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

1. Denver TOD Fund

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. FasTracks Map

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. 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. 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. 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. 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. 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