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Denver Gets TOD Fund

Posted by: Nate Berg
Thanks to: Reconnecting America
1 March 2009 - 7:00am

The City of Denver plans to spend more than $15 million over the next decade to purchase real estate near mass transit.

"With seed money from the John D. and Catherine T. MacArthur Foundation totaling $2.25 million, the city has been able to leverage additional private investment into the Denver Transit-Oriented Development Fund. The city is investing $2.5 million in the fund, with $2 million coming from franchise-fee revenues from Xcel Energy."

"The fund is expected to preserve and create up to 3,000 affordable housing units. The focus will be on rentals, but there will be some homes for sale."

"A primary goal of the Transit-Oriented Development Fund is to preserve and expand affordable housing within a half-mile of existing and new rail service and a quarter-mile of frequent bus routes. Denver working families who earn between $20,000 and $50,000 annually spend 59 percent of gross income on housing and transportation costs, according to a 2006 study by the Center for Housing Policy."

Full Story: City to buy real estate
Source: The Denver Post, February 27, 2009
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