Denver TOD Fund

What is FasTracks?

In 2004, Denver voters approved $4.7 billion to expand area’s transit system

Adding 122 miles of new commuter rail and light rail

18 miles of bus rapid transit

21,000 new parking spaces at light rail and bus stations

Three light rail lines are operating now but full completion (5 additional lines) is targeted for 2018

Includes an east corridor line to Denver International Airport

FasTracks Map

Affordable HousingTransit Oriented Development

Why

Potential impact of FasTracks on low-income households and neighborhoods - could displace those who would benefit the most from improvements

Transportation 2nd highest household cost after housing

Locating affordable housing in transit corridors allows low income families and seniors to reduce both of these expenses while increasing access to health care services, educational facilities and employment opportunities

Expect housing prices to increase

What’s the TOD Affordable Housing Fund?

$15 million fund administered by Enterprise Community Partners to buy and hold property in Denver’s transit corridors for up to 5 years.

Goal to create and preserve at least 1,000 affordable homes along current and future transit corridors.

Purchases sites within ½ mile of current or future light rail

Other sites within ½ mile of high frequency, high volume bus corridors

How is the TOD Fund Financed?

Partnership of government, quasi-governmental organizations, banks, nonprofits and foundations.

A local nonprofit, Urban Land Conservancy (ULC) made equity commitment of $1.5 M

ULC leads the real estate acquisition, management and disposition of assets.

Enterprise assembled the initial capital and administers the fund

TOD Capital Layers

ULC $1.5 M Equity

First Loss: City of Denver $2.5 M

Second Loss: Enterprise Community Ptnrs $1 M

Third Loss: CHFA and Foundations $4.5 M

Senior Debt: Community Development Financial Institution $5.5 M

How Rose Community Foundation Got Involved

Approached by Enterprise in 2008 to participate

National funder and local banks interested in local foundation participation in loan fund

Priorities for Rose include:

Expand and improve transportation services for seniors

Family self-sufficiency including affordable housing

Reviewed with investment committee, but ultimately used grant dollars to fund $500,000 commitment

Opportunistic grant as cost of acquiring strategic land on TOD corridors at all time lows

Where are we now?

TOD Fund began operations in early 2010

Closed on 2 properties

Dahlia Apartments – preserved 36 units of affordable housing

Yale Commons (land) – will be redeveloped to include a 68 unit multi-family project service low income populations

In process on 2.1 acres near major bus corridor at gateway from downtown to west side of City. Redevelopment includes 70 unit multi-family workforce housing project

Several other properties are being researched