Developer awarded 9% Low-Income Housing Tax Credit for 60-unit rental development, which will expand housing options for area healthcare workers
CHICAGO / DENVER (Aug. 14, 2025) — Chicago-based Evergreen Real Estate Group today announced it has closed on the land and received a 9% Low-Income Housing Tax Credit (LIHTC) award through the Colorado Housing and Finance Authority (CHFA) for the development of The Ford Apartments, a six-story, 60-unit income-restricted rental community in Denver’s Baker neighborhood. Evergreen expects to break ground on the project in early 2026.
Located at 155 W. 5th Ave., the site is situated on an underutilized parking lot adjacent to the Denver Health Hospital Campus, one of the city’s densest employment centers. The Ford Apartments also will be near Regional Transportation District (RTD) bus routes that connect to downtown and other neighborhoods.
“The Baker neighborhood is one of the most amenity-rich and dense neighborhoods of Denver, and the area has a critical need for affordable housing, particularly for the Denver Health workforce, many of whom have families and need larger residences,” said Javonni Butler, vice president of development for Evergreen Real Estate Group. “We’re honored to work with Denver Health, an institution older than the state of Colorado, to acquire this site and bring our shared vision for this new housing to life.”
Butler noted the new development is named after Dr. Justina Ford, the first Black woman to be licensed as a physician in Colorado. The development pays tribute to a truly trailblazing female doctor who cared for many patients in the Denver area over her career in the early 1900s, he said.
“Denver Health recognizes the critical need for affordable housing in the community and is proud to be able to have a role in bringing new options to the neighborhood, giving new opportunities for neighbors and our employees,” said Donna Lynne, Denver Health CEO. “We look forward to working with Evergreen to connect our employees with this exceptional new housing option.”
Evergreen is coordinating its rental community with Shanahan Development, which plans to build a 70-unit for-sale affordable condominium development adjacent to The Ford Apartments. The general contractor for the condo development will be Brinkmann Constructors and the architect is KTGY.
Both Evergreen and Shanahan Development acquired their respective sites from Denver Health via Elevation Community Land Trust, the community-land trust involved in this project that will execute ground leases with Evergreen and Shanahan for their respective projects. “Working with Shanahan, we are creating a mixed-tenure housing campus with a variety of living options in this high-opportunity area,” said Butler.
Upon completion in fall 2027, The Ford Apartments will offer 60 apartments in one-, two- and three-bedroom layouts for households earning between 30% and 80% of the area median income (AMI).
The three-bedroom units will comprise one-third of the unit mix, expanding family-friendly housing in the Baker neighborhood. All residences will include full Energy Star appliance packages, LED lighting, step-in showers, in-unit laundry, low-flow plumbing fixtures and vinyl plank flooring throughout.
On-site amenities at The Ford Apartments will include a community room, fitness center, coworking space, children’s playroom and secure bike storage. Free on-site parking will be available in a surface lot offering 48 parking spaces.
Family Tree, a nonprofit human services agency providing innovative and supportive resident services designed to end child abuse, domestic violence and homelessness, will have an office on-site at The Ford Apartments to provide services that help enhance residents’ lives and economic mobility.
The all-electric building will include high-efficiency HVAC systems and electric vehicle (EV) charging stations in the parking structure. These and other features will help the property achieve both Enterprise Green Communities and Zero Energy Ready Homes certifications.
Residents will benefit from access to nearby retail, restaurants and recreational amenities, including Sunken Gardens Park and the Cherry Creek Trail, which connects to a vast network of green spaces.
The development’s location promotes the use of public transportation with an RTD Route 53 bus line stop adjacent to the project site on Bannock Street, which connects to the central business district. Each resident of The Ford Apartments will be supplied with an RTD transit pass.
“Along with a high level of on-site amenities and access to public transit, The Ford Apartments will provide a walkable, bike-friendly location with easy access to dining, shopping and outdoor spaces, all of which are key social determinants of health and wellness,” said Butler.
The Ford Apartments is designed by Meridian 105 Architecture as a brick- and metal-clad structure that blends clean geometric lines with intricate facade detailing that adds texture and depth. Milender White will serve as general contractor, and the community will be professionally leased and managed by Evergreen Real Estate Group, adding to its portfolio of nearly 15,000 apartments across the country.
Financing for The Ford Apartments includes $1,600,000 in federal 9% LIHTC; $650,000 in standard state credit; and $78,000 in Transit-Oriented Communities (TOC) credit from the CHFA. In addition, the development includes CHFA permanent debt, including “Healthy Housing, Healthy Communities” funds, which are targeted for projects that support healthcare and housing — in this case, housing for the Denver Health workforce.
In addition to The Ford Apartments, Evergreen is developing additional rental communities in Denver and across Colorado. Construction is in progress for Rifle Apartments, a 60-unit income-restricted rental community in downtown Rifle, with completion expected this fall. Later this year, the firm also expects to break ground on 4965 Washington St., in Denver’s Globeville neighborhood, which will include 170 units of income-restricted rental housing colocated with a new Denver Public Library branch and 4,000-square-foot community café.
