Our Work in Denver

Construction begins for The Elisabetta, a new community that will bring high-quality, affordable housing to the Globeville neighborhood of Denver

elisabetta-denver-see-the-work.jpg
Kimball Crangle from Gorman & Company, LLC (third from the left), Denver Mayor Michael B. Hancock (left center), and Enterprise’s representative Robin Hyerstay, vice president, Capital Markets (last on the right) dig in with other leading political, housing, health and investment advocates at the groundbreaking of The Elisabetta, May 3, 2018.

Enterprise, with fellow community leaders, housing and health advocates and development partners have celebrated the start of construction for the Elisabetta, a new $27 million, 91-unit affordable-housing development in the historically diverse Globeville neighborhood. Laradon Hall Society for Exceptional Children and Adults, a Denver nonprofit that provides education, training and support for children and adults with intellectual and developmental disabilities, plays an important role in the project.

Laradon will occupy the 12,500-square-foot commercial space on the first floor of the building, and will be the service provider, offering on-site supportive social services for all residents. Laradon also owns the underlying land, which is being leased to the Low-Income Housing Tax Credit (Housing Credit) entity.

The Elisabetta will be located adjacent to Laradon's campus, at 5100 Lincoln St, and is expected to open in late 2019, where 25 percent of the apartments will be dedicated to people living with disabilities.  

During the groundbreaking event, UnitedHeathcare – the largest investor in the new development – announced the investment of $14.7 million in equity through a Housing Credit partnership with Enterprise. The initiative will connect vulnerable populations to housing and support services, and help people lead healthier lives.

Additional funding and key development partners include:

  • The Colorado Housing and Finance Authority
  • The Colorado Housing Trust Fund
  • The City of Denver, Citibank
  • $1.5 million in contributed fees from Gorman & Company

“By pairing homes for people with disabilities with supportive services that help them live independently, home becomes more than just a shelter. They’re a springboard that helps people reach their full potential,” said Charlie Werhane, President and CEO of Enterprise Community Investment. “Enterprise is proud to partner with UntiedHealthcare and Gorman & Company on this new development.”  

Affordable bus and light rail fares for low-income riders and commuters:

lamar-station-crossing.jpgEnterprise along with Mile High Connects and its Affordable Fares Task Force are working with the Regional Transportation District (RTD) to address transit affordability for low-income riders. RTD is considering a proposal to offer a reduced fare within its service area for those who make 185 percent of the Federal Poverty Level or less (about $46,000 annually for a family of four). This discount would be similar to those already offered to seniors, people with disabilities and youth.

Momentum and excitement is building for the introduction of a low-income fare. In early 2018, RTD's Pass Program Working Group recommended a 40 percent reduced fare for those 185 percent of the Federal Poverty Level the Working Group recommendations will now proceed to a final RTD board vote in late 2018.  

Why an Affordable Fare benefits everyone in our community:

  • A little over 48 percent of Denver area and 56 percent of Boulder area renters are housing cost burdened, meaning they spend more than 30 percent of their income on rent and utilities.
  • Transportation is the second highest cost for households (rent being number one), and the introduction of an affordable fare would help families and individuals increase their ability to realize economic mobility.
  • Once an individual finds a job and has affordable transit options, they can begin to make more connections in their community that allows them to have a greater societal and economic impact.
  • Less congestion on our roads will see improvements in air quality, greater efficiency and economic productivity.

Enterprise will continue to leverage its expertise and contacts in helping with the introduction, funding and practical implementation of an affordable fare program that creates equitable transit access for all. 

Terraza Del Sol Apartments

terazza.jpgTerraza del Sol Apartments is a new construction, 42-unit project for families in Denver, Colorado. The project has 15 one-bedroom, 24 two-bedroom and 3 three-bedroom units in one residential building. Enterprise Community Investment’s equity in the project is $9,475,500. Rents are set between 30 and 60 percent Area Median Income. The building has 14,000 square feet of office space located on the ground floor that is occupied by a local nonprofit.

The first-floor office space is occupied by Mi Casa, a 40-year-old nonprofit dedicated to advancing the success of Latino families in the Denver area. Mi Casa has relocated their main offices and its service center to Terraza that provides a number of services for businesses, youth, and families. These services will be available to both residents at Terraza and the surrounding community.

Terraza del Sol was awarded an Eagle Award at this year’s Colorado Housing NOW Eagle Awards ceremony.  The Eagle Award celebrates the extraordinary accomplishments and outstanding leadership in housing and support services. The award honors the individuals, agencies, projects, and programs that soar to new heights in their work to ensure safe, decent, affordable housing for all Coloradans. The ceremony took place on April 26, 2018 at the Sheraton Denver West Hotel.    

Solar Project

Investments made through the Enterprise Community Loan Fund’s Impact Note were used to provide a 15-year loan of $2.45 million to the Denver Housing Authority (DHA), which will be used to build a 10-acre community solar garden that will provide enough electricity to serve more than 500 homes. It’s the nation’s first community solar project owned by a housing authority, and the largest low-income community solar garden in Colorado.

The goal of the program, which has been accepted under Xcel Energy’s Solar Rewards Community Program, is to:

  • provide renewable energy choices lower energy cost for affordable homes,
  • provide hands-on solar job training and employment opportunities for Denver Housing Authority residents,
  • and help meet the City of Denver’s 2020 sustainability goals.

The program will be open to other affordable housing providers and housing authorities in the Denver metro area. Partner GRID Alternatives Colorado will provide job training and employment for residents interested in working in the solar industry. DHA is enrolled ten residents in a solar training program during the installation, with the goal of hiring one of them to maintain the facility. Enterprise hopes that the successful funding and energy production from the system can serve as a model to encourage other housing authorities and managers of affordable housing across the nation to pursue similar renewable energy projects and solutions. Partners include Monarch Private Capital and NHT Renewables. More coverage here  and here.

Evans Station Lofts

evans-station-lofts.jpgSited adjacent to a light rail station, Evans Station Lofts provides 50 affordable apartments to those earning up to 60 percent of area median income (AMI).

  • Twelve units for those earning up to 40 percent AMI and seven units for residents earning up to 30 percent AMI.
  • The project also features 10,000 square feet of commercial space.
  • Financing for the project relied on a $1.2 million loan from the Denver TOD Fund.

Mariposa District

mariposa-denver-see-the-work.jpgIn 2012, the Denver Housing Authority completed the first phase of an eight-phase redevelopment of South Lincoln Homes. Renamed the Mariposa District, the development  consists of more than 700 mixed-income units and community commercial space, including the replacement of 270 public housing units. Enterprise Community Investment has provided more than $47 million in housing credit equity to date. The development provides easy access to public transit, located adjacent to the 10th and Osage Station light-rail station. PBS Newshour featured the Mariposa District in a recent segment, highlighting its emphasis on healthy living and creating a vibrant community.