Source: Urban Land Conservancy / #Affordable #Housing
DENVER, CO - As part of an innovative real estate preservation model, Colorado Coalition for the Homeless (CCH) purchased from the Urban Land Conservancy (ULC) 1.7 acres near 40th and Colorado Boulevard for $1.425 million. The former Budget Motel referred to as Gateway, was purchased by ULC in 2006 at the request of CCH in order to provide transitional housing services to Denver's homeless families along high-frequency bus routes and the future East Rail Commuter Line of FasTracks.
ULC's mission includes preserving urban assets in order to maintain or redevelop them for community benefit. Gateway is another example of real estate preservation so critical services are available to the community. CCH has leased the building from ULC since 2006, and has developed a replicable transitional housing model, which over the last five years has provided services to more than 350 residents and families annually.
"ULC is honored to be working with CCH, a national leader in homelessness prevention and housing services. We are thrilled to have played a role in the short-term so CCH could develop a transitional housing model and provide stability to hundreds of families," said Aaron Miripol, CEO and President of ULC. "Now that CCH has purchased Gateway, ULC will recycle these funds into other properties and projects to benefit communities."
The Gateway property was an inspiration for the creation of Denver's Transit-Oriented Development Fund (TOD), a $15 million fund designed to preserve and create over 1,000 affordable homes along major transit corridors by 2020. Low-income households spend an average of 60 percent of their gross income on housing and transportation expenses combined. By controlling these expenses and providing quality affordable housing choices with easy access to transit, families are able to build wealth and access employment and educational opportunities. Since the TOD Fund closed in April of 2010, ULC has acquired 6 properties along rail and high-frequency bus lines, drawing the fund down by $9 million, and has preserved or created 400 affordable homes.
ULC is a nonprofit organization established in 2003 that uses real estate as a tool for community benefit. This includes land banking as well as providing the capital, resources and coordination that a nonprofit or governmental entity may not have readily available when time-sensitive land opportunities arise. ULC has invested in 15 properties in the Denver area to date including vacant land near transit stops, existing affordable housing, multi-tenant nonprofit centers and historic buildings.