Unique Public/Private/Nonprofit Partnership Assures Long-Term Affordable Housing Along West Colfax Transit Corridor

Unique Public/Private/Nonprofit Partnership Assures Long-Term Affordable Housing Along West Colfax Transit Corridor

A unique combination of public, private and nonprofit organizations is collaborating to ensure long-term affordable housing along the West Colfax transit corridor.

NEWSED Community Development Corp., Enterprise Community Partners, Urban Land Conservancy (ULC), the City of Denver and the Colorado Division of Housing have joined together to purchase a 62-unit apartment complex at 5375 W. 10th Ave. and turn it into permanent, long-term affordable workforce housing.

The property is just 500 feet from the future transit stop at 11th and Sheridan.

NEWSED purchased the four buildings. ULC purchased the land and is providing NEWSED with a long term land lease to insure the continued public benefit of the acquisition. Enterprise Community Partners is the primary lender; the City of Denver and the Colorado Division of Housing provided major funding.

“As the West Colfax corridor is transformed by light rail in the coming years, we must ensure that long-time residents and key members of our workforce can continue to live there and take advantage of the new opportunities that transit will provide,” said Veronica Barela, President and CEO of NEWSED. “This project will ensure long-term affordability in a pivotal neighborhood.”

“The success of transit-oriented development depends upon the neighborhoods around transit stops,” noted Karen Lado, Denver Office Director of Enterprise Community Partners. “Enterprise is committed to making investments in projects such as this one that will ensure long-term affordability in these changing neighborhoods.”

Aaron Miripol, President and CEO of ULC, pointed out the unique partnership between ULC and NEWSED. “With NEWSED managing day-to-day operations and ULC holding the land, we play to everyone’s strengths and jointly serve the needs of the community,” Miripol explained.

“Long-term preservation of workforce housing is critical to Colorado’s economic viability,” noted Kathi Williams, Director of the Colorado Division of Housing. “The Division of Housing is proud to be part of this project.”

“Affordable housing is such a key component of successful transit-oriented development,” said Andre Pettigrew, Director of the City of Denver’s Office of Economic Development. “Our office is proud to work with our strategic partners on this important neighborhood development project, which will help springboard our housing efforts along the many upcoming mass-transit corridors.”

Project Participants
NEWSED Community Development Corp. solves long-term economic problems in disadvantaged communities by securing and coordinating resources for neighborhood revitalization. For more information, visit www.newsed.org.

Enterprise Community Partners makes affordable housing happen with grants, loans and equity investments, and by advocating for policies that make affordable housing easier to build. For more information, visit www.enterprisecommunity.org/local_work/denver/.

The Urban Land Conservancy, a supporting nonprofit organization to the Denver Foundation, purchases, preserves and develops urban real estate as a tool to benefit the metro Denver community. For more information, visit www.urbanlandc.org.

The City of Denver’s Office of Economic Development operates to create a local environment that stimulates balanced growth through job creation, business assistance, housing options and neighborhood redevelopment.

The Colorado Division of Housing helps communities meet their housing goals, providing financial assistance and services that increase the availability of housing to residents of Colorado who can least afford it. For more information, visit http://dola.colorado.gov/cdh/.

Posted on Wednesday, January 16, 2008 (Archive on Monday, January 01, 0001)
Posted by kpellegrin  Contributed by kpellegrin