Whatever may be the spate and intensity of recession, some entities (be it individual or organization or even city) do remain obstinate to carry on endeavor, go against the tide and earn the accolades of others. You can surely include Denver among them. The City and County of Denver (is the capital and the most populous city of the state of Colorado, in the United States. Furthermore, it is a consolidated city-county located in the South Platte River Valley on the High Plains just east of the Front Range of the Southern Rocky Mountains.
What’s so special about it then? Well, the city is firm to spend in the region of $15 million procuring properties near mass transit in an effort to preserve and create affordable housing. This single stance has amazed many since the whole country is going through a terrible downturn and the market has hit the bottom almost.
Where will the city gather money from? It has been learnt that in case of Denver the seed money from the John D. and Catherine T. MacArthur Foundation amounting to $2.25 million has been the main source of inspiration. In addition, the city has become successful to leverage extra private investment into the Denver Transit-Oriented Development Fund with this.
What’s more, the city is also investing $2.5 million in the fund and in this regard $2 million hails from franchise-fee revenues from Xcel Energy. Nevertheless, Denver happens to be among 12 cities and states to receive $32.5 million in funding from the foundation. Who are the other investors in the fund? They include Enterprise Community Partners, Urban Land Conservancy, U.S. Bank, Wells Fargo, Colorado Housing and Finance Authority, Rose Community Foundation and the Mile High Community Loan Fund.
It is expected that the fund will retain and create up to 3,000 affordable housing units. Though the main focus will be on rental, some housing units will be available for sale.
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