DENVER – Wednesday, Oct. 6, 2021 – Mayor Michael B. Hancock, Councilwoman Amanda Sawyer and other officials celebrated a groundbreaking today to kick off construction on a new, 72-unit apartment community, Valor on the Fax. Developed by Brothers Redevelopment, in conjunction with the Brain Injury Alliance of Colorado (BIAC), Valor on the Fax will exclusively serve persons experiencing homelessness, with a focus on individuals who have sustained an acquired brain injury or related disability.
“Our unhoused neighbors are in the greatest need of stable, supportive housing, and Valor on the Fax is just one component of our broader strategy to support these residents and help ensure affordability in the East Colfax neighborhood for future generations,” Mayor Hancock said. “We are proud to partner with Brothers Redevelopment to help end homelessness for the 72 households that will call the Valor home.”
Located at 7900 E. Colfax Ave., Valor on the Fax is one of two sites acquired by the City and County of Denver in 2017 with the vision of ensuring affordability and community-serving uses along the rapidly-changing corridor. Brothers Redevelopment was selected through a city procurement to develop the property into supportive housing. The property was transferred to Brothers Redevelopment earlier this year through a sale agreement approved by Denver City Council.
Valor on the Fax will offer 1-, 2- and 3-bedroom units that are income restricted for households earning up to 30% of the area median income (up to $22,050 for a single-person household). A land use restriction on the property ensures affordability for 99 years.
The visionary collaboration between Brothers Redevelopment and the Brain Injury Alliance of Colorado has relied on public comment to conceive the building’s exterior features. The project employs “trauma-informed design” throughout to ensure that the building will offer a therapeutic and comfortable environment to future tenants. BIAC will provide comprehensive services to tenants, including resource navigation, job training, and recreational and wellness activities. Brothers will manage the property and utilize the first-floor commercial space to provide a wide variety of housing related services to residents of the East Colfax neighborhood.
Denver’s Department of Housing Stability (HOST) is providing $1,440,000 in development financing toward the $23.6 million project. HOST is also subsidizing supportive services at the site for a 15-year period through a $1 million contract. Other public financing partners include the Colorado Housing & Finance Authority, Colorado Division of Housing, and Denver Housing Authority, including subsidy vouchers for all units to ensure residents pay no more than 30% of their total income on housing costs.
Valor on the Fax is the latest city-supported affordable housing development to begin construction in Denver. A total of 993 affordable units that have received city financing are currently under construction at 14 sites throughout Denver. An additional 828 income-restricted units are in the planning stage.
[Shared on behalf of our friends at HOST]