Golden West is pleased to announce we have extended our partnership with Silva-Markham Partners (SMP). We began our collaboration with SMP last fall to accelerate leasing activity as we neared completion of the construction updates funded by our Low-Income Housing Tax Credit loan, which provided the funding for much needed renovations to the Towers, including substantial infrastructure upgrades and beautiful updates to the entire building.
Now that the renovation is complete, we are focusing on fulfilling the remaining objectives of the Low-Income Housing Tax Credit program with the assistance of SMP, a property management company that came highly recommended by our tax credit consultants and our LIHTC financial partner. Many of the compliance activities associated with the funding for the renovations are complex and have been particularly challenging to meet amid construction during the pandemic. With an experienced partner like Silva-Markham to help, we are better positioned to fulfill the LIHTC program compliance requirements agreed upon as a condition of receiving the funds. They are diligently working to lease all the apartments currently available, so we can look forward to continuing to welcome many new residents to the Towers soon.
Our partnership includes Silva-Markham Partners assuming certain operational activities for the Towers. While this will impact our team members to some degree there will be very little disruption in the day to day lives of our residents. They will be seeing some new faces in the community but for the most part nothing about the daily schedule will change for our independent living residents.
Employees in the Towers will see some changes in the Community Services, Resident Programs and Facilities departments as SMP assumes management of the Towers. We have met with all the individuals affected by changes in these departments to answer questions and assure them of their important role in keeping this the safe and thriving independent living community for seniors that is has been for more than 50 years.
The Mezzanine will remain under the direct management of Golden West who remains the owner of the entire community. Staff members in housekeeping and maintenance assigned to assisted living will continue to work exclusively for Golden West in the Mezzanine.
Through open communication with residents and their families, and our staff, we are working hard to make the changes due to our partnership with Silva-Markham go as smoothly as possible. The renovations and partnership with SMP are crucial to continuing our mission of providing affordable senior housing in Boulder in both the independent and assisted living communities at Golden West.