The Mile-High city of Denver has a Transit Oriented Development Fund which will generate and preserve at least 1,000 affordable homes for the areas along the existing and future transit corridors. With new transit station openings approaching, $15 million is available to purchase and hold sites, which are within one-half mile of fixed-transit stations or one-quarter mile of high frequency bus stops, for up to five years.
Among other reasons for the fund’s creation, Denver is in the midst of adding five light rail lines to their existing three so the fund has proven necessary in order to meet the demands of the nation’s largest current public transit expansion. This fund is a partnership effort between government, quasi-governmental organizations, banks, non-profit organizations, and foundations.
“The Urban Land Conservancy (ULC), made the initial equity commitment of $1.5 million to the Fund and is leading real estate acquisition, management and disposition of assets. Enterprise assembled the initial capital and the Fund began operations in early 2010.”