Denver TOD Fund
What is FasTracks?

 In 2004, Denver voters approved $4.7 billion to
 expand area’s transit system
    Adding 122 miles ...
FasTracks Map
Affordable Housing
            Transit Oriented Development

 Why
   Potential impact of FasTracks on low-income househo...
What’s the TOD Affordable Housing Fund?

 $15 million fund administered by Enterprise
  Community Partners to buy and hol...
How is the TOD Fund Financed?

 Partnership of government, quasi-governmental
  organizations, banks, nonprofits and foun...
TOD Capital Layers

           ULC $1.5 M
             Equity

          First Loss: City
         of Denver $2.5 M

     ...
How Rose Community Foundation Got Involved

 Approached by Enterprise in 2008 to participate
 National funder and local ...
Where are we now?

 TOD Fund began operations in early 2010
 Closed on 2 properties
   Dahlia Apartments – preserved 36...
Denver 9/28 Brian Dale
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Denver 9/28 Brian Dale

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Presentation from Partners in Innovation Policy Forum in Denver, CO on September 28, 2010.

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Denver 9/28 Brian Dale

  1. 1. Denver TOD Fund
  2. 2. 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
  3. 3. FasTracks Map
  4. 4. Affordable Housing Transit 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
  5. 5. 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
  6. 6. 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
  7. 7. 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
  8. 8. 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
  9. 9. 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

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