Add Content > Text > Page Type

non-profit

Denver Transit-Oriented Development Fund

Print

Denver Transit-Oriented Development
(TOD) Fund

The Denver TOD Fund will create and preserve at least 1,000 affordable homes along current and future transit corridors in the City of Denver. The Fund makes $15 million in capital available to purchase and hold sites for up to five years, in anticipation of the opening of new transit stations, and will purchase sites within:
  • One-half mile of fixed-rail transit stations
  • One-quarter mile of high-frequency bus stops

Why is the Fund Needed?

  • Metro Denver is undergoing the nation’s largest public transit expansion, including the addition of five light rail lines to the existing three lines that already serve Denver and its south suburbs.
  • In most urban areas including Denver, transportation is the second highest household expense after housing.
  • In Denver, working families who earn between $20,000 and $55,000 spend on average of 59 percent of their gross household income on housing and transportation.
  • Locating affordable housing in transit corridors allows households to reduce expenses, while increasing access to employment, educational opportunities and services.
  • It's essential that affordable housing in Denver be preserved or redeveloped to ensure its long-term affordability. 

Fund Model

The Denver TOD Fund requires the partnership of:
  • Government
  • Quasi-governmental organizations
  • Banks
  • Nonprofits
  • Foundations
A local nonprofit, the Urban Land Conservancy (ULC), made the initial equity commitment of $1.5 million to the Fund and is leading real estate acquisition, management and disposition of assets. ULC is a six-year old organization formed by local business leaders who understood the need for an organization that could permanently secure community assets in metro Denver’s urban neighborhoods.

Enterprise assembled the initial capital and the Fund began operations in early 2010. Investors in the Fund include:
  • City of Denver
  • MacArthur Foundation
  • Colorado Housing and Finance Authority
  • Rose Community Foundation
  • Mile High Community Loan Fund
  • Wells Fargo
  • U.S. Bank
  • FirstBank 
  • Enterprise, both through grant funding and our Enterprise Community Loan Fund

Basic Terms

  • Single borrower, ULC creates disposition agreement with partner developer
  • Three to five year hold
  • Approximately 3.5% interest
  • Preservation defined as existing multifamily properties, restricted and not, with plans for rehab or redevelopment
  • Primarily rental, 60% AMI and below, limited homeownership allowed when/if market warrants
Learn more about transit-oriented development or contact Melinda Pollack for more information at 303.376.5405.

 
Denver Public LIbrary

The library parcel, located at a site known as Mile High Vista, is a .86 acre portion of the two-acre area purchased by the Urban Land Conservancy in March 2011 using Denver’s TOD Fund. Mile High Vista is located within ¼ mile of both the Knox and the Federal/Decatur light rail stations, scheduled to open in 2013. Read the new release.

See other examples of how the Denver TOD Fund will create or preserve affordable housing near transit. 
View Slideshow
Evans Station Loft
Evans Statin Lofts

This new mixed-use development will include 50 workforce housing apartments giving residents easy access to transportation, jobs, education and other services.