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PROPERTY IMPACT STORY: KARL’S FARM APARTMENTS
engagement, combination of dedicated spaces for local businesses, recreational areas and more will honor and echo this legacy. The neighborhood will continue the mission of Karl’s Farm to make life convenient and fun for all. the This important model for successful integration of affordable housing developments is placed in an area in desperate need. Low-income seniors in Colorado currently have very few options for high-quality and affordable housing. According to a study from the National Low Income Housing Coalition, nearly 14% of Coloradans are living off the state minimum wage of $12.32 or somewhere near it, while it’s estimated that a wage equivalent to $27.50 an hour is needed to afford a two-bedroom apartment at fair market prices.
aforementioned will be created with a “development character that reflects a common aesthetic and helps memorialize the heritage of activities that once occurred on the property,” as stated in the core values laid out by the city of Northglenn. With a set of values forged by the very family that put the area on the map and a developer who understands the importance of preserving and enhancing the land’s heritage, Karl’s Farm will represent a transformative evolution in the history of this community landmark amenities “Our team worked to integrate the needs of the city into the larger theme of the master planned community,” said Eric Grodahl of DBG Properties. Karl’s Farm residents will enjoy the following community features and amenities:
• Integrated parks & green areas • Close and convenient public transportation to downtown Denver, CO, Boulder, CO, and the Denver Airport. • Community workspaces with updated technology • Swimming pool • Bike shop In addition to $18.9MM in low-income tax credit (LIHTC) equity provided through CREA Corporate Tax Credit Fund 73, LP, Karl’s Farm has received financial support through $21.5MM in tax exempt bonds and a $22.7MM Construction to $22.3 Permanent Loan from Citibank, N.A., as well as $22,300,000 issued by Colorado Housing and Finance Authority. (CHFA).
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Intheaimofcreatinga“diversehousing stock for all ages, socioeconomic demographics and family types,” as per the city of Northglenn’s website,
...interpersonal and institutional barriers to affordable housing solutions. While safe and affordable homes of all kinds are beneficial, it is by embracing the heritage and history of a community that new developments can be most effective in their mission. Karl’s Farm, a sprawling 64-acre parcel of land in Northglenn, Colorado, has this initiative at heart. While aiming to create a modern, equitable and diverse neighborhood in one of the fastest-growing areas of the country, it also seeks to pay homage to the family-run business that invigorated the area in the first place. This mission is even reflected in the finest details, including street names such as “Creamery Lane”, “Dairy Street”, and “Karl’s Drive”. Although these plans outline a truly modern development, the heart of this neighborhood remains in its humble history.
Originally a functioning dairy farm founded by Bud and Fern Hinkhouse in 1947, Karl’s Farm became a local staple for offering both fresh dairy
Karl’s Farm will be home to a s t a t e - o f - t h e - art affordable h o u s i n g d e v e l o p m e n t boasting over 164 affordable homes designed specifically for seniors. Future residents will
“...Karl’s Farm will provide not only safe housing, but access to community and a variety of local amenities”
products and a wide array of community activities to residents for 65 years.
- Alison Anderson, SVP & Originator
Though the f a r m s t e a d
itself closed in 2012, it is through the Karl’s Farm neighborhood that its spirit will live on at the planned Karl’s Farm affordable housing development. In fact, members of the Hinkhouse family played an integral role in ensuring that the core values of this development matched those of the family that started it all
benefit from the same values- driven administration and design as all other Karl’s Farm complex developments. In much the same way that the original Karl’s Farm represented a one-stop shop for not only fresh dairy and produce, but also recreation and community
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Perhaps the best part? All of the
A rendering of a small part of the Karl’s Farm neighborhood in Northglenn, CO. The senior apartment complex portion of this development broke ground in March of 2022.
Click here to watch a short video detailing the history and heritage of Karl’s Farm as well as its exciting future.
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