SOUTHEAST SPRINGS, Colo. (KOAA) — Jet Wing Flats, near Jet Wing Drive and Chelton Road, is expected to bring about 70 new apartments to the area.
Construction started in January. The $23 million project is a partnership between Solid Rock Community Development Corporation, Common Wealth Development and Greccio Housing.
Solid Rock Executive Director Benjamin Anderson said the project is also receiving support from the Colorado Housing and Finance Authority, along with other funders.
What does “affordable” mean?
Greccio Housing Senior Director of Operations Brian Baker said Jet Wing Flats is designed to serve people across a wide range of incomes.
“We’ll have everything from 30% AMI up to 80% AMI, so a very wide swath,” Baker said.
AMI stands for Area Median Income. It is one of the measures used to determine eligibility for affordable housing.
Using current Colorado Springs income limits, a family of four at 30% to 80% of AMI would have an annual household income of roughly $34,000 to $90,000.
The exact income limits depend on household size, and those limits can change before Jet Wing Flats opens.
The project will also have different apartment sizes (1-bedroom, 2-bedroom, and 3-bedroom apartments) and rents tied to those income levels. For example, a one-bedroom unit at 30% AMI could cost around $650 a month, while a three-bedroom unit at 80% AMI could cost around $2,400.
Those are examples based on current figures and could change before the property opens.
More than just housing
Anderson said the goal is for Jet Wing Flats to be more than a place for people to live.
“We can be proud of the work that's going on here in Southeast,” Anderson said.
He also hopes residents will be able to use the stability of affordable housing as a step toward saving money and eventually becoming homeowners.
Greccio Housing will manage Jet Wing Flats and provide residents with additional support services.
Those services include budgeting classes, food assistance, and first-time homebuyer classes.
“They don't have a lot of experience in those areas, so that's where the supportive part comes in,” Baker said.
Baker said Greccio has seen that model work at the "Village at Solid Rock", the first affordable housing project completed through its partnership with Solid Rock and Common Wealth.
The Village opened in 2024.
“77 people that, you know, probably couldn't afford market rate, we've seen people that literally have gone from homelessness to purchasing a home,” Baker said.
He said being part of that process is one of the reasons the organizations are continuing the partnership with Jet Wing Flats.
When will it open?
Jet Wing Flats is expected to be completed by spring 2027.
Greccio Housing plans to open an interest list about 90 days before the property is ready.
What is considered affordable?
The City of Colorado Springs Housing and Community Vitality Department defines housing affordability based on how much of a household's income is spent on housing costs.
Generally, a household is considered housing cost-burdened when it spends more than 30% of its gross income on housing.
Gross income is the amount earned before deductions such as taxes or 401(k) contributions.
For renters, housing costs include rent and utilities.
For homeowners, those costs can include mortgage principal and interest, property taxes, insurance, association or lot fees, and utilities.
Other affordable housing options
Jet Wing Flats is one of several affordable housing developments in Colorado Springs.
One example is Sunrise at Shiloh Mesa near Woodmen and Marksheffel roads.
Current listed rents for a one-bedroom range from about $655 to $1,091 per month. Two-bedroom units range from about $786 to $1,310 per month.
That property has income limits, and residents must be at least 62 years old to qualify.
For one person, the income range is approximately $16,300 to $40,750 per year.
If you're looking for affordable housing resources in Colorado Springs, click here.
