Rare large apartments for low-income families open in Denver

The Villlas at Stone Trace opened Friday in northeast Denver. It offers rare large apartments at affordable prices.Photo byCity of Denver

Denver city officials and others celebrated the grand opening Thursday of a new apartment community in Green Valley Ranch for low-income residents.

The Villas at Stone Trace offers 119 two- and three-bedroom units, according to a news release. They even have attached garages. Officials have said there is a dearth of large, affordable units in Denver.

The units will be available to people making between 30% and 70% of the area’s average median income. That is between $27,400 and $63,910 annually for one person.

“We are very thrilled to bring more of the critical affordable housing we need to Denver. Every project is a step closer to a Denver where everyone has a safe place to live and a fair chance to thrive,” said Mayor Mike Johnston in a statement. “The city is working harder than ever to close the affordable housing gap, and we’re grateful for our development and community partners working to bring housing online as quickly as possible. As we look to continue to expand affordable housing in our city, we're thankful that City Council has referred the Affordable Denver ballot initiative for voters to weigh in on new funding to meet our affordable housing need this fall.”

Denver chips in $1.2 million

HOST provided $1,168,000 in funding for the project, located at 5800 Tower Road in far northeast Denver. Other public finance partners include the Colorado Housing and Finance Authority.

“We are happy to welcome our new neighbors into District 11,” said Councilwoman Stacie Gilmore. “The Villas at Stone Trace will provide important affordable housing close to transit and amenities, including beautiful parks and trails that support a healthy lifestyle for new members of our community.”

More than 2,000 affordable units that have received city financing are currently under construction/preservation at 25 sites throughout Denver, according to the news release. An additional 456 income-restricted units are in the planning stage. Learn more about the inventory at the Denver Affordable Housing Dashboard.