Denver Funds Supportive Housing for Youth in River North Arts District
Published on November 29, 2022
$3 million performance loan provided from Denver’s Homelessness Resolution Fund
Supportive housing for youth experiencing homelessness will soon break ground in the Five Points neighborhood and Denver’s River North Arts District thanks to development financing to be provided by the Department of Housing Stability (HOST).
Denver City Council yesterday approved a $3 million performance loan to Pennrose, LLC, to support construction of 56 income-restricted apartments to house youth, ages 18 to 24, who are transitioning from homelessness and/or foster care. The project will offer wraparound supportive services using a trauma-informed and harm reduction approach, including case management and peer support, to assist residents with maintaining their housing and, ultimately, transitioning to independent living. In addition, the project will include onsite access to employment opportunities.
“We are committed to ensuring youth are not left to languish on our streets,” said HOST Executive Director Britta Fisher. “The solution to homelessness is housing, and we’re proud to play a role in bringing additional supportive housing units for youth experiencing or at risk of homelessness.”
Located at 2700 Wewatta Way, the five-story building will be operated by 2700 Wewatta GP, LLC, a joint venture between Rivet Development Partners, LLC and Pennrose, LLC. TGTHR, a Boulder County nonprofit organization that provides shelter services and housing for youth, will deliver services onsite. All units will be income restricted for households earning up to 30% or 50% of the area median income. Vouchers to be provided from the Colorado Division of Housing will ensure that residents pay no more than 30% of their income for rent.
“Rivet, Pennrose, and TGTHR are excited to create a supportive housing community in RiNo and the Denargo Market redevelopment area of Denver – local support for the project has been positively overwhelming. We have no doubt the young people who will live at 2700 Wewatta will thrive here,” said Rivet Development’s Managing Partner, Shannon Cox Baker.
The HOST development financing is provided from Denver’s Homelessness Resolution Fund and ensures that the project will remain affordable for at least 60 years. A separate HOST contract, totaling $1,260,000, for the provision of supportive services over 15 years, is currently proceeding through City Council for review and approval.