FOR IMMEDIATE RELEASE

Silver Key Senior Services Receives City Approval for New Affordable Senior Housing Development in Central Colorado Springs

Colorado Springs, CO — Building on the success of Silver Key Apartments at South Murray, Silver Key Senior Services is advancing its mission to help older adults age safely, independently, and with dignity following the City of Colorado Springs’ approval of a new affordable senior housing development in central Colorado Springs.

Through a partnership with a local foundation, Silver Key acquired a 1.223-acre site at 2126 North Weber Street for $350,000. The City of Colorado Springs has approved a conditional use for the site, allowing the proposed project’s use and density following a comprehensive public review process.

The approved site offers exceptional access to essential services and amenities that support aging in place. A major hospital, grocery store, shopping center, and an extensive trail system are all located within two blocks of the property. In addition, a bus stop located directly on the site provides residents with convenient access to public transportation.

Project Overview

Silver Key proposes to develop 49 deeply affordable senior housing units, including:

• 47 one-bedroom units
• 2 two-bedroom units

The proposed Area Median Income (AMI) mix includes:

• 5 units at 30% AMI
• 21 units at 50% AMI
• 23 units at 60% AMI

All 60% AMI rents will be underwritten at 55% AMI. The average project AMI of 52.65% will ensure long-term affordability for residents with the greatest need.

The development will include 48 parking spaces, provided through a combination of on-site parking and immediately adjacent on-street parking.

Design, Services, and Community Impact

The building will incorporate Silver Key’s Dignified Design approach, prioritizing healing, accessibility, and a true sense of home for residents.

Residents will have access to Silver Key’s comprehensive service platform, including on-site services and complimentary transportation to Silver Key’s headquarters, supporting independence and reducing isolation.

As the region’s local provider of senior services, Silver Key serves older adults throughout the community, and the project’s proximity to the Old North End will enhance access to services and supports that are available to eligible older adults regardless of where they live. This proximity supports Silver Key’s broader mission to help older adults age safely and remain connected within their own neighborhoods.

Next Steps

With local land use approval secured, Silver Key plans to apply to the Colorado Housing and Finance Authority (CHFA) in February 2026 for 9% Federal and State Low-Income Housing Tax Credits, a critical step in financing the development.

The project reflects Silver Key’s long-standing commitment to working collaboratively with neighborhoods while meeting urgent community needs for affordable housing for older adults. Silver Key will continue engaging with community stakeholders as the project advances through final design and financing.

In recognition of Silver Key’s history in the Old North End and the legacy of Mikki Kraushaar, a longtime Old North End resident and Silver Key’s first paid Executive Director, the organization plans to launch the Mikki Kraushaar Legacy Fund to support the garden and memorialize her vision for a community that supports aging.

The fund will provide an opportunity for community members who are interested in supporting the project to contribute toward enhanced design and landscape features and to help offset development costs, supporting long-term affordability for residents. Contributions to the fund would help reduce capital costs, supporting Silver Key’s goal of keeping rents as low as possible while delivering a high-quality, community-responsive project.