NHP Foundation Secures Land for 158 Affordable Apartments in Denver

The NHP Foundation (NHPF) has acquired a 0.9-acre parcel of land in Denver’s Sloan’s Lake neighborhood, paving the way for the construction of 158 affordable housing units. This significant acquisition represents the third project for NHPF in Colorado within 2025, addressing the ongoing housing demands in the region. The deal, finalized on September 22, 2025, will see the land developed into energy-efficient apartments named Liora at Sloan’s Lake, with construction expected to commence this fall.

Zocalo Community Development, the managing partner for the project, will oversee the development of these apartments, which will cater to residents earning between 30% and 60% of the Area Median Income (AMI). According to David Zucker, CEO of Zocalo Community Development, “Liora, and the entire redevelopment of the broader site at Sloan’s Lake, supports our mission to create housing affordability at all levels, both for-sale and for-rent.”

Financing for the $60 million development is a collaborative effort involving several key partners. The Colorado Housing and Finance Authority (CHFA) has played a crucial role by providing tax-exempt bonds and 4% Low Income Housing Tax Credits. Additional funding includes a $3.85 million Proposition 123 land loan from the State of Colorado and CHFA, an $18.5 million loan from Bellwether Enterprise, and $24.5 million in Low Income Housing Tax Credit equity from a PNC Bank-managed fund.

Neal Drobenare, Senior Vice President of NHPF, highlighted the project’s alignment with CHFA’s Proposition 123 Land Banking Program priorities, which include providing high-density housing accessible via public transit within two miles of downtown Denver. He stated, “This project meets all three of the CHFA Proposition 123 Land Banking Program priorities: providing transit-accessible, high-density housing, serving households at a mix of income levels, and ensuring environmentally sustainable development.”

Earlier in 2025, NHPF also initiated the construction of 54 units of workforce housing on Galena Street in Frisco, Colorado. In another project, the organization acquired a site at 101 W. Main in Frisco to build 52 units of workforce housing, reserving space for local businesses and service providers on the ground floor.

Tim Pryor, NHPF Vice President of Acquisitions, emphasized the importance of the Liora development in maintaining affordability in a rapidly growing area of Denver. He remarked, “Building 158 energy-efficient apartments at Liora is a great way to preserve affordability in an economically flourishing area of Denver.”

The land for the new apartments was purchased from a long-time owner in partnership with Zocalo. The development will adhere to Enterprise Green Communities Plus standards, featuring an all-electric HVAC system and other environmentally friendly design elements.

Eve Lieberman, Executive Director of the Colorado Office of Economic Development and International Trade, expressed the significance of such projects in fostering sustainable communities. She noted, “A strong, thriving economy includes workforce housing so Colorado workers can live in communities they love and close to their jobs. Projects like Liora at Sloan’s Lake are essential to creating transit-accessible, sustainable communities that meet the diverse housing needs of Colorado residents.”

Anthea Martin, Senior Vice President at Bellwether Enterprise, praised the collaborative effort to address the urgent need for affordable housing. “Liora Apartments is a testament to what can be achieved when dedicated partners come together to overcome challenges,” she stated. John Nunnery, Senior Vice President at PNC Multifamily Capital, reinforced this commitment, saying, “At PNC, we are committed to addressing the affordable housing shortage across the country by supporting developments that create lasting impact.”

Maria De Cambra, Executive Director of the Colorado Department of Local Affairs, highlighted the project’s collective benefits, stating, “Liora at Sloan’s Lake is a model of what we can achieve when public and private partners come together with a shared commitment to making housing more affordable for Colorado residents.”

With this latest acquisition, NHPF continues to solidify its role in enhancing affordable housing options in areas where demand is critical. The foundation, headquartered in New York City, has been dedicated to preserving and creating sustainable, service-enriched multifamily housing since its inception in 1989.