ULC Atlas Compliments the MHC Equity Atlas’ Ad- Vocacy to Action, and Takes a Closer Look at the Inten- Tion of ULC’S Investments in Community Assets

Preservation | Community2012 Assets | Development Atlas About the Atlas Our work includes land banking and community-in- spired real estate development or, more concisely, com- The purpose of this atlas is to display the impact of the munity development. Urban Land Conservancy’s (ULC) work in the Metro Denver area and the economic factors that prompt our attention with maps. Mapping Denver’s inequities spa- Land Banking tially allows us to better understand our communities of focus, and pinpoint opportunities for impactful projects When land is expensive, it is often not economically that support ULC’s mission. feasible to use it for essential community facilities. By acquiring (by gift or purchase) land and buildings at to- ULC is a member of Mile High Connects (MHC), a col- day’s prices, we ensure these properties will be available laborative of experts in the fields of: transit, affordable to serve urban communities in the future when the land housing, jobs, education, and health. MHC created an would otherwise be too expensive. Equity Atlas, comprised of maps and narratives promot- ing transportation access to housing choices, good jobs, quality schools and essential services such as health care and fresh food. The ULC Atlas compliments the MHC Equity Atlas’ ad- vocacy to action, and takes a closer look at the inten- tion of ULC’s investments in community assets. MHC framed these times in Metro Denver as a once in a life- time opportunity to build a transit system that supports all of Metro Denver’s residents, ULC will use this atlas to make key investments that focus on creating equity throughout Denver and its surrounding municipalities. This Atlas also serves as an educational marketing tool for which potential partners can better understand our work and how we can work together to achieve over- Community Development arching goals. Certain challenging community projects – for example, redeveloping a brownfield into an environmentally and socially responsible community – may require more About the Urban Land Conservancy capital, resources, and coordination than a nonprofit, ULC is a nonprofit organization established in 2003 by for-profit, or governmental organization may possess. local business leaders who understood the need to per- Our function is to provide the staff, expertise, and re- manently secure real estate asset and use real estate as sources needed to facilitate the development of such a tool to benefit urban communities. In much the same projects. way that a land trust preserves open space for future generations, we preserve real estate assets in urban areas to ensure their continued community benefit. How we work • Form long-term partnerships with nonprofit, for- profit, and governmental organizations to assist ur- Our mission is to acquire, develop, and preserve com- ban communities in addressing their real estate needs munity assets in urban areas for a variety of community needs such as schools, affordable housing, community • Acquire and hold strategic sites in anticipation of centers and affordable office space for nonprofits. Our market changes assets consist of real estate and significant seed capital to • Serve as or partner with the master developer on be leveraged using public and private sources for future community developments community investment and economic development. 2 of 21 Mile High Transit-Oriented ers with access to an expanded workforce. Development Fund Introduction Critical Partnerships ULC, Enterprise Community Partners, the City and The partnership of government, quasi-governmental County of Denver, and several other investors part- organizations, banks, nonprofits and foundations is a nered to establish the first affordable housing Transit- critical component of the TOD Fund. Enterprise Com- Oriented Development (TOD) acquisition fund in the munity Partners, a national nonprofit, assembled the country. The purpose of Denver’s TOD Fund is to sup- initial $15 million in capital that allowed the Fund to port the creation and preservation of 1,000 affordable begin operations in April, 2010. City of Denver is the housing units through strategic property acquisition in largest single investor, providing $2.5 million in top loss current and future transit corridors. The Fund answers investment. ULC committed the initial $1.5 million eq- a basic real estate conundrum: when the economy is uity to the Fund and leads the real estate acquisition, bad, property values are low and ripe for purchase, but management, and disposition of assets for the Fund. access to capital is poor and affordable housing devel- ULC partners with other developers to achieve the opers are scarce. Now is the opportune time to invest goals of the TOD Fund to preserve and create afford- in real estate around proposed transit stations in order able housing and mixed-use developments. to capitalize on current values and preserve affordable housing before RTD’s FasTracks is fully operational. Expanding TOD to Other Municipalities Metro Denver is undergoing the nation’s largest public transit expansion with the addition of five new light rail lines that compliment the existing three lines already serving Denver and its south suburbs. Each of these new rail lines brings opportunity for transit-oriented development in the Denver Metro area. The structure of the TOD Fund offers a unique opportunity to expand into other municipalities in the metro area in order to complement transit oriented development and other activities around expansion of FasTracks. Our desire is to partner with municipalities to explore how this Fund can preserve and create affordable housing and stimu- late economic development along rail lines. We wel- Benefits of the Fund come the opportunity to answer any questions about The Fund is capitalized at $15 million, and is evolving to how an investment in this fund can help achieve com- $30 million in total loan capital. This revolving loan fund munity development goals and strengthen Metro Den- will make capital available to purchase and hold sites for ver’s communities. up to five years along current and future rails and high frequency bus corridors. The $30 million investment will leverage over $500 million in local economic development activity, serving many economically challenged neighborhoods in Metro Denver with construction and permanent job creation. The Fund will also directly benefit low-income households that on average spend 60% of their gross income on housing and transportation expenses combined. By controlling these expenses and providing access to quality, environmentally-sus- tainable housing, the TOD Fund will make it possible for families to build wealth and access employment and educational opportunities. It will also provide employ- 3 of 21 ULC Site Selection Criteria Investment Strategy ULC concentrates its investments in targeted neighborhoods that have significant economic and social challenges. These high risk neighborhoods include significant portions of Denver as well as sections of first ring suburban communities with similar challenges. We also focus our investments along transit corridors with an emphasis on sites within a half-mile from current and future TOD sites. ULC will consider “super” project (i.e. TOD Fund) that are consistent with our mission, but may be out of our focus area. Each investment must For New Neighborhood Opportunities have the potential to be impactful over the long-term • New neighborhood/community is determined to and/or catalytic in nature. Unless a property/site is a have the most compelling unmet needs of all poten- TOD Fund supported site and/or is an impactful “super tial new areas under consideration that justifies in- project”, ULC prefers to invest only if the property/site vestment; neighborhood/community must serve high meets the following criteria: poverty or at-risk populations • Investment is of a particularly high catalytic value and includes access to high frequency transit • No other stakeholder in the community has the ca- pacity to make the investment • ULC has significant resources to dedicate to estab- lishing a new long-term commitment • Investment can be accomplished in collaboration and partnership with Strengthening Neighborhood and other strong community assets For Current Investment Neighborhoods • Property is adjacent or close to other ULC investments to maximize community impact, to build on other investment, and to capitalize on existing community relationships and partnerships • The neighborhood/community continues to demon- strate a need for additional investment • No other stakeholder in the community has the ca- pacity to make the investment • Investment is done in collaboration and partnership with Strengthening Neighborhood and other strong community partners • Property provides opportunity to generate income 4 of 21 Donated Properties RTD FasTracks Layout • Donated properties will be accepted if: Map on page 4 • The property has a minimum size of 1 acre, OR The RTD FasTracks Layout map shows the intended • The property has a minimum value of $50,000, and plans of the FasTracks system among high-frequency bus lines, routes that make stops at least every 15 min- • The property is located in the Denver metro unless utes during peak hours. FasTracks plans are subject to • The property is simply a candidate for liquidation change due to funding and construction. with proceeds going to the mission of ULC and the donor places no restriction on sale • The property has economically feasible development

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