CREJ

May 2022 — Multifamily Properties Quarterly — Page 35 www.crej.com Affordable Housing E nterprise Community Part- ners is a national nonprofit whose mission is to make good homes possible for the millions of people in all 50 states, Puerto Rico and the Virgin Islands. Enterprise creates homes and communities that are places of pride, power and belonging. Enterprise’s story began when noted real estate developer James Rouse, then CEO of The Rouse Co., was approached by members of a local church to help create low- income housing in Washington, D.C. Their passion and commitment won Rouse over, and he helped them secure funds to acquire and rehab property in their neighbor- hood. Inspired by the experience, Rouse and his wife, Patty, founded Enter- prise in 1982. In the 40 years since, Enterprise has invested $54 bil- lion and created 873,000 affordable homes nationwide. Today, we bring innovative financing and program- ing to increase housing supply, advance racial equity, and build resilience and upward mobility. In Colorado, Enterprise has lev- eraged $1.7 billion in grants and capital – including tax credit invest- ments, loans, equity and debt – to create or preserve more than 21,500 homes that are affordable to low- and moderate-income households. Denver’s Hope Communities was one of the first nonprofits in the country to benefit from Enterprise’s support. In 2010, we created the Denver Regional Transit- Oriented Devel- opment fund to provide fast, flex- ible capital to cre- ate and preserve affordable homes along transit lines. The TOD fund is managed by Enter- prise’s Commu- nity Loan Fund (a federal Treasury- approved commu- nity development financial institu- tion), which is supported through partnerships with housing agencies, foundations, other CDFIs and banks. The TOD fund has invested $50 mil- lion in 22 properties with over 2,000 units in the Denver metropolitan area. For example, Enterprise recently partnered with Denver Health and Hospitals and the Denver Housing Authority to create service-enriched affordable apartments for seniors, people with disabilities and home- less patients transitioning out of Denver Health medical facilities with an $18 million low-income housing tax credit investment to convert a vacant office building on Denver Health’s campus into fur- nished homes. Since it will be impossible to build our way out of Colorado’s affordable housing crisis, housing preserva- tion strategies are as essential as advancing policies and funding to ensure that currently affordable homes remain so. With myriad Preservation Network partners, Enterprise is compiling a database of small and medium-sized multi- family properties to identify afford- able homes at risk of being lost to the inventory and providing techni- cal assistance to partners to identi- fy and acquire properties; deploying $220,000 in redevelopment grants to preserve properties; delivering a training academy for landlords; and working with the Colorado Hous- ing and Finance Authority to pilot a preservation-focused loan product. With grants and loan resources delivered through the Enterprise Community Loan Fund, Enterprise Investments and Bellwether Enter- prise, we have a goal of creating at least 1,000 new rental and per- manent supportive housing units statewide in 2022 with our develop- ment partners. This includes direct- ing capacity building and predevel- opment grants in priority Denver neighborhoods, such as the $6.8 million that has been earmarked to increase the supply of affordable homes in the East Colfax commu- nity. In 2020, Enterprise embarked upon its Equitable Path Forward initiative, a five-year, $3.5 billion nationwide effort to help dismantle the legacy of racism in housing by providing capital and advisory ser- vices to Black, Indigenous and peo- ple of color developers and housing providers. In Denver, we are proud to have recently supported the Sec- ond Chance Center with a $2.5 mil- lion loan for the construction of 118 units of permanent supportive and workforce housing, where residents also can learn the skills to transi- tion to the workforce. We also were excited to partner with the Neighborhood Develop- ment Collaborative and Habitat for Humanity of Metro Denver to devel- op “When Zip Code Doesn’t Matter,” a project exploring the connections between race, residential segrega- tion, access to homeownership and public safety in Denver. The project is comprised of four online mod- Preservation is essential in fight for affordability A t Rocky Mountain Commu- nities, Dana, a single mom on a fixed income, finds academic support and fun for her two elementary- aged children through the non- profit’s youth programs at Mountain Terrace. She’s part of a true com- munity, she said. “This is unlike any other apartment.” Meanwhile, Ken appreciates the diversity at his own Garden Court complex. “I like the area and the complex. I probably wouldn’t move even if I could,” he said. NeighborWorks America is a national, congressionally chartered and funded nonprofit, with almost 250 members across the country. In Colorado, NeighborWorks sup- ports eight network organizations that work together to help residents build strong communities, includ- ing Rocky Mountain Communities, where Dana and Ken both live. Part of that work is creating opportuni- ties for families to buy affordable homes, rent apartments, and occu- py safe and sanitary farmworker housing. Organizations also may engage in financial coaching and counseling, training, lending, etc. NeighborWorks network organi- zations in Colorado span the state, from the Front Range to the West- ern Slope to southeastern Colo- rado. The members here are the Community Resources and Hous- ing Development Corp., based in Westminster; Housing Resources of Western Colorado in Grand Junc- tion; Neighbor to Neighbor Inc. in Fort Collins; NeighborWorks South- ern Colorado in Pueblo; Oweesta Corp. in Longmont; Rocky Mountain Communities in Denver; Thistle Communities in Boulder; and Total Concept Hous- ing Development Corp., headquar- tered in Fowler. NeighborWorks America’s pri- orities are building skills, supplement- ing resources and amplifying reach. The organization helps its network organizations empower more individuals and transform more communities than they could on their own. Grants, peer exchange, evaluation tools, training and technical assistance – such as portfolio-strengthening clinics, strategy sessions and peer learning opportunities – are all part of that support. For example, in the San Luis Val- ley city of Alamosa in southwest- ern Colorado, CRHDC acquired a complex of 110 multifamily apart- ment homes and 40 acres of land in August 2021. The acquisition of the multifamily rental units enabled CRHDC to preserve naturally occur- ring affordable housing. CRHDC currently is developing a master plan on those 40 acres that includes homeownership and rentals and a variety of multifamily housing. This plan will guide the development of the 40 acres and help CRHDC grow its capacity to provide technical assistance to rural communities across the state looking for housing solutions. “Where we call home matters,” says Arturo Alvarado, executive director of CRHDC. “It is important that we work to provide safe and affordable housing options with access to opportunities at different entry points for all, providing hope for future generations by investing in neighborhoods where children can play, families can grow and individuals can build a future.” Meanwhile, in Rocky Ford, Total Concept is building a permanent supportive housing development at the site of an old motel featuring 30 apartment homes. The organization submitted a 9% Low-Income Hous- ing Tax Credit application for The Osborn, which includes demolish- ing the motel and replacing it with a modern building near the center of the rural community. Trauma- informed design, which promotes feelings of safety and healing, is central to the building and site. Over the past five years, Neighbor- Works America has awarded nearly $12 million in grant funding to Col- orado network organizations. Using this flexible NeighborWorks capital as a catalyst, organizations are able to leverage additional sources of financing to enhance their local impact. In fiscal year 2021, Neigh- borWorks America’s network mem- bers across the country reported almost $17 billion of investment in their communities, securing $102 of investment from other sources for every $1 Congress provided. Of the eight NeighborWorks net- work organizations in Colorado, seven own and manage apart- ment homes ranging from five (for a nonprofit that primarily serves homeownership and small business clients) to just over 1,500 units. In fiscal year 2021, network organiza- tions owned and managed 3,447 apartment homes, provided 14,728 total housing and counseling servic- es, and constructed, acquired and preserved 457 rental homes. Neigh- borWorks America also was very NeighborWorks America builds network across CO Jennie Rodgers Vice president, Mountain, Tribal, and Rural Market, Enterprise Community Partners Lisa Hasegawa Regional vice president, Western Region, NeighborWorks America The Denver Housing Authority/Denver Health building located at Speer and Broadway, just north of Sixth Avenue Please see Rodgers, Page 42 Please see Hasegawa, Page 42 Community Resources and Housing Development Corp.’s Kiva Apartments in Alamosa