COLUMBIA, MD - Enterprise Community Partners, Inc. (Enterprise) and the Urban Land Conservancy (ULC), a Denver-based nonprofit real estate organization, are pleased to announce the first acquisition through the Denver Transit-Oriented Development (TOD) Fund, a $15 million credit facility focused on preserving and creating affordable housing with current and future access to high frequency public transportation.
Source: Enterprise Community Partners
The $1 million low-interest loan provides ULC with the needed capital to purchase and operate the 50-year-old Dahlia Street Apartments, which are 36 affordable homes located in the Northeast Park Hill neighborhood of Denver. ULC will ultimately partner with another nonprofit housing provider to rehabilitate the six apartment buildings, concentrating on energy conservation upgrades that will make the homes more affordable to working families.
"Many cities, including Denver, find that low- and moderate income residents spend nearly 60 percent of their income on a combination of housing and transportation," said Doris W. Koo, president and CEO, Enterprise Community Partners. "The Denver TOD Fund is a perfect example of what is possible through collaborative thinking and the impact that can be made with direct investment specifically targeting the preservation and creation of affordable housing near public transit."
ULC's purchase of the property includes the use of Neighborhood Stabilization Program (NSP) funding supplied by the Denver Office of Economic Development. As a requirement of the NSP allotment, Dahlia Street Apartments must remain available to households earning up to 50 percent of the area median income.
"It is deeply gratifying that through this transaction we were able to leverage the TOD resources with funding from NSP," said Aaron Miripol, president and CEO, ULC. "We look forward to working with Enterprise and our other investment partners in the Fund during these initial stages of this project, and we are especially looking forward to working with the community to ensure the Dahlia Apartments will be a positive asset in Northeast Park Hill."
The Denver TOD Fund requires the partnership of government, quasi-governmental organizations, banks, nonprofits and foundations to acquire properties along high frequency bus lines and current and future light rail lines for the preservation or creation of affordable housing. Enterprise assembled the initial capital for the Fund, which has investors including the City of Denver, the MacArthur Foundation, Colorado Housing and Finance Authority, the Rose Community Foundation, Mile High Community Loan Fund, Enterprise Community Partners, Enterprise Community Loan Fund, Urban Land Conservancy, U.S. Bank and Wells Fargo.
Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 25 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $10 billion in equity, grants and loans to help build or preserve more than 250,000 affordable rental and for-sale homes to create vital communities. Enterprise is currently investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.