Enterprise and Partners Extend Denver Regional TOD Fund
Enterprise is pleased to announce the extension of the Denver Regional TOD Fund for another 5 years. Since its inception, the Denver Regional TOD fund has catalyzed new development near public transit stops including 1,450 affordable homes, a new public library and more than 100,000 square feet of commercial and nonprofit space near public transit. These new and renovated spaces support local employment, education and access to services and enable these communities to thrive.
“The Denver Regional TOD Fund is a critical tool in our toolbox for solving Denver’s and the region’s housing challenges.” Said Britta Fisher, Executive Director of Denver’s Department of Housing Stability (HOST).
The Denver Regional TOD Fund—the first such fund of its kind in the nation—was launched in 2010, with Enterprise Community Loan Fund serving as administrative agent. The fund was designed to assist in the acquisition of land or property needed to create or preserve affordable housing located near mass transit in Denver. In 2014, the fund was expanded regionwide and opened to qualified affordable housing developers in the metro area. As of January 1, 2020, partners have agreed to extend $19M in loan funds, ensuring the critical financial resource remains available when our region needs it most. Denver Regional TOD Fund investors include: The City and County of Denver, Colorado Housing and Finance Authority, CO Division of Housing, Gates Family Foundation, The Colorado Trust, Rose Community Foundation, Denver Foundation and Enterprise Community Partners (Denver Metro area).
Since its inception, 17 loans have been made through the Denver Regional TOD Fund providing a total of $34 million in financing for property acquisitions near public transit in the Denver metro area. As a result, more than 1,450 affordable homes near public transit have been created or preserved. Acquisitions have resulted in new affordable housing established along several corridors of the RTD’s FasTracks expansion, including at Yale Station, Evans Station, 38th & Blake Station, Colorado Station, Thornton Station, and Denver Union Station.
“Whether getting to work, school or just picking up groceries at the store, reliable transportation is important to the success of Denver’s families and communities. However, access to public transportation depends on where someone lives,” said Jennie Rodgers, Enterprise Community Partners VP and Denver market leader. “Enterprise is proud to continue to ensure even more families in the metro Denver area have an affordable place to live near transit.”
For more information about the fund, contact Josh Griff: firstname.lastname@example.org