Loan Amount: $2,356,253
Developer: Achdiocesan Housing and Garfield County Housing Authority
The Benedict is a newly constructed, four-story multifamily residential project located at 2800 Midland Avenue in Glenwood Springs, Colorado, designed to address the critical need for affordable housing for low-income seniors. The development consists of 34 one-bedroom units, all of which are income-restricted and reserved for senior households aged 62 and older. The project targets households earning up to 80% of the Area Median Income (AMI), with a weighted average AMI of 60%. Notably, seven units receive Section 8 project-based vouchers, enabling tenants with incomes likely below 30% AMI to access deeper affordability and the flexibility to convert their subsidy to a portable voucher after one year. The Benedict offers a range of amenities tailored to its senior residents, including a neighboring senior center, proximity to public transit (0.2 miles to a bus station), and nearby essential services such as a VA clinic and grocery store. On-site amenities include covered and surface parking (42 spaces), ADA-accessible units, an elevator, laundry facilities, a community room, picnic area, free high-speed internet, cable TV hookups, energy-efficient appliances, and enhanced life safety systems. The project’s mission is to provide safe, sustainable, and supportive housing for low-income seniors, fostering long-term housing security and community integration, with supportive services managed by Archdiocesan Housing, Inc. and Garfield County Housing Authority. The Benedict stands as a model for inclusive, service-oriented affordable housing, aiming to reduce housing cost burdens and improve quality of life for vulnerable seniors in Garfield County.
Units: 34