The NHP Foundation (NHPF) has closed financing for The Bella, a new 52-unit affordable housing community in Frisco, Colorado, USA.

The development marks NHPF’s first Low-Income Housing Tax Credit (LIHTC) project in Colorado and its second affordable housing community in Frisco. Situated just a few blocks from The Scout, The Bella will offer quality affordable housing to low- and moderate-income individuals and families in one of the state’s most expensive mountain communities, where rising housing costs continue to put pressure on local workers and long-term residents. The new development will comprise studio, one-bedroom, and two-bedroom apartments for households earning 30%, 60%, and 80% of Area Median Income (AMI), with an average affordability level of 60% AMI across the community. Rents for the LIHTC units will be adjusted annually according to federally established AMI levels published by SCHA. The Bella will also follow the federally mandated LIHTC compliance and lease-up process, requiring prospective residents to meet income eligibility criteria corresponding to the AMI designation of their respective units.

The project was advanced through a public-private partnership with the Town of Frisco, whose sustained efforts to promote affordable housing played a key role in moving the development forward. As a special limited partner, the Town provided approximately US$4.9 million in soft financing, along with a property tax abatement and a State of Colorado Proposition 123 Land Banking grant. It also helped secure two infrastructure grants from the Colorado Department of Local Affairs and committed to purchasing a small commercial space within the development once construction is complete.

The financing package for The Bella comprises 9% Federal Low-Income Housing Tax Credits, Colorado State Low-Income Housing Tax Credits, construction financing from U.S. Bank, permanent financing from Cedar Rapids Bank & Trust, and grants from the Colorado Division of Housing. The development will provide modern, energy-efficient housing aimed at supporting working families, local employees, and residents facing growing affordability pressures due to rapidly increasing housing costs in the region. Demolition commenced on August 25, 2026, with the project expected to be completed by November 2027.