DOLA finally released their application for ARPA (American Rescue Plan Act) funds on December 15th, and the CPCH application was submitted December 28th. There is an extensive review process underway, and we expect to receive notice of the grant award sometime in April.
In the meantime, the structure vendors have updated cost estimates and reserved a space in their 2023 construction schedules for Living Wisdom Village. Finishing details are being made to the construction plans, and CPCH is prepared to begin the construction process as soon as notice of the grant award is received.
It is CPCH’s intention to build Living Wisdom Village with no long-term debt in order to keep rents affordable for the demographic this project will serve (seniors with low-income). Approximately 65% of the applicants have social security income of $700 - $1,100 per month, with no capacity to improve their financial circumstances. To be successful in this intention, CPCH needs to raise an additional $250K in grants and donations. We would like to stress just how close CPCH is to completing its capital stack; the total project cost for LWV is just over $6M, and we only have $250K to go to complete the funding!!
Please help CPCH close this gap and make LWV truly affordable, increasing equity for housing-cost overburdened seniors. Donations can be mailed to CPCH, P.O. Box 911, Crestone, CO 81131 or made online at donate. Enterprise Zone 25% Tax Credits are available to all Colorado taxpayers who contribute $100 or more. Thank you for helping CPCH get to the funding finish line.
We will be updating the construction schedule once the notice of award has been received from DOLA, and I’m really looking forward to providing updates on the construction process this year!