SALT LAKE CITY — Salt Lake City today celebrated the opening of a brand new affordable apartment complex in the Ballpark Neighborhood. It’s a public/private partnership that makes 140 units available right now. More than two dozen of those apartments are reserved for two groups of renters who really need them.

It’s the Colony B apartments right on 1300 S., in the 200 West block. It opened last week, and families are already moving in.

“I believe this is the year of affordable housing in Salt Lake City,” Mayor Erin Mendenhall said at an opening celebration.

Colony B is a five story, mixed-income, transit-oriented, residential development with 131 studio units, and nine one bedroom apartments. The Redevelopment Agency of Salt Lake City provided a $1.34 million loan for the project. More than 100 of the apartments will be rented at rates affordable to those making 25-50% of the area median income.

“But even the 34 units that are market rate are renting at about 70% of area median income. So, even our market rate units are affordable,” Josh Runhaar, executive director of the Neighborhood Nonprofit Housing Corporation said.

It’s a beautiful, new building with attractive common areas on each floor, beautiful views, and amenities that any renter would appreciate.

“It’s not about 140 units. It’s about 140 lives that we got to take part in changing,” Jake Williams, partner with defy Co. Labs, a developer on the project said.

Fifteen to 20 people have already moved in, and others are eager to join them.

“We’re excited to see the progress of this building,” Runhaar said. “We opened exactly a week ago, on March 1, and we are already 1/3 leased up. So we know the demand is there.”

Fifteen units are ADA accessible and 11 others are reserved for a population of young people in need of a new start.

“Eleven of these units are set aside for youth who are exiting the foster care system,” Mendenhall said. “And I understand from these partners that they’re having a hard time finding those applicants.“

So, those individuals may want to take a closer look.

“Housing is so essential to what we do as a city, and to what we need to do to support our neighbors,” said Darin Mano, Salt Lake City Council Chair.

For those who qualify studio apartments start around $400, which is affordable in this market.