Enterprise Community Partners, the Urban Land Conservancy (ULC), the City and County of Denver, and several other investors have combined to found the first affordable housing TOD acquisition fund in the United States.
The purpose of the TOD Fund is to support the construction of up to 1,200 low cost living units through property acquisition in current and future transit areas. The Fund addresses a real estate market paradox: when economy activity is down, property values are down making bargain buys. However, there isn’t money or affordable housing developers. Today there is a great opportunity to purchase real estate around proposed transit stations and prepare affordable housing before the FasTracks light rail is operational.
Enterprise Community Partners, a nationwide nonprofit, donated the first $15 million to enable the Fund to get going in 2010.