U.S. Bank Finances Affordable Housing Complex for Seniors in Denver Area
InnovAge Senior Housing-Thornton helps aging adults enjoy their independence
as long as possible
DENVER -- September 4, 2013
U.S. Bank and InnovAge have closed on a $22.4 million financing package that
paves the way for the construction of InnovAge Senior Housing-Thornton, a
72-unit senior housing apartment building in Thornton, approximately eight
miles north of Denver. Development of the project is currently underway. The
property will open by June 2014.
“The senior population in Thornton is growing rapidly, outpacing growth in
both the Denver metropolitan area and across the country,” said Hassan Salem,
Denver market president for U.S. Bank. “InnovAge Senior Housing-Thornton will
help fill a void of limited housing that targets seniors, while fostering
independent living in a community environment.”
U.S. Bank’s commitment to the project includes more than $9.6 million of
Low-Income Housing Tax Credit (LIHTC) equity through its community investment
subsidiary U.S. Bancorp Community Development Corporation (USBCDC) and more
than $12.8 million of loans, most of which is bridging the LIHTC equity during
construction. LIHTCs, which were allocated by the Colorado Housing and Finance
Authority and are being capitalized by USBCDC, subsidize the cost of the
development, allowing the housing units to be rented at below-market,
affordable rates to eligible seniors.
“We’re dedicated to making personalized senior care decisions simple and
affordable,” said Maureen Hewitt, chief executive officer of InnovAge.
“Combining our existing healthcare, home care and support services with
affordable housing options increases our ability to help aging adults continue
to live in their communities with dignity and independence. We appreciate U.S.
Bank’s support of our efforts.”
InnovAge Senior Housing-Thornton is the organization’s first ground-up
construction of an affordable, independent senior housing development.
InnovAge also operates an affordable senior housing community in Aurora, CO.
The Thornton development is the nonprofit’s first partnership with U.S. Bank.
The City Council approved InnovAge’s conceptual site plan in July of last
The four-story building will feature 50 one-bedroom units and 22 two-bedroom
units marketed to seniors 55 or older whose annual income is less than 30, 40,
50, or 60 percent of the Average Median Income in Thornton. Each apartment
will support independent living with a full kitchen, energy star appliances,
washers and dryers, and a balcony or a patio. InnovAge Senior Housing-Thornton
will also feature a sun room, beauty salon, exercise room, theater room,
community garden, and outdoor courtyard. Rents start at $438 per month for a
one bedroom, one bathroom unit.
Located near Washington Center Parkway and Washington Street, the housing
complex is less than a mile away from the InnovAge “Program of All-inclusive
Care for the Elderly” (PACE) facility on 124^th Avenue. PACE is an innovative
Medicare and Medicaid program for older adults and people over age 55 living
InnovAge is a nonprofit organization that serves as the comprehensive resource
for Colorado’s aging population and is here to help seniors and caregivers,
alike. InnovAge provides a full spectrum of services to enable older adults to
live independently in their homes and communities. InnovAge offers skilled and
non-skilled home care services, healthcare and day programs, care management
and memory loss programs in communities throughout Colorado.
About U.S. Bank Community Lending Division
U.S. Bank provides hundreds of millions of dollars of financing every year for
the development of affordable housing in communities all across the United
States. U.S. Bank customers are both for-profit and non-profit developers who
are bringing to life a full range of multi-family living for both individuals
and families. Together with these partners, U.S. Bank is helping to address
the shortage of affordable housing that exists in nearly every state where we
About U.S. Bancorp Community Development Corporation
With more than $11.7 billion in managed assets as of June 30, 2013, U.S.
Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides
innovative financing solutions for community development projects across the
country using state and federally sponsored tax credit programs. USBCDC's
commitments provide capital investment to areas that need it the most and have
contributed to the creation of new jobs, the rehabilitation of historic
buildings, the construction of needed affordable and market-rate homes, the
development of renewable energy facilities, and the generation of commercial
economic activity in underserved communities. Visit USBCDC on the web at
About U.S. Bank
U.S. Bancorp (NYSE:USB), with $353 billion in assets as of June 30, 2013, is
the parent company of U.S. Bank, the 5th largest commercial bank in the United
States. Celebrating its 150th anniversary this year, the company operates
3,087 banking offices in 25 states and 5,032 ATM and provides a comprehensive
line of banking, brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. Visit U.S.
Bancorp on the web at www.usbank.com.
Nicole Garrison-Sprenger, U.S. Bank Public Relations
(612) 303-0731, firstname.lastname@example.org
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