with the
military to provide financing for new housing, and we think the creative
financing structure will result in hundreds of people having a decent place to
live.”
Over 85% of Fort Carson’s soldiers earn 60% of the El Paso County current
area median income of $63,550. As housing costs escalate in Colorado Springs, it
has been more difficult to find appropriate homes for soldiers and their
families.
“We are happy to partner with CHFA on this venture. It will allow us to
continue to provide the same quality of housing for soldiers and their families
as the people they are pledged to defend,” said Ivan G. Bolden, Assistant for
Policy, Residential Communities Initiative, Office of the Assistant Secretary of
the Army (Installations and Environment), the Pentagon, Washington, DC.
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