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Fruita Housing Authority becomes a Special Limited Partner with IndiBuild for the Fruita Mews development project in Fruita, CO.
FRUITA, CO – During the Fruita Housing Authority meeting on Tuesday, June 20, 2023, the Fruita Housing Authority (FHA) agreed to be a special limited partner with Indibuild for their Fruita Mews development located at 1601 K and 4/10th Road. This is the first development in Fruita to be supported with Housing Tax Credits without rental subsidy.
The Fruita Mews development is a townhome design that will reflect the surrounding neighborhood. The project will feature covered front porches, onsite services, and access to green space and trails, and will have 50 units with one-bedroom, two-bedroom, and three-bedroom options.
The Special Limited Partnership provides Indibuild financial support through tax credits to bring more diverse housing options to the Fruita community. In the City of Fruita’s comprehensive plan, attainable housing was identified as a priority for the community. From 2010 – 2018, single-family houses were the primary development in Fruita, with very few options for those looking to rent, live in smaller houses, or live in multifamily dwellings. In 2020, the Fruita Land Use Code was adopted by Fruita City Council to encourage a diversity of housing types to fit the needs of the Fruita community.
All residential units at the Fruita Mews will be subject to affordability restrictions limiting occupancy to persons or at below 100% of the area median income. Through this special limited partnership with the FHA, IndiBuild will receive property tax abatement for 15 years, sale/use tax abatement specifically for the construction of the Fruita Mews development, and $93,000 in waived Parks, Open Space, and Trails impact fees.
After the 15-year compliance period, Indibuild will provide the FHA financial projections to determine if the limited partnership should continue or if the project will achieve financial viability without the tax credits, which would then end the partnership. The FHA will have the option for first right of refusal if the partnership receives an offer from a third party to purchase the project. The FHA also has a purchase option. The partnership will pay the FHA a $5,000 annual fee, pay for all legal fees and administrative costs, and the FHA will have a 0.01% interest in the limited partnership.
About the Fruita Housing Authority
The purpose of the Fruita Housing Authority is to assist the City of Fruita in meeting its goals of housing for all those who want to live in Fruita and to maintain various types of housing within the City, in the following ways:
By fostering and coordinating cooperation with partners within and outside of the City of Fruita to create affordable housing through tax abatement programming (for instance through low-income housing tax credit financing (“LIHTC”) projects).
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Media Contact: Ciara DePinto, Communications and Engagement Specialist, cdepinto@fruita.org, 970-858-3663