U.S. Bank has extended financing to Colorado Coalition for the Homeless for their new Stout Street Health Center & Renaissance Stout Street Lofts, a mixed-use five-story development in downtown Denver. A groundbreaking celebration will take place at the site of the new development today.
The Coalition will replace its Stout Street Clinic with the new, 48,000-square-foot Stout Street Health Center in the Arapahoe Square neighborhood, across the street from its current location. The expanded clinic, which is a Federally Qualified Health Center, will increase current capacity by 75 percent, enabling the Coalition to provide integrated health care services to more than 15,000 homeless adults and children annually. The center is part of a mixed-use development that will also include Renaissance Stout Street Lofts, a 78-unit multifamily housing complex with one-third of the units intended for individuals transitioning out of homelessness.
“U.S. Bank is proud to expand our partnership with the Colorado Coalition for the Homeless. The Coalition strives to create lasting solutions to homelessness and we are delighted to help them achieve their vision,” said Hassan Salem, Denver market president for U.S. Bank. “This important new facility will provide integrated health care and supportive housing for homeless and at-risk adults and children to improve their health, well-being and stability.”
U.S. Bank, a longtime partner of the Coalition, is providing two separate financing packages for the $38 million development, including an $11 million construction loan and nearly $13 million of Low-Income Housing Tax Credit equity to finance the residential housing, and an $8.5 million loan and nearly $6 million in New Markets Tax Credit (NMTC) equity to support the development of the health center. U.S. Bank structured the tax credit investments through its community investment subsidiary, U.S. Bancorp Community Development Corporation, partnering with Build America CDE on the NMTC financing. U.S. Bank also allocated an award of NMTCs in support of the project through its own Community Development Entity, USBCDE.For nearly 25 years, the Coalition has worked collaboratively toward the prevention of homelessness and the creation of lasting solutions for homeless and at-risk families, children and individuals throughout Colorado. The Coalition advocates for and provides a continuum of housing and services to improve the health, well-being and stability of their clients.