Jan. 24 --A $17.5 million apartment complex for low-income seniors is under construction on west 10th Street in Greeley . It should be done by the end of the year. U.S. Bank and Accessible Space, Inc. , on Thursday announced they had closed on a financing package of more than $17.5 million to develop Chinook Wind Apartments at 6622 10th St. in Greeley , an independent living, affordable apartment community for low-income seniors ages 55 and older. "We're excited to establish an affordable housing partnership with ASI, one of the country's premier developers of accessible housing," said Beth Stohr , director of low-income housing tax credit investments for U.S. Bancorp Community Development Corp. , U.S. Bank's community development subsidiary, in the release. "Chinook Wind helps address the market's need for senior living options and provides specialized housing that goes a long way toward alleviating challenges that many seniors face in their daily lives." Of the 60 apartments, 12 units will be fully wheelchair accessible with wheel-in showers, roll-under counter tops and vanities, as well as accessible ranges and stovetops, the release stated. The apartments also will feature a library, lounge, a business center, computer lab, exercise facilities with a sauna and Jacuzzi plus a multipurpose community room, the release stated. ASI is developing the apartments in partnership with the USBCDC and the Housing Authority of Greeley , the release stated. To help make the project possible, U.S. Bank is providing an $8.5 million construction loan, which bridges a more than $9 million in low income housing tax credit equity by U.S. Bancorp Community Development Corp. The apartments will be next to the Poudre Valley Emergency Medical Center and Twin Rivers Apartments , a smaller affordable apartment complex also managed by ASI. The 17-unit Twin Rivers Apartment complex was completed in 2012, and is designed for very-low income adults with qualifying physical disabilities. Fox Run Apartments , also sponsored, developed and managed by ASI, was completed in 2009 and is located on nearby 60th Avenue in Greeley . ___ (c)2014 the Greeley Tribune (Greeley, Colo.) Visit the Greeley Tribune (Greeley, Colo.) at www.greeleytribune.com Distributed by MCT Information Services
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