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The Denver TOD Fund. Twin Cities Joint Learning Session September 15, 2011. 2. Overview. Background on the TOD Fund Efforts to date Alignment with Metro Vision Metro Vision Goals Metro Vision Policies Economic Impact DRCOG’s participation in the TOD Fund. RTD FasTracks :.
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The Denver TOD Fund Twin Cities Joint Learning Session September 15, 2011
2 Overview • Background on the TOD Fund • Efforts to date • Alignment with Metro Vision • Metro Vision Goals • Metro Vision Policies • Economic Impact • DRCOG’s participation in the TOD Fund
RTD FasTracks: TOD Fund: Background 3 • $6.7 billion • 70 new stations • 45,000 HHs • 344% Pop Growth around stations • 40% will earn under 60% AMI
4 TOD Fund: Background * http://www.enterprisecommunity.org/local_work/documents/case_for_mixedincome_tod03_07.pdf
TOD Fund: Background The Denver Region’s Low-Income, Minority, and Senior Community Members are at risk: • Degradation of existing bus lines • Increased housing cost from speculation • Tenant displacement from gentrification pressures • Isolation from community
6 TOD Fund: Background Housing Costs Only Housing & Transportation Costs Yellow areas are affordable to median income, assuming 30% of income for housing only, 45% of income for H + T combined Source: Center for Neighborhood Technology
TOD Fund: Background • Low income families spend 60% of income on housing and transportation • They are more likely to utilize transit regularly, increasing & stabilizing ridership for RTD • Transit access improves access to education, jobs, food, healthcare and community services • TOD encourages smart/compact growth, decreases traffic congestion and enhances air quality • Increases community health through walking, bicycling, and interaction
TOD Fund: Background 8 Local Challenges: • State and Local affordable housing funding is minimal • Perennially ranked amongst lowest in U.S. • Denver lacks strong affordable housing mandates • Weak IZO applies only to homeownership • Recent rezoning/up-zoning did not include affordability requirement • Dual affordability challenge in transit corridors • Preserving existing affordability in the face of redevelopment pressure • Incorporating affordable housing into new development
9 TOD Fund: Background Federally Assisted Housing in the Denver Region
Affordable Housing Defined 10 30% Area Median Income 60% Area Median Income Denver MSA: $32,880 for individual $46,920 for family of 4 Max 1BR Rent: $880 Max 3BR Rent: $1220 • Denver MSA: • $16,440 for individual • $23,460 for family of 4 • Max 1BR Rent: $440 • Max 3BR Rent: $610
Located less than 300 feet from future light rail station ULC has 99 year land lease to nonprofit owner 52 of 62 apartments now permanently affordable, 12 at 30% AMI and below 62 units adjacent to Sheridan Station NEWSED, ULC, Enterprise, City, Colorado Division of Housing 11 Jody Apartments (The Beginning)
12 The TOD Fund: Structure • Goal: Preserve and create over 1,000 units of affordable housing near transit • property acquisition • land banking • $15 million, 10 year fund, 3.43% fixed rate to Urban Land Conservancy • Revolving Line of Credit • 3-5 year sub-loans for acquisition • 90% LTV on ‘as-is’ basis • Top 63% is Non-Recourse • Enterprise serves as adminstrator
13 The TOD Fund: Acquisitions to Date • Dahlia Apartments (36 apt homes) - Apr. 2010 • Health & Safety Rehabilitation completed by ULC • Yale Commons (1.20 acres land) – July 2010 • ULC working with RTD/Developers on area plan that includes housing • Mile High Vista (2.15 acres land) – March 2011 • 70 new apartments, 28K SF public library, 14K SF supportive retail • Evans Station (0.96 acres land) – June 2011 • 50 new apartments financed with 9% LIHTC • Villa TOD (16 apt homes) – Aug 2011 • Includes 7,400 SF of commercial space
14 TOD Fund Property Locations The Dahlia Apts Mile High Vista Yale Commons Evans Station Villa TOD
15 TOD Fund: Preservation Villa TOD Dahlia Apartments
16 TOD Fund: Development Evans Station Yale Commons Retail Public Library Mile High Vista 70 Apartments
17 TOD Fund Summary
18 The TOD Fund: Future • Our goals for expanding the TOD Fund: • Increase fund to $30 million or more • Larger geographic scope • Seeking ‘first-loss’ investment from our MPO/COG • Additional borrowers • Can we make terms even more attractive? • Added focus on senior population • Mixed-Use/Mixed-Income properties
THANK YOU! bweinig@enterprisecommunity.org (303) 376-5412