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Board of Douglas County Commissioners extends $1.5 million loan to Douglas County Housing Partnership to buy and renovate the property
Posted on January 25, 2024 2024Economic FoundationsOlder Adults
Pictured: Mayor Jason Gray, Castle Rock; Commissioner Lora Thomas; Commissioner George Teal; Commissioner Abe Laydon; Artie Lehl, Deputy Director, Douglas County Housing Partnership; Maria Ciano, Executive Director, Douglas County Housing Partnership
Your county is investing in the future of older adults.
During a regular Business Meeting Tuesday, Jan. 23, the Board of Douglas County Commissioners approved a $1.5 million loan to the Douglas County Housing Partnership to buy and renovate apartments for very-low-income older adults.
Located in Downtown Castle Rock, the Reyn Rock Senior Apartments provide 33 units for very-low-income adults over the age of 62, or older adults with disabilities over the age of 55. The loan will allow the Douglas County Housing Partnership to purchase and renovate the apartments for its older adult residents.
The deferred loan will be repaid with 2% simple interest (about $30,000 per year) at the time the Douglas County Housing Partnership sells or refinances the property – or at 30 years – whichever comes first. County funding for the loan is from interest earned on the County’s investment of American Rescue Plan Act funding.
“Reyn Rock is a providing a way for the most vulnerable among us to be part of our community. It is taking care of our older adults,” said Commissioner George Teal, Board Chair. “This is Section 8 Housing, but we did it the Douglas County way.”
“Ensuring a high quality of life for our aging residents is important to the Town,” said Town of Castle Rock Mayor Jason Gray. “Persons over 65 are a fast-growing age group in Castle Rock. The Reyn Rock project will provide needed options and support for these residents.”
Douglas County received $68.2 million in federal funding through the American Rescue Plan Act in 2021 and 2022. The Board allocated that money to core priorities such as public safety, mental health and water/wastewater. While those projects are in development, the funding was invested, yielding interest that is paying for additional priority projects, such as this loan.
The Douglas County Housing Partnership is a multi-jurisdictional housing authority formed in 2003 as a cooperative effort between businesses and local and county governments to address a lack of affordable housing for people who work in the area.
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