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Forest City (Now Brookfield Properties) Delivers 864 New Affordable Homes In Denver

Eighteen​ ​Percent​ ​of​ ​all​ ​Home​ ​Sales​ ​in​ ​Denver’s​ ​Top​ ​Selling​ ​Neighborhood​ ​in​ ​2017​ ​were Affordable

(DENVER) – December 1, 2017 – ​As the year winds down, 2017 will go down in Denver’s history as one of tremendous growth, and in turn, record-setting home prices. As one of Denver’s most
desirable communities, Central Park continues to grow and thrive, but has also remained committed to providing a variety of income-restricted, affordable housing options to the community through
home ownership programs and apartment rentals this year. In fact, nearly 20 percent of all homes sold at Central Park in 2017 qualified as affordable and reflect continued steady momentum and
progress toward narrowing the community’s affordable housing requirement gap. Forest City (now Brookfield Properties) provides subsidies for each affordable home (rental or for-sale) at Central Park, whether it is through
donated land, cash subsidies, or both.

“The process of delivering affordable homes in a highly desirable community like Central Park is more important than ever, and requires the commitment and support of numerous entities,” said VP of Public Relations for Forest City (now Brookfield Properties), Tom Gleason. “We are working with local builders and the City of Denver to obtain federal and state tax credits that allow our affordable home builders to deliver a diverse mix of affordable housing options in one of Denver’s large-scale master-planned redevelopments.”

Central Park’s​ ​Affordable​ ​Program​ ​By​ ​the​ ​Numbers:
● 864 affordable homes (combined rental and for-sale) completed or under development to date in 2017
● 18% of all home sales in Central Park in 2017 were part of Central Park’s affordable housing program
● 503 affordable for sale homes completed or under construction to date for buyers making no more than 80% Area Median Income
● 361 affordable rental homes completed for people making 60% to as little as 30% of Area Median Income
● Forest City (now Brookfield Properties) has set aside land to meet 10% affordable for-sale agreement
● Development of an additional 250 affordable rental homes is awaiting CHFA tax credits (70 affordable senior apartments and 180 low income family apartments)
● Land designated and being held to meet 20% affordable for-rent agreement

Forest City (now Brookfield Properties) donates the land or offers cash subsidies to local builders that specialize in building these homes. One such builder, the Northeast Denver Housing Center (NDHC), is an organization
Central Park has partnered with since 2007. NDHC recently brought to market The Northfield Apartments which are 84 affordable rental units. Additionally, by Dec. 2017
NDHC will have completed six stages of its For Sale income qualified townhomes, which consist of 123 units across six locations in Central Park (an additional 63 units are currently under
construction)—The Townhomes are quality new affordable housing development built by the Northeast Denver Housing Center that will provide homeownership opportunities to households
making less than 80% of Denver’s area median income in Central Park, one of Denver’s most sought after communities.

The townhomes range in price from $166,500 to $235,500 and will serve a diverse array of buyers with a family-friendly building product and floor plans. The development sites and their
surrounding amenities, schools, proximity to work, shopping, open space, live and play are excellent attributes and assets for the families and the Central Park community.

“Our longstanding relationship with Central Park Denver has resulted in hundreds of local families finding affordable homes in a world-class neighborhood,” said Getabecha Mekonnen, Executive Director, of Northeast Denver Housing Center. ”We plan to continue to build and deliver homes here well into the future.”

Another Central Park builder, Thrive Home Builders, known for the their energy efficient zero energy and zero energy ready market rate homes, is also committed to building affordable housing options in Central Park. Together with Forest City (now Brookfield Properties), Thrive introduced this year the first 74 units of the Elements Collection—165 new income-qualified townhomes that will be built in Central Park.

The Elements Collection offers high-quality income-qualified affordable townhomes in Central Park’s Conservatory Green, Willow Park East, and Wicker Park neighborhoods. Each home has great
proximity to shopping, dining and entertainment, as well as access to incredible schools, pools and the other amenities that foster a strong community and lifestyle for its residents. These homes offer two and three-bedroom floorplans ranging between 1,213 and 1,330 square feet and have a starting price point of $201,900. Each home offers the comfort and energy efficiency that Thrive is
known for, including their trademark double wall and the potential for solar panels and zero energy ready features.

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