DENVER, Aug. 16, 2012 /PRNewswire/ -- The Urban Land Conservancy (ULC) and Medici Communities, LLC began construction of workforce housing located at the Evans Light Rail Station in south Denver, realizing the ultimate goal of Denver's Transit-Oriented Development (TOD) Fund. This development will bring 50 new affordable rentals to the Denver market and represents the first TOD Fund project currently under construction.
In June 2011, ULC purchased the property at 2140 S. Delaware Street for $1.2 million using the TOD Fund, a fund created to preserve land near transit stations for workforce housing. In May 2012 ULC sold the land to Medici, which was awarded $1,045,505 million in annual low income housing tax credits (LIHTC) from the Colorado Housing and Finance Authority (CHFA). The LIHTC program provides the private market incentive to invest in affordable rental housing. Medici has since begun construction of the five-story building called Evans Station Lofts. The Evans Station Lofts will have 50 apartments and 7,100 feet of commercial/retail space.
"With rents in Denver growing at some of the fastest rates in 10 years, and vacancy rates at their lowest levels, this project will be an important asset for Denver residents," said Troy Gladwell, founder and principal at Medici Communities.
Construction is expected to be completed late spring 2013 and tenants will begin taking residence in early summer 2013. The one and two-bedroom apartments will be for qualifying individuals or families whose annual income is between $16,700 and $42,840. With housing and transportation making up to 60% of household expenses for low income families, Evans Station Lofts will offer affordable housing just 100 feet from the station and provide easy transit access to jobs, education and other services.
"Evans Station Lofts is a true celebration of how successful economic development emerges from public, private and nonprofit partnerships," said Aaron Miripol, President & CEO of ULC.
While ULC has used the TOD Fund to acquire seven properties to preserve existing workforce housing as well as to purchase vacant land for future projects, Evans Station Lofts represents the first TOD Fund project under actual construction to create new affordable housing in Denver.
Denver City Councilman Chris Nevitt noted the value of providing housing near the Evans Light Rail Station and lauded the development for the positive change it will bring to the community:
"The high-quality development of Evans Station Lofts will support positive growth in a community with tremendous potential as well as provide critical housing options for Denver residents that benefit greatly from being near light rail."
About Urban Land Conservancy:
Established in 2003, Urban Land Conservancy is a nonprofit organization that uses real estate as a tool to benefit urban communities. ULC acquires, preserves and develops real estate for urban assets such as workforce housing, nonprofit office space and schools. For more information, go to www.urbanlandc.org.
Urban Land Conservancy
(303) 377-4477 x20
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SOURCE Urban Land Conservancy