Denver Approves $1,050,000 Loan to Support Affordable Senior Housing

Denver City Council has approved a $1,050,000 loan agreement with Kappa Housing, Inc. to support the development of Kappa Tower III, a new 30-unit affordable housing community for seniors located at 9095 East 48th Ave. The agreement includes a 60-year covenant and will finance the building of income-restricted units serving qualifying senior households earning between 30% and 50% of the area median income (AMI).

Kappa Tower III represents the next phase of a multi-year effort by Kappa Housing, Inc. to expand affordable senior housing in the Central Park neighborhood. In 2021, the organization completed Kappa Tower II, a critical development that provided new housing opportunities for seniors earning 30-60% AMI. Located in the Central Park redevelopment, one of Denver's most sought-after and expensive neighborhoods, Kappa Tower II was the first age- and income-restricted housing added to the area since 2003.

Using a portion of land from the Kappa Tower II site, Kappa Housing, Inc. will now develop Kappa Tower III, which will add 30 additional income-restricted one- and two-bedroom units for seniors. Sixty percent of the units will serve households at the deeply affordable 30%-40% AMI range. Kappa Tower III will be a four-story, all-electric building. all designed to meet. The project includes 10,815 square feet of common area, and features units that provide enhanced accommodations and features for residents with disabilities in need of additional support for daily living.

The site is well-positioned for senior living. Residents will have direct access to Central Park Station to the south and a bus stop on Northfield across from Central Park Boulevard. The surrounding area is highly walkable, with nearby shopping, entertainment, and community-based support that will help residents maintain long-term housing stability.

City Council's approval of this loan agreement reflects Denver's ongoing commitment to expanding affordable housing options across the city. Kappa Tower III joins a growing pipeline of income-restricted housing developments supported by the City and County of Denver to meet the needs of residents across all ages and income levels.