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
Transit Oriented Development
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
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
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