The Denver Transit Oriented Development Fund Melinda Pollack, Enterprise Community Partners Aaron Miripol, Urban Land Conservancy

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1 The Denver Transit Oriented Development Fund Melinda Pollack, Enterprise Community Partners Aaron Miripol, Urban Land Conservancy

2 Denver TOD Fund: Background

3 The RTD FasTracks Build Out Plan 122 miles of new light rail and commuter rail 18 miles of Bus Rapid Transit (BRT) service 31 new park-n-rides; over 21,000 new spaces Enhanced Bus Network & Transit Hubs (FastConnects) Redevelopment of Denver Union Station 50+ new rail and/or BRT stations for Transit Oriented Communities opportunities

4 Denver & Metro Area CITY of DENVER Denver is a City & County 600,000+ residents 274,500 homes 23,600 restricted affordable 8.6% of all homes restricted METRO DENVER (without Denver) 6 Counties with 54 cities 1.7 million residents 861,000 homes 21,500 restricted affordable 2.5% of all homes restricted

5 Affordable Housing in Metro Denver Restricted Affordable Housing in Metro Denver

6 Denver TOD Fund: Background Region s Lower-Income and senior community members at risk: 1. Degradation of existing bus lines 2. Increased housing cost from speculation 3. Tenant displacement from gentrification pressures 4. Isolation from community

7 Denver TOD Fund: Background Lower income households spend 60% of income on housing and transportation Lower income residents 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 compact growth, decreases traffic congestion and enhances air quality Increases community health through walking, bicycling, and interaction

8 Denver TOD Fund: Affordable Rent 30% AMI Denver MSA: $16,440 for individual $23,460 for family of 4 Max 1BR Rent: $440 Max 3BR Rent: $610 Atlanta MSA: $14,600 for individual $20,800 for family of 4 Max 1BR Rent: $390 Max 3BR Rent: $541 60% AMI Denver MSA: $32,880 for individual $46,920 for family of 4 Max 1BR Rent: $880 Max 3BR Rent: $1,220 Atlanta MSA: $29,160 for individual $41,580 for family of 4 Max 1BR Rent: $780 Max 3BR Rent: $

9 Catalyst for the TOD Fund: Jody Apts. at Sheridan Station Purchased in 2007, the Jody Apartments are less than 300 ft. from the Sheridan transit station along the West Corridor, adjacent to a 800 car park-and-ride to serve the station, and the Lakewood Gulch bike path. ULC established its first CLT, buying 2 acres of land with a 99-year lease in partnership NEWSED, a local nonprofit developer who owns the improvements. Total acquisition and rehab: $3.25 million = $52,400 per unit/ $36 sq. ft. 4 rental buildings (62 apartments) serve 100 residents, 12 units are reserved for 30% ami Future redevelopment (above left) will have at least 200 mixed income apartments & 25,000 sq. ft. of commercial/community space. Total Redevelopment Investment: Over $45 million

10 What s a TOD Fund? A special pool of funding focused on creating and preserving affordable housing near transit Needs to offer rates and terms that make equitable TOD work often interest rate, duration of hold beyond usual affordable housing loans When done right, creates alignment and support for resource allocation towards equitable TOD in a region TOD Funds usually don t solve challenges of ensuring enough permanent financing exists they are scaled to realistic permanent financing

11 Denver TOD Fund: Structure Goal: Create and preserve at least 1,000 units of affordable housing near transit Partners City of Denver (Office of Strategic Partnerships & Office of Economic Devel) Urban Land Conservancy (ULC) Equity Investor/Borrower Enterprise Community Partners Fund Manager Other investors: Colorado Housing and Finance Authority MacArthur Foundation Rose Community Foundation Mile High Community Loan Fund U.S. Bank Wells Fargo FirstBank

12 Fund will preserve and create over 1,000 affordable homes and other community assets near high frequency transit by: Purchasing cxisting multi-family properties Land banking Acquiring industrial/brown field sites for redevelopment. $15 million, 10 year fund, 3.38% fixed rate to Revolving Line of Credit 3-5 year sub-loans for acquisition 90% LTV on as-is basis Top 63% is Non-Recourse Expand Fund to $30 million for Denver Metro Region Details on Denver s TOD Fund ULC Equity $1.5M First Loss: City of Denver $2.5M, 0% rate Second Loss: Enterprise $1.0M, 2% rate Third Loss: Rose, MacArthur, & CHFA $4.5M, 2% rate Senior Debt: ECLF, MHCLF and Bank Partners $5.5M, ~6.65% rate

13 Understanding the Roles 1. BORROWER & INVESTOR Urban Land Conservancy 2. DEVELOPERS (non profit, public & for profit) current model is developers purchase TOD Fund properties from ULC, will evolve as TOD Fund expands 3. FUND ADMINISTRATOR/MANAGER Enterprise Community Partners underwrites and approves loans, aggregates and manages capital flow, lender relations, oversight committee, managing expansion 4. GOVERNMENT/QUASI GOVERNMENT high risk lender, sparks participation from others, strategy and vision, often the public champion 5. PHILANTHROPY - lender, often provides grants for start up costs, brings understanding of community issues and unique priorities 6. CDFIs and BANKs lenders, often public champions, key for CRA officers to look for the best capital they can find

14 TOD Fund Activity Summary & Going Regional Seven TOD Fund acquisitions have created or preserved 470 affordable homes since start-up in April 2010: 418 new, 52 existing. TOD Fund has created or preserved over 120,000 sq.ft. of commercial space for assets such as a new public library and affordable office space for nonprofits. As of January 2013, the Fund has drawn down $9,355,000. Two additional properties are currently under contract that would draw down the remaining, $5.6 million available funds.

15 Additional TOD Fund Successes Developing a partnership with RTD Establishment of Mile High Connects (MHC) MHC supported DRCOG in receiving $4.5M Sustainable Communities Regional Planning Grant The Jody Apts is part of a Catalytic Site Leveraged $2.9M HUD Challenge Grant in 2010

16 TOD Fund: National Significance

17 Why TOD Funds? Bay Area: Land near transit is very scarce across the region, intervention needed Washington DC: Preservation of affordable housing near transit in the last somewhat affordable quadrant of the District Seattle: Move from focus along one corridor in Seattle to the entire region, bring together green, housing and regional planning Chicago: Instigate good development in an often under looked corner of the region

18 Denver s Transit-Oriented Development Fund Property Locations 5. Jody Apts 9. Dahlia Apts 11. Yale Station TOD 12. Mile High Vista 13. Delaware/Evans Station Lofts 14. Villa TOD 15. Blake TOD th Ave TOD

19 Mile High Vista Currently under development, ULC served as master the developer, partnering with the City of Denver and Del Norte Housing (nonprofit developer) to build: New Westside Public Library (27K sq. ft.) Residential mixed use: 80 units of workforce housing + 10k sq. ft. of community space Commercial building: 20k sq. ft. along Colfax Ave. Total acquisition, brown field remediation and infrastructure : $5.25 million = $52 sq. ft. Development Costs: Library: $12 million Mixed Use: $17 million Commercial: $3.5 million Total: $32.5 million Jobs Created: 125 temporary (construction) 65 permanent Total Cost: $37.75 million

20 Yale Station TOD (below) Purchased in July 2010, this 1.25 acres of land is located next to the Yale Station (below) Land Price = $1.35 million ($25 sq. ft.) Partnering with 2 private developers and RTD to create Master Transit Community plan to include multiple properties and current RTD parking lot. At least 140 apartments will be developed, half permanently affordable. Total Development Costs = $20 million 11 th Avenue TOD (above) Acquired in July 2012 ULC will partner with Rocky Mountain Communities (nonprofit developer) who plans to construct 58 affordable senior homes Property is located less than 1/4 mile from the Sheridan Station on the West Rail Line

21 Blake TOD Delaware/Evans Station Purchased in June 2011, this one acre of vacant land sits across the street from the Evan Light Rail Station (SW Line). Land Price= $1,055,000 = $24 sq.ft. Partnering with Medici Communities (market rate developer who builds affordable housing) in the development of 50 residential workforce housing units utilizing 9% Low Income Housing Tax Credits. Take out the Fund in June Total Development Costs = $12 million 1.5 acre property purchased out of bankruptcy in November Land Price = $1,700,000 = $27 sq.ft. First stop on RTD s future East Corridor Commuter Line connecting Downtown Union Station to Denver International Airport. Total Development Costs: = $20 million

22 Villa TOD CLT Preservation (below) Preservation along TOD Corridors 1/3 acre mixed use property, purchased in August, 2011 and sits on the Santa Fe bus corridor and is 5 blocks from 10th & Osage light rail station. Dahlia Apartments Property includes 16 existing affordable apartments and 7,500 sq. ft. of commercial space. ULC is partnering with local nonprofit, NEWSED, on the long term redevelopment with a 99 year land lease. Total Acquisition and Rehab Costs = $2.3 million Dahlia Apts CLT Preservation (above) Dahlia was purchased out of foreclosure in early 2010 for $1.2 million. There are six buildings with thirty-six 2-bedroom apartments in northeast Denver. Dahlia was the first TOD Fund acquisition and includes NSP 1 funds for rehab. ULC has stabilized the buildings, and will sell the improvements to a nonprofit and continue to own the land with a 99 year lease.

23 Benefits of TOD Fund Preserves land and buildings around transit corridors to ensure long term affordable housing & stewardship of the land Gives affordable housing developers a financing tool to help mitigate real estate risk at transit sites Encourages partnerships with Community Development Corporations and other developers Balances redevelopment efforts along transit Increase residential and commercial density = smart growth Provides employers with access to an expanded workforce Increases ridership on public transit Future of TOD Fund Expand to $30 M (regional fund) and add over 1,500 affordable homes by 2021 Investments from other local municipalities besides Denver New enabling legislation allows RTD to partner with for profit and nonprofit developers at transit stations Over $150 M of investments will be leveraged and more than 2,200 jobs created Getting beyond silo solutions: Fund is more than affordable housing, it brings other development opportunities and economic investment to under served transit sites

24 Where should Atlanta begin? Use your existing knowledge Leverage your strengths Be realistic about your challenges Remember that this is an art, not a science

25 What s the TOD plan for Atlanta??

26 Opportunities at TOD The Atlanta region seeks to ensure that all people have the opportunity to live and work near public transportation. A regional TOD effort will provide opportunity for developers to create and preserve affordable housing near transit, looking first at existing opportunities to leverage long held, underutilized land with MARTA and the Cities that comprise the region. What else?

27 Questions?

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