NHP Foundation Breaks Ground on 52-Unit Bella, Opens 54-Unit Scout in Frisco Colorado
The NHP Foundation (NHPF), the Town of Frisco and state and regional partners celebrated two housing developments that will bring 106 new affordable and workforce homes to Frisco, Colorado. The announcements included the groundbreaking of The Bella, a 52-unit affordable housing community, and the opening of The Scout, a 54-unit workforce housing community.
The two developments are located blocks apart and represent different approaches to creating housing for people across a range of incomes in Colorado’s mountain communities.
NHPF broke ground on The Bella on September 22. Three days later, partners cut the ribbon on The Scout, NHPF’s first Colorado development.
“These developments are great examples of NHPF’s strategy and mission at work. When we partner with cities for the long-term, we are able to provide quality housing to a variety of residents,” said Eric Price, President and CEO of NHPF. “The Bella and The Scout together expand affordable and workforce housing so families can live where they work, strengthening Frisco’s livability and vitality.”
The Bella, located at 101 W. Main Street, will provide 52 energy-efficient studio, one-bedroom and two-bedroom apartments for households earning 30%, 50% and 80% of Area Median Income (AMI), with average affordability of 60% AMI across the development. The development is NHPF’s first Low-Income Housing Tax Credit (LIHTC) development in Colorado.
According to the announcement, the Town of Frisco approved a density bonus that tripled the site’s development capacity, passed an Affordable Housing Development Incentive Program, and secured additional state funding for The Bella. The Town will own the land in perpetuity to ensure the homes remain permanently affordable.
The development is supported by 9% Federal Low-Income Housing Tax Credits and Colorado State Low-Income Housing Tax Credits, with financing from U.S. Bank, Cedar Rapids Bank and Trust, and grants from the Colorado Division of Housing. The Town of Frisco’s support includes approximately $4.9 million in soft financing, a property tax abatement, and assistance securing state grants. Completion is anticipated in November 2027.
The Scout, located at 602 Galena Street, provides income-restricted housing for the local workforce, with rents capped at 120% of AMI. The all-electric community is intended for teachers, healthcare professionals, service workers and other employees.
The Town of Frisco invested $8.1 million in The Scout in addition to the land purchase. The Colorado Department of Local Affairs awarded the Town a combined $2.8 million through its More Housing Now and Strong Communities programs to fund infrastructure.
The Colorado Middle-Income Housing Authority issued $18.6 million in 501(c)(3) bonds to help finance the development, marking the authority’s first bond transaction. According to the release, this represents a pioneering use of 501(c)(3) bonds for new-construction middle-income housing in Colorado and the first time NHPF used its S and P AA- credit rating to enhance tax-exempt bonds.