December 4, 2019 — Boston Capital is investing in the construction of Karis Apartments, a 34-unit supportive housing community targeting young adults who are homeless or at risk of homelessness in Grand Junction, CO.The general partner is non-profit Karis, Inc., based in Grand Junction, Colorado. BlueLine Development, Inc., an experienced Montana-based LIHTC developer and consultant, will oversee the development of the apartment community.
In addition to its equity investment in Karis Apartments, Boston Capital Finance (BCF) provided a $5.7 million, 24-month construction loan which closed into the Boston Capital Intermediate Term Income Fund II, a fixed-rate, construction financing fund.
“With John Mok-Lamme and the team at Karis, Inc., we are excited to be involved in creating much-needed affordable and supportive housing for young adults facing homelessness in Grand Junction,” said Jack Manning, president and CEO of Boston Capital. “Through the creation of 34 affordable homes, we can positively impact the residents’ lives by providing them with stable and permanent affordable housing as well as extensive supportive services.”
Situated on 2.2 acres, Karis Apartments will feature a three-story building offering 34 one-bedroom units as well as 4,000 square feet of community space dedicated to management, supportive services and general community space. Apartments will have full kitchens, single bathrooms and will be fully furnished. Development amenities will include front desk reception, a common laundry room, seating areas, a media room, bike storage, and a patio/BBQ area.
Karis Apartments will serve young adults earning 30 percent or less of the Area Median Income (AMI). Residents will benefit from extensive supportive services provided by Karis, Inc. in collaboration with two local non-profits, Rocky Mountain Health Plans and Mind Springs Health, Inc. Rocky Mountain Health Plans will provide access to specialty medical care, medication management or monitoring, health and wellness education, nursing/visiting nurse care, and home health aide services. Mind Springs Health, Inc. will provide access to general supportive services including case management, psychosocial assessment, and individualized service planning. Mind Springs Health, Inc. will also provide mental health, substance abuse and employment services.
Karis Apartments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Boston Capital’s investment in this development adds 34 affordable homes to its apartment portfolio. To date, Boston Capital has invested in more than 5,330 affordable apartments in Colorado.
About Karis Development:
Established in 2009, Karis Inc.’s mission is to provide housing and evidenced-based services to homeless individuals and families in Mesa County with an emphasis is on serving runaway and homeless youth. In 2012, Karis opened The House, A Safe Place for Western Slope Teens and the only emergency teen shelter between Denver, CO and Ogden City, UT. Karis currently oversees 40 transitional housing units/shelter beds in the Grand Junction area. Since 2012, Karis has delivered services to 463 youth including outreach to youth living on the street and attending district schools, gateway services (food, clothing, transportation, showers, laundry, crisis intervention and access to access to a 24 hour crisis hotline), comprehensive assessment, service planning, emergency shelter and transitional housing.
About BlueLine Development, Inc.:
BlueLine Development, an experienced LIHTC developer and consultant, was founded in 2011 by Nate Richmond and Kelly Gill. The firm has been involved in over 25 LIHTC transactions as either development consultant or general partner. BlueLine Development believes in a unique and customized development consulting experience for each and every client.