The NHP Foundation Announces Third Colorado Acquisition in 2025 158 units of affordable housing to be built at Sloan's Lake

NEW YORK, Oct. 17, 2025 /PRNewswire/ -- The NHP Foundation (NHPF), a national not-for-profit leader in providing affordable, sustainable housing, today announced the acquisition of land for its third Colorado deal in 2025, marking another significant step in addressing the region's housing needs. The 0.9-acre parcel, located at 3701 16th Avenue in Denver's Sloan's Lake neighborhood, will be developed by managing partner Zocalo Community Development into 158 new energy-efficient apartments known as Liora at Sloan's Lake. Rents at Liora will be limited to residents earning 30%, 50% and 60% of Area Median Income. The acquisition closed September 22, 2025, with construction beginning this fall. 

"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," said David Zucker, CEO, Zocalo Community Development. "Our partnership with NHPF reinforces Zocalo's commitment to real estate development that balances investment returns, community, and environmental impact."

Financing partners for the $60 million development include the Colorado Housing and Finance Authority (CHFA), which provided a tax-exempt bonds and 4% Low Income Housing Tax Credits, the State of Colorado and CHFA which offered $3.85 million Proposition 123 land loan, as well as an $18.5 million loan from Bellwether Enterprise, $24.5 million in LIHTC equity from a PNC Bank-managed fund comprised of a one-third party investor, $9.5 million in subordinate debt from the Colorado Division of Housing and several million dollars in deeply-subordinated loans from Zocalo.

"This project meets all three of the CHFA Proposition 123 Land Banking Program priorities: providing transit-accessible, high-density housing within two miles of downtown Denver; serving households at a mix of income levels; and ensuring environmentally sustainable development," said Neal Drobenare, SVP of NHPF. "We are proud to expand our footprint in Colorado with another community designed for long-term affordability."

Earlier this year, NHPF broke ground on 54 units of workforce housing, Galena St. in Frisco, CO. NHPF also acquired 101 W. Main in Frisco, where the organization will construct 52 units of workforce housing, with ground-floor space reserved for service providers or local businesses. The site includes a creek easement, improving public access to outdoor spaces.

Tim Pryor, NHPF Vice President of Acquisitions, added "Building 158 energy efficient apartments at Liora is a great way to preserve affordability in an economically flourishing area of Denver. We look at this opportunity as a blueprint for other expansion NHPF is undertaking in areas of need."

The land was purchased from the long-time land owner in partnership with Zocalo. The development will be built to meet Enterprise Green Communities Plus standards, featuring an all-electric HVAC system and other environmentally conscious design elements.

"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, and the State of Colorado is proud to support this development through the Proposition 123 Land Banking program," said Eve Lieberman, Executive Director of the Colorado Office of Economic Development and International Trade.

"Liora Apartments is a testament to what can be achieved when dedicated partners come together to overcome challenges, and BWE is proud to support this vital effort to meet the urgent need for affordable housing in our community," said Anthea Martin, Senior Vice President, Bellwether Enterprise.

"At PNC, we are committed to addressing the affordable housing shortage across the country by supporting developments that create lasting impact," said John Nunnery, senior vice president and manager of Originations for PNC Multifamily Capital. "We look forward to seeing the Liora at Sloan's Lake development positively contribute to the Denver and broader Colorado communities."

"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. Through $9.5 million in support from the Department of Local Affairs, this collaboration brings over 150 energy-efficient homes to one of Denver's most vibrant neighborhoods—close to jobs, schools, and transit. By investing in projects like this, we're not only expanding housing opportunities but strengthening the foundation of our communities across the state." Maria De Cambra, Executive Director, Colorado Department of Local Affairs.

With this third deal in Colorado this year, NHPF continues to strengthen its commitment to bringing affordable housing opportunities to communities where demand is critical.

About The NHP Foundation
Headquartered in New York City with offices in Washington, DC, Baltimore, MD and Chicago, IL, The NHP Foundation (NHPF) was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing, and single-family homes that are both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF's Construction Management Group provides in-house resources dedicated to infrastructure review, infrastructure development and cost management. Through Family-Centered Coaching, NHPF's subsidiary Operation Pathways engages with, and assists, families experiencing poverty and other hardship, to problem-solve together. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 61 properties, including over 10,000 units, in 16 states and the District of Columbia. For more information, please visit www.nhpfoundation.org.

About Zocalo Development

Zocalo is a new breed of real estate developer, joining social purpose with profitability to create communities where people connect. Headquartered in Denver, CO, Zocalo is a pioneer of sustainable development with a mission to transform the real estate industry into a force for good by Building Connected Communities. The company develops vibrant, inclusive, and equitable neighborhoods that deliver enduring economic value, foster social connection, and uphold the highest environmental standards.

Guided by a systems-thinking methodology, Zocalo anticipates future environmental, economic, and social trends to deliver innovative mixed-use and mixed-income projects where demand outpaces supply and were public policy favors affordability and sustainability. From award-winning LEED-certified housing to mixed-income communities, Zocalo has set new benchmarks for creating places where people feel a sense of belonging and opportunity.

By integrating development, construction, and property management, under one roof, Zocalo ensures that each community is designed for both long-term value and human connection. The result is not just buildings, but neighborhoods that empower residents and strengthen communities for generations to come.

For more information, please visit www.zocalodevelopment.com.

SOURCE The NHP Foundation