Decatur Place Apartments
Provider: Mercy Housing
Location: Denver, CO
Property Type: Family Housing
Description: In October 2016, Mercy Loan Fund provided a $5 million loan to Mercy Housing to refinance existing debt and perform capital improvements to Decatur Place Apartments, a community that provides 106 affordable homes to single parents who want to build a better life for themselves and their children.
Many residents who come to Decatur Place Apartments have experienced homelessness and are unemployed, underemployed, or work in unstable, minimum wage positions. A large number of applicants lack a high school diploma.
Decatur Place Apartments’ transitional housing program is designed to give residents with such struggles the tools they need to succeed. When they sign their lease agreements, residents commit to working full-time, going to school full-time, or a combination of the two. The program also requires that residents meet with Mercy Housing staff on a monthly basis and take onsite, no-cost Resident Services, such as job readiness classes, parenting education classes, cooking classes, financial literacy classes, and more.
The loan will help Mercy Housing perform needed capital improvements, including the replacement of the building’s exterior insulation finish system with a stucco finish, which will decrease the likelihood of mold issues. The loan will also help preserve much-needed affordable housing in Denver, a city that has experienced some of the steepest year-over-year rent hikes in the country in recent years.
The property is supported with additional financing from the City and County of Denver Community Development Block Grant Funds and is subsidized with a Housing Assistance Payment contract.