McWhinney Land Donation Clears Way for 84-unit Affordable Housing Project
October 12, 2021 Posted In
The Loveland Housing Authority is proceeding forward with plans to develop an affordable housing development on a 4.4-acre parcel of land donated by McWhinney, the master developer of Centerra, a 3,000-acre master-planned community in Loveland.
The donated site is located in McWhinney’s Van de Water community, a mixed-used community offering immediate access to retail, restaurants and businesses. The Loveland Housing Authority intends to develop 84 affordable multifamily rental apartment homes on the site, which will serve households with incomes of 80% of the Area Median Income and below.
“This new residential project will help address the growing need for affordable housing in Loveland, which has seen home prices and rents increase dramatically in recent years,” said Jeff Feneis, Executive Director of the Loveland Housing Authority. “In the past five years home prices have increased over 35% and average market rate apartment rents are now nearly $1600. This generous contribution by McWhinney will enable the Housing Authority to continue to create quality affordable housing, helping to maintain the vitality of Loveland by allowing our residents to live and work in their community.”
Don Overcash, City Councilor Ward 4, and Mayor Pro Tem, was key to facilitating the land donation with McWhinney and advocating for this affordable housing project in Loveland.
“As an elected official and community member, I’ve sought to reduce our cost of living and improve the availability of jobs and attainable housing. This project is another step toward accelerating housing availability for below-median income families who are an integral part of our diverse city,” Overcash said.
The site is located on the future Sculptor Drive extension. The apartments will be accessible from the north via Mountain Lion Drive. In addition to 84 affordable apartment units, the development plans to include a community center, children’s play area, community garden and access to local and regional trails.
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