FRISCO, CO - The NHP Foundation (NHPF), a leading national mission-based affordable housing developer, announced the successful financial closing of The Bella, a new 52-unit affordable housing community in Frisco, Colorado. The development represents NHPF's first Low-Income Housing Tax Credit (LIHTC) project in Colorado and its second affordable housing community in Frisco, following The Scout, opening in September.
Located just blocks from The Scout, The Bella will provide high-quality affordable homes for low- and moderate-income individuals and families in one of Colorado's most expensive mountain communities, where housing costs continue to challenge the local workforce and longtime residents.
The new construction community will include studio, one-bedroom and two-bedroom apartments serving households at 30%, 60% and 80% of Area Median Incomes (AMIs), with an average affordability of 60% AMI across the development. LIHTC rents are set each year based on the Area Median Income, which is published by SCHA.
"The closing represents another significant milestone in NHPF's expanding presence in Colorado," said Eric W. Price, President & CEO, NHPF. "Together, The Bella and nearby The Scout demonstrate how innovative state financing, strong municipal partnerships and mission-driven development can help address the affordable housing shortage facing mountain resort communities."
The Bella will follow the federally regulated LIHTC compliance lease-up process, including income qualification based on the AMI level designated for each apartment.
"Projects like The Bella demonstrate what is possible when local, state and private partners come together around a shared commitment to housing affordability," stated Frisco Mayor Rick Ihnken. "Frisco is a community where people should be able to live, work and put down roots, and creating more attainable housing is essential to maintaining the strength and character of our community. We are proud to help bring 52 new affordable homes to Frisco and grateful to NHPF and our state partners for their collaboration in making this project a reality."
The project was made possible through a strong public-private partnership with the Town of Frisco, whose long-term commitment to housing affordability was instrumental in bringing the development to fruition. In addition to serving as a special limited partner in the transaction, the Town contributed approximately $4.9 million in soft financing, provided a property tax abatement, secured a State of Colorado Proposition 123 Land Banking grant, facilitated two state infrastructure grants awarded by Colorado's Department of Local Affairs, and committed funding to purchase a small commercial space within the development upon completion.
"At the heart of DOLA's mission is a simple, powerful promise: to ensure that the people who build our communities can afford to live in them. Projects like The Bella go beyond brick and mortar; they represent the State's commitment to keeping Colorado's families and local workers rooted in the towns where they work, live, and thrive—ensuring the stability and dignity every Coloradan deserves," said Tyler Jaeckel, Director of the Colorado Department of Local Affairs' Division of Housing.
The financing package for The Bella includes 9% Federal Low-Income Housing Tax Credits, Colorado State Low-Income Housing Tax Credits, construction financing from U.S. Bank, permanent financing from Cedar Rapids Bank & Trust, and grants from the Colorado Division of Housing.
"We are thrilled to support the future residents of The Bella by providing Proposition 123 Land Banking funds that helped secure this location for 54 new housing options. This initiative and the milestone being celebrated today showcase the shared commitment between local, regional and state partners to create more housing now, so Coloradans can live in communities they love and close to their jobs," said Eve Lieberman, OEDIT Executive Director.
The Bella will offer modern, energy-efficient homes designed to serve working families, local employees and residents whose incomes have been increasingly squeezed by the region's rapidly rising housing costs. Demolition began on August 25th and completion is anticipated in November 2027.
The project also reflects NHPF's continued focus on developing high-quality affordable housing in markets where the gap between wages and housing costs threatens the long-term vitality of local communities.