Transit-Oriented Development (TOD) and Seniors in Low-Income Housing

Cheryl Gladstone

Program Director, Senior Housing

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Seniors and Transit: Access, Not Just Proximity

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Enterprise Green Communities Criteria and Universal Design

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Denver TOD Fund: Background

Low-Income, Minority, and Senior Community Members are at risk of:

1.Degradation of existing bus lines

2.Increased housing cost from speculation

3.Tenant displacement from gentrification pressures

4.Isolation from community

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TOD Fund: Background

Low income families spend 60% of income on housing and transportation

They are more likely to utilize transit regularly, increasing & stabilizing ridership for RTD

Transit access improves access to education, jobs, food, healthcare and community services

TOD encourages smart/compact growth, decreases traffic congestion and enhances air quality

Increases community health through walking, bicycling, and interaction

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Total units 9,759

Units within a half mile of quality transit 7,300

Elderly designated units 1,329

Units with contracts expiring by 2014 4,382

Federally Assisted Housing in the Denver Region

TOD Communities Need to Benefit People of All Ages6

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The TOD Fund: Structure

Goal: Preserve and create over 1,000 units of affordable housing units near transit through property acquisition and land banking

$15 million, 10 year fund, 3.5% fixed interest rate to Urban Land Conservancy

Prevent gentrification pressures from displacing current residents

Ensure access to jobs, education, community services, healthcare

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Located less than 300 feet from future light rail station

ULC has 99 year land lease to nonprofit owner

52 of 62 apartments now permanently affordable, 12 at 30% AMI and below

62 units adjacent to Sheridan Station

NEWSED, ULC, Enterprise, City, Colorado Division of Housing

Jody Apartments (The Beginning)8

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The TOD Fund: Efforts to Date

Dahlia Apartments (36 apt homes) - Apr. 2010 $1,000,000 Health & Safety Rehabilitation completed by ULC

Yale Station (1.20 acres land) – July 2010 $1,192,500 ULC working with RTD/Developers on area development plan

Mile High Vista (2.15 acres land) – March 2011 $2,115,000 70 new apts, 28K SF public library, 14K SF supportive retail

Evans Station (0.96 acres land) – June 2011 $1,078,110 50 new apts financed with 9% LIHTC

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The TOD Fund: Future

Our goals for expanding the TOD Fund:

Increase fund to $30 million or more

Additional borrowers

Larger geographic scope

Added focus on senior population Area Agency on Aging

Mixed-Use/Mixed-Income properties

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Contact

Cheryl Gladstone

Program Director, Senior Housing

cgladstone@enterprisecommunity.org

(212) 284-7192