The city of Denver has a Transit Oriented Development Fund which will generate and preserve at least 1,000 affordable homes for the areas along the existing and future transit corridors. With new transit station openings approaching, $15 million is available to buy and hold sites, which are within one-half mile of fixed-transit stations or one-quarter mile of high frequency bus stops.
Denver is in the midst of adding five light rail lines to their existing three so the fund has proven necessary to meet the demands of the nation’s largest current public transit expansion. This fund is a partnership effort between government, quasi-governmental organizations, banks, nonprofit organizations, and foundations.
The partners in this effort recognize that now is the opportune time to invest in real estate around proposed transit stations to capitalize on current values and preserve affordable pricing before the FasTracks light rail is fully operational.
The current fund will revolve to make up to $25 million in capital available to purchase and hold sites for up to five years in anticipation of the opening of new transit stations. The investment of $25 million will leverage over $100 million in local economic development activity, serving many of Denver’s lowest income neighborhoods with construction and permanent job creation.
Low-income households on average spend 60% of their gross income on housing and transportation expenses combined. By controlling these expenses and providing access to quality, environmentally sustainable housing, the TOD Fund will make it possible for families to build wealth, and access employment and educational opportunities. It will also provide employers with access to an expanded workforce.
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