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Urban Land Conservancy (ULC), a Denver-based nonprofit established in 2003, that acquires and develops real estate assets. ULC targets properties to address issues of affordable housing and equitable access to essential services.[1]

History

Urban Land Conservancy was established in 2003 with capital from the Gary-Williams Energy Corporation through the Piton Foundation, a philanthropic organization founded by Sam Gary.[2][3]

ULC focuses on the acquisition and preservation of real estate for nonprofit and community organizations, addressing housing needs as well as educational and childcare needs.[4]

Practices

ULC utilizes a variety of real estate practices, including land banking and the practice of acquiring parcels of land for future development.[5][6] They also use a community land trust (CLT) model with a 99-year, renewable ground lease to circumvent the expirations imposed by the city and federal Low-Income Housing Tax Credits (LIHTC).[7] When they identify a development partner, a 99-year ground lease is signed with an automatic 99-year renewal for a total of 198 years.[8]

Funding

The Urban Land Conservancy has partnered with a variety of organizations to raise funding for land development along with receiving money from the Low-Income Housing Tax Credit and the Colorado Housing and Finance Authority, both of which provide funding for affordable housing programs.[9][10]

Denver Transit Oriented Development Fund (TOD)

ULC, Enterprise Community Partners and the City and County of Denver partnered to establish the nation's first Transit Oriented Development fund.[11] The revolving loan fund makes capital available to acquire and hold land for the development or preservation of affordable housing for up to five years along current and proposed transit corridors.[12]

The TOD fund was created to develop and preserve 1,000 affordable homes along current and future transit corridors in Denver. Sites purchased through the fund are within one-half mile of fixed-rail transit stations or one-quarter mile of high-frequency bus stops.

The Urban Land Conservancy made the initial equity commitment of $1.5 million to the TOD fund and leads real estate acquisition, management, and disposition of assets to housing providers to meet the priorities of the fund.[13]

Calvert Facility Fund

Calvert Impact Capital created the fund under the name Ours to Own, which focuses on preserving real estate in urban centers for schools, community spaces, and affordable commercial spaces for nonprofits. $5.1 million was raised from hundreds of individual investors in the Denver region in the first two years of Ours to Own.[14] In addition to small individual investments, the fund received investment from the Piton Foundation, Gary Community Investments, Colorado Health Foundation, The Colorado Trust, and The Denver Foundation. In 2014, ULC partnered with Calvert Impact Capital to invest $10 million towards the purchase of three real-estate assets that support over 20 nonprofit organizations.[15]

Metro Denver Impact Facility (MDIF)   

ULC, in partnership with FirstBank, The Colorado Health Foundation (CHF), The Denver Foundation (TDF) and the Colorado Housing and Finance Authority (CHFA), created the MDIF as a revolving door fund in order to invest in land projects in the Denver area.[16] ULC is the sole borrower, and was responsible for creating the development plan and permanent financing structure. ULC also managed the condition of properties and where feasible, retained ownership interest as part of a community land trust.[17]

Properties

Name Description Type Neighborhood
South Platte Crossing Six story office building located 1/4 mile from the 72nd Avenue and Colorado Boulevard station on RTD's N Line Commuter Rail. Nonprofit Facility Space Commerce City 
Oxford Vista Formerly Excelsior Youth Center, Oxford Vista is a 31-acre campus currently housing Americorps NCCC Southwest Headquarters.  Nonprofit Facility Space    Aurora   
Harlan Nonprofit Center 29,000 square foot nonprofit building serving 30,000 individuals annually.     Nonprofit Facility Space    Lakewood   
Holly Park Six-acre site of future affordable for-sale townhomes in Westminster. Westminster Economic Development Authority, the prior owner, chose to partner with ULC and Elevation Community Land Trust (ECLT). Affordable Housing    Westminster   
Inca Commons Future development of 92 new condominiums, at least 86 to be permanently affordable for households earning $40,000 to $72,000 annual income. Property will include 4,000 square feet of commercial space.    Affordable Housing    Lincoln Park   
Cole Train Vacant site adjacent to Tramway Nonprofit Center. Will be developed to include affordable housing and potential community use    Affordable Housing    Cole   
ArtWay North Multi-phase development is adjacent to RTD's 40th & Colorado Station. Denver's Transit Oriented Development (TOD) Fund and program-related investments from the Piton Foundation and Gary Community Investments financed the acquisition. ULC partnered with DelWest for the first phase of development to construct 156 units of affordable housing. The multi-phase development stages will eventually produce over 400 housing units and 80,000 square feet of commercial space.    Affordable Housing    Northeast Park Hill   
Race TOD    Phase one includes 150 units of permanently affordable housing and 30,000 square feet of commercial space. Affordable Housing    Elyria-Swansea   
New Legacy Charter School First high school for pregnant and parenting teens in Original Aurora. ULC purchased a 22,000-square-foot building for $675,000. ULC paid for construction and demolition and leased the building back to the school.    School    Aurora   
Social Enterprise Foundry 44,000 square feet of warehouse space. ULC financed the purchase with support from the Denver Office of Economic Development and the Calvert Facility Fund as part of the Ours To Own initiative    Nonprofit Facility Space    Sun Valley   
Mountain View Nonprofit Tower 35,000 square foot building houses over 15 nonprofit tenants. ULC financed the purchase through the Calvert Foundation's Facility Fund as part of the Ours To Own Initiative.    Nonprofit Facility Space    North Capitol Hill   
Thriftway Property   ULC purchased the vacant Thriftway building in 2014. ULC started working directly with Westwood Unidos, a resident-led neighborhood collaborative. ULC completed the construction of an interim pocket park and futsal court on the property. Long term plans for the site are to create a beneficial development to directly address the needs of the community.
Land Westwood   
Curtis Park Nonprofit & Community Center The Nonprofit Center houses six organizations. ULC sold the Community Center to Family Star Montessori.    Nonprofit Facility Space & School    Curtis Park   
11th Avenue TOD Land adjacent to Sheridan Station. ULC is land banking property for future transit-oriented development.  Affordable Housing    Villa Park 
Villas at Wadsworth Station One hundred units of affordable apartments along a transit corridor.    Affordable Housing    Lakewood   
Mile High Vista Multi-phase development includes Rodolfo “Corky” Gonzales Denver Public Library, and Avondale Apartments, 80 affordable housing units.    Affordable Housing and Public  Library    West Colfax   
Walnut Street Lofts Sixty-six units of permanently affordable housing near Blake Station. Affordable Housing Five Points   
Evans Station Lofts Evans Station Lofts are adjacent to the Evans Light Rail Station, along RTD's C and D lines. A five-story development includes 50 units of affordable housing units and 7,100 square feet of commercial space. Affordable Housing    Overland   
Santa Fe 10 ULC purchased a .31 acre property in August 2011 for $1.35 million, preserving 16 units of affordable housing and 7,400 square feet of commercial space.    Affordable Housing    Lincoln Park   
Garden Court Apartments ULC acquired a vacant 1.5-acre parcel for $1.3 million in 2010, which ultimately became home to the Garden Court Apartments at Yale Station. Denver's Transit-Oriented Development (TOD) Fund financed the acquisition. The apartments are adjacent to the Yale Light Rail Station, along RTD's E and F lines.    Affordable Housing    University Hills   
Dahlia Apartments ULC acquired the property located at 33rd & Dahlia in December 2009. The property consists of six buildings. This property was the first to utilize the Denver Transit Oriented Development Fund (TOD Fund) financing.    Affordable Housing    Northeast Park Hill   
Holly Square ULC purchased the property after gang-related arson burned down the Holly Square Shopping Center. ULC partnered with HARP to redevelop the community hub. Today, the site is home to Roots Elementary and a Boys & Girls Club.  Nonprofit Facility Space    Northeast Park Hill   
25th & Stout Land    Urban Land Conservancy acquired a piece of land at 25th and Stout through a real estate company donation. Due to zoning and community challenges related to the construction of the planned affordable town homes, ULC sold the property in 2015.    Land    Five Points   
St. Andrews Downtown 12,500 square foot parking lots at the 2000 block of Glenarm. ULC sold ownership of these lots in 2017.    Affordable Housing Five Points   
Tramway Nonprofit Center Affordable office space housing 15 nonprofit organizations.    Nonprofit Facility Space    Cole   
Jody Apartments at 10th & Sheridan    62 affordable apartments are owned and operated by NEWSED. ULC owns the land underneath.    Affordable Housing Lakewood   
Habitat for Humanity of Metro Denver ULC helped finance the acquisition of Habitat for Humanity of Metro Denver's Denver Home Improvement Outlet, by providing Habitat with a below market-rate bridge loan. Bridge Loan    Baker   
Renaissance at North Colorado Station Development of 103 units of affordable housing with supportive services such as financial literacy and employment assistance.    Affordable Housing    Northeast Park Hill   
Tennyson Center for Children (TCC) TCC helps children experiencing severe trauma and neglect. ULC purchased one-block, 4.12 acre campus in April 2005 to help TCC avoid losing property in parent group's bankruptcy. ULC re-sold it to Tennyson Center for that same amount in 2011.   School    West Highland   

Partnerships

ULC has partnerships with both national and local non-profits, for-profits and public organizations. ULC is a member/partner of the following organizations and coalitions:

  • Mile High Connects — a nonprofit that aims to increase access to housing, employment, schools and other services through public transit.[18]
  • Citywide Banks — a Colorado-based community bank founded in 1963. As of 2014, Citywide has provided $12 million in loans to ULC for acquisition of real-estate assets with a social and community benefit.[19]  
  • Colorado Health Foundation (CHF) — a nonprofit, private foundation focused on health access for all Coloradans by working with communities throughout Colorado. In 2018, CHF helped launched the $50 million Metro Denver Impact Facility, a revolving loan capital with the goal of assisting in the creation and preservation of affordable housing and community serving space in the Greater Denver area.   
  • Colorado Housing and Finance Authority (CHFA)— the state delegated agency for distributing LIHTC in Colorado.[20]   
  • The Colorado Trust — a nonprofit foundation focused on community partnerships, health policy and advocacy, and equity.[21]   
  • Denver Regional Housing Collaborative — a group of many Colorado affordable housing organizations working to provide advocacy and leadership for affordable housing.[22]
  • The Denver Foundation — Colorado's oldest and largest community building foundation.[23] ULC is a supporting organization to The Denver Foundation.[24]
  • Denver Livability Partnership — a partnership meant to expand affordable housing, increase access to employment and create better modes of transportation that connect Denver.[25]
  • Community Development Partnership — a group of community developers, foundations and financial institutions who work together on housing and economic development opportunities in Denver.[26]
  • Practitioners Leveraging Assets for Community Enhancement (PLACE) — a group of housing and community development practitioners who aim to build, preserve, and maintain adequate and affordable housing and promote community development for low and moderate income families across the country.[27]
  • Denver Regional Council of Governments (DRCOG) Sustainable Communities Initiative— a consortium funded by a $4.5 million award from the U.S. Department of Housing and Urban Development that supports a regional plan for growth and development, particularly in regard to FasTracks.[28]
  • First Bank — a private banking institution based out of Lakewood, Colorado. First Bank was the initial lending partner for the Metro Denver Impact Facility (MDIF), committing $25 million in 2018 to MDIF, which promised to serve as a resource to support ULC's real-estate acquisitions.[29]
  • Holly Area Redevelopment Project — In partnership with actively engaged neighbors, ULC, assisted by City of Denver's Office of Economic Development, Strengthening Neighborhoods (a program of The Denver Foundation) and Community by Design consultants, initiated the first phase of the Holly Area Redevelopment Project (HARP). A key component of the broadly supported plan was the establishment of “Good Neighbor Principles” which are guiding redevelopment plans for the Holly property.[30][31]
  • Medici Consulting Group — a Denver-based community development firm. ULC and Medici have partnered on two developments, the Evans and Walnut Street Lofts, together bringing 100+ units of affordable transit-oriented development.[32]
  • MidFirst Bank— a privately owned bank based in Oklahoma City, Oklahoma. MidFirst provided resources for predevelopment, acquisition and refinancing on six properties totaling over $6 million.[33]
  • Neighborhood Development Collaborative (NDC) — a nonprofit community development corporation comprising 13 affordable housing and community development organizations.[34]
  • Radian — an award-winning nonprofit architecture firm and urban design firm. ULC has partnered with Radian on several projects, including Colorado's first Tiny Home Village for individuals facing homelessness.[35]
  • Westwood Unidos — a resident-led, neighborhood collaborative initiative to increase community health and livability in the Westwood neighborhood of Denver.[36]

See also

References

  1. ^ Miripol, Aaron (June 2017). "Colorado Impact Report" (PDF). Cornerstone Cap Inc. Archived from the original (PDF) on 10 May 2019. Retrieved 18 January 2024.
  2. ^ "Official Website of Urban Land Conservancy". Retrieved 21 January 2013.
  3. ^ "Urban Land Conservancy Sets New Course for Future". Denver Business Journal. 2007-07-29.
  4. ^ "Official Website of Urban Land Conservancy". Retrieved 21 January 2013.
  5. ^ Grabar, Henry (December 4, 2014). "Part Land Bank, Part Community-Focused Credit Line". CityLab.
  6. ^ "Urban Land Conservancy Acquires Land for Affordable For-Sale Home Development in Denver". Global News Wire.
  7. ^ "Urban Land Conservancy and Medici Consulting Group Break Ground on 66 Units of Permanently Affordable Housing in Denver's Cole Neighborhood". City and County of Denver. March 21, 2019. Archived from the original on May 14, 2019.
  8. ^ Haykan, Wayne and, Zinn, Eric (2004). "Leases in Affordable Housing Transactions". Journal of Affordable Housing & Community Development Law. 13: 185–209 – via JSTOR.{{cite journal}}: CS1 maint: multiple names: authors list (link)
  9. ^ "A Tax Credit Worth Preserving". The New York Times. December 20, 2012.
  10. ^ Romans, Alana (January 31, 2019). "January Partner Spotlight of the Month: CHFA!". Urban Land Conservancy.
  11. ^ "Denver Regional Transit-Oriented Development (TOD) Fund".
  12. ^ "Denver Transit-Oriented Development Fund". Community Wealth. Archived from the original on June 2, 2017.
  13. ^ "Enterprise: Community Development Financing: Denver TOD Fund". Enterprise. Archived from the original on March 24, 2012. Retrieved 21 January 2013.
  14. ^ "About". Ours To Own. Archived from the original on 6 May 2021.
  15. ^ Christi, Smith. "ULC Impact Investments" (PDF). Urban Land Conservancy.
  16. ^ "Denver-Based Urban Land Conservancy Creates Revolving Loan Facility". Philanthropy News Digest. November 20, 2018. Retrieved 17 January 2024.
  17. ^ "$50 Million Metro Denver Impact Facility Launches to Create Affordable Housing". Mile High CRE. November 13, 2018.
  18. ^ "Mile High Connects". Archived from the original on 11 October 2014. Retrieved 29 January 2013.
  19. ^ Alana, Romans. "Partner Spotlight October: Citywide Banks".
  20. ^ "Partner Spotlight January: CHFA".
  21. ^ "What We Do".
  22. ^ "Heather Lafferty leads construction of families' future homes". Denver Business Journal. 2012-09-14.
  23. ^ "The Denver Foundation".
  24. ^ "Community Impact Areas".
  25. ^ "City of Denver: Transit Oriented Development". Retrieved 29 January 2013.
  26. ^ "Urban Land Conservancy: Community Development Partnership". Retrieved 29 January 2013.
  27. ^ "PLACE : Mission". Retrieved 29 January 2013.
  28. ^ "Denver Regional Council of Governments: Sustainable Communities Initiative". Retrieved 28 December 2012.
  29. ^ "FirstBank, Urban Land Conservancy, Colorado Health Foundation, The Denver Foundation and Colorado Housing and Finance Authority Partner to Launch $50 Million Metro Denver Impact Facility".
  30. ^ "Holly Area Redevelopment project". Retrieved 12 February 2013.
  31. ^ "Room to grow at Holly Square redevelopment". Denver Post YourHub. 2012-02-21.
  32. ^ Alana, Romans. "Partner Spotlight October: Medici Consulting Group".
  33. ^ Romans, Alana. "Partner Spotlight July: MidFirst Bank".
  34. ^ "NDC".
  35. ^ Sakas, Michael (March 15, 2019). "While Denver's Tiny Homes For The Homeless Help, They May Not Be A City-Sized Solution".
  36. ^ Alana, Romans. "Partner Spotlight July: Westwood Unidos".
source: https://en.wikipedia.org/wiki/Urban_Land_Conservancy