CHAPTER NEWS
successful at obtaining the tax credits in the amount of $1.7 million dollars which were sold to private investors to fund $12 million dollars of the project. The LIHTC tax credits enabled KHI the opportunity to secure additional loans for pre-construction and perma- nent financing. Additional funding was
Tutt and David Boyd-Past Polemarch. In 2017 KHI went through a two- year process seeking 9% Low Income Housing Tax Credits (LIHTC) from the Colorado Housing Finance Author- ity (CHFA). LIHTC credits are the new method by which most affordable housing projects are financed across the
at 22 nd and Downing streets in Denver with HUD Section 202 funding.
In 2015 KHI seeing a greater need for affordable senior housing in Denver continued its mission. Chairman Larry A. Williams with the support of the board, decided to take on the chal-
Above: The audience assembles for Larry A. Williams' opening remarks. Chairman Williams poses with his wife Silhouette Linda S. Williams. KHI Executive Board Members shoveling: Larry A. Williams, Charles Thomas, Sam Spraggins, James Deadwiler, and Leonard Newson with community partners and State Rep. James Coleman. Denver (CO) Alumni Chapter members also participate in the Groundbreaking ceremony.
lenge of building a second Kappa Tower II. Current Kappa Housing Incorpo- rated Board of Directors members are Charles Thomas, Jr.-Vice Chairman, James Deadwiler-Treasurer, Leonard L. Newson-Asst. Treasurer, Sam Spraggins- Secretary, Dr. Columbus Veasey, Jr.-Par- liamentarian, Hon. Wellington E. Webb, Dr. James Mann-Emeritus, Stokes Anderson, Alonzo Love and Jevard Hitch Polemarch of Denver Alumni Chapter- Ex-Officio. Other board members during this period included Kevin Patrick, Steve
country by states. In some instances, an applicant may need to apply three or four times before they are successful. A condition precedent in applying for the tax credit is that the applicant must own the land prior to applying for the tax credits. The applicant must also com- pete against other projects across the state or local projects in their cities for these tax credits. Kappa Housing assembled a seasoned housing team experienced in the LIHTC area. On its second attempt KHI was
raised by KHI from the City, State and other institutions through grants and low interest loans to reach the goal for funding the project of $18.5 million. Construction began on February 28, 2020 with Phase 1 completion sched- uled for March 2021.
By Larry A. Williams, Contributions were made by Stokes Anderson, Dr. James Mann and Charles Thomas, Jr. Photos by James Rowe.
THE JOURNAL ♦ SPRING 2020 | 105
Publishing achievement for more than 105 years
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