$24M Affordable Housing Development Fund Expands into Denver Metro Area
- Dec 19, 2014
By Ioana Neamt, Associate Editor
As home prices and rental rates in Denver continue to grow, an affordable housing shortage is driving buyers away from the city’s urban core. In a joint effort to reverse this trend, Denver city officials, together with Enterprise Community Partners recently announced a $24 million fund meant to facilitate the development of affordable homes along transit corridors across the entire Denver metro area.
The Denver Transit Oriented Development (TOD) Fund was launched in 2010 and has helped create 570 affordable homes near transit hubs like Yale Station, Evans Station, Blake Station and Colorado Station. According to a news release, the fund is now expanding its reach across all seven counties in the Denver metro area, and will provide $24 million for property acquisitions and pre-development loans for the construction of affordable housing units along transit corridors.
“Affordable housing is a critical issue not just for the city, but for our entire metro area,” says Denver Mayor Michael Hancock. “The Denver TOD Fund has proven itself to be a successful tool in ensuring that low- and moderate-income families benefit from the build-out of our mass transit system.”
A joint partnership among Denver city officials, surrounding municipalities and development companies, the TOD fund will be used to create 2,000 affordable housing units near transit over the next ten years. The $24 million expansion was made possible through critical investment and support from the Urban Land Conservancy (ULC), the Colorado Housing and Finance Authority (CHFA), the Colorado Division of Housing, Enterprise Community Partners, and the Enterprise Community Loan Fund.
“Enterprise is extremely proud to be able to announce the Denver Regional TOD Fund,” says Brad Weinig of Enterprise Community Partners, Inc. “We cannot express enough gratitude to our investors and partners who have trusted us to lead this work, and to ULC for proving that this model can work.”