Urban Land Conservancy

Urban Land Conservancy (ULC) is a Denver based nonprofit organization established in 2003, that acquires, develops and preserves real estate assets for long-term community benefits. ULC acquires properties such as schools, future and current transit hubs, commercial space, and property identified as having community benefit. ULC also develops unique financing tools to aid in their real estate acquisitions.[1]

Urban Land Conservancy
Founded2003
FocusAcquire, develop and preserve real estate in urban areas for community benefit
Location
Area served
Denver Metro Area
Key people
Aaron Miripol, President and CEO, Bill Pruter, Board Chair
Websiteurbanlandc.org

In 2021, the group purchased the former Johnson and Wales University campus in South Park Hill, which quit enrolling students in June 2020. Part of the site is now being redeveloped by a private school, with the nonprofit small business Kitchen Network also leasing space. Denver Housing Authority and Archway Communities plan to convert six dorms into income-restricted housing.[2]

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.[3][4]

ULC's founding board members determined ULC would use community engagement to determine neighborhood needs and began with a focus on the acquisition and preservation of real estate for the long term availability of physical space for nonprofit and community organizations; addressing different types of housing needs; addressing educational needs for children and adults; ensuring convenient and affordable access to child care services.[5]

Approach

ULC utilizes a variety of real estate practices to ensure long-term affordability throughout the Denver Metro area.[6] Land banking, the practice of acquiring parcels of land for future development, is a practice ULC utilizes to make affordable housing feasible. ULC acquires property that is at risk of being lost to the market and holds the property for future development.[7] ULC also employs 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) to bring about long-term affordability.[8] When a development partner is identified, a 99-year ground lease is signed, with an automatic 99-year renewal for a total of 198 years. A ground lease ties the land owner to the user; thereby creating a tenant interest and a landlord interest.[9] CLT's ensure that the land owner has a stake in any future use of the development.

Resources

ULC utilizes a variety of resources to finance their real estate acquisitions. Since 2010, ULC has acted as the sole borrower of three loan facilities totaling nearly $40 million to date.[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

An investment fund started by Calvert Impact Capital. Under the name, Ours to Own, the Calvert Impact Fund 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 deploy $10 million of the low-interest source of capital fund towards the purchase of three real-estate assets that support over 20 nonprofit organizations.[15]

Metro Denver Impact Facility (MDIF)   

A revolving loan capital established by Urban Land Conservancy with lending partners including: FirstBank, Colorado Health Foundation (CHF), The Denver Foundation (TDF) and the Colorado Housing and Finance Authority (CHFA). FirstBank committed $25 million to the Facility and CHF was the first lending partner, contributing $2 million.[16] FirstBank's investment will act as Senior Debt, and the bank will manage MDIF locally, underwriting each deal and evaluating the need for additional project financing to address capital needs. ULC is the sole borrower of the Facility, responsible for creating the development plan and permanent financing structure. ULC will also manage the disposition of these properties and where feasible, retain ownership interest as part of a Community Land Trust (CLT) through a 99-year ground lease.

Low-Income Housing Tax Credit (LIHTC)

A Federal dollar-for-dollar tax credit program. Introduced in 1986 to bolster affordable housing investments, it accounts for the vast majority of all rental housing in the United States (approximately 90%).[17] Federal housing tax credits are awarded to developers for developments that meet certain criteria. Developers then sell these credits to investors to raise capital for their projects, in turn reducing the debt that the developer would otherwise have to borrow. Because the debt is lower, a tax credit property can in turn offer lower, more affordable rents. In Colorado, CHFA is the designated state allocating agency, charged with implementing LIHTC in Colorado.[18]

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 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 units of housing 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 22,000 square foot building for $675,000. ULC paid for construction and demolition and leases 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    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 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 100 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 units of affordable housing.    Affordable Housing and Public  Library    West Colfax   
Walnut Street Lofts 66 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 .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 financing through the Denver Transit Oriented Development Fund (TOD Fund).    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 to advance their mission. 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.[19]
  • 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.[20]  
  • 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 that will assist 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.[21]   
  • The Colorado Trust— a nonprofit foundation focused on community partnerships, health policy and advocacy, and equity.[22]   
  • Denver Regional Housing Collaborative— a group of many Colorado affordable housing organizations working to provide advocacy and leadership for affordable housing.[23]
  • The Denver Foundation— Colorado's oldest and largest community building foundation. The Denver Foundation works for individuals, families, and businesses to help achieve their goals and meet core challenges to the Metro Denver area.[24] ULC is a supporting organization to The Denver Foundation.[25]
  • Denver Livability Partnership— a partnership meant to expand affordable housing, increase access to employment and create better modes of transportation that connect Denver.[26]
  • Community Development Partnership— a group of community developers, foundations and financial institutions who work together on housing and economic development opportunities in Denver.[27]
  • Practitioners Leveraging Assets for Community Enhancement (PLACE)- a unified voice of housing and community development practitioners who build, preserve, and maintain adequate and affordable housing and promote community development for low and moderate income families across the country.[28] Members are expert end-users of federal, state and private housing and community development funding, leveraging various sources of capital to build and strengthen America's communities.
  • 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.[29]
  • 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 will serve as a resource to support ULC's real-estate acquisitions.[30]
  • 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). This effort brought the community together to see the site once again serve as an anchor for the Northeast Park Hill area. A key component of the broadly supported plan was the establishment of “Good Neighbor Principles” which is guiding redevelopment plans for the Holly property.[31][32]
  • 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 over 100 units of affordable transit-oriented development.[33]
  • 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.[34]
  • Neighborhood Development Collaborative (NDC) — a nonprofit community development corporation comprising 13 affordable housing and community development organizations.[35]
  • Radian — an award-winning nonprofit architecture firm and urban design firm. ULC has partnered with Radian on several projects, most notably Colorado's first Tiny Home Village for individuals facing homelessness.[36]
  • Westwood Unidos — a resident-led, neighborhood collaborative initiative to increase community health and livability in the Westwood neighborhood of Denver.[37]

See also

References
  1. Miripol, Aaron (June 2017). "Colorado Impact Report" (PDF). Cornerstone Cap Inc.
  2. "Here's the latest on the historic Johnson and Wales University campus in South Park Hill – Denver Housing Authority". Retrieved 2023-01-07.
  3. "Official Website of Urban Land Conservancy". Retrieved 21 January 2013.
  4. "Urban Land Conservancy Sets New Course for Future". Denver Business Journal. 2007-07-29.
  5. "Official Website of Urban Land Conservancy". Retrieved 21 January 2013.
  6. "Urban Land Conservancy Acquires Land for Affordable For-Sale Home Development in Denver". Global News Wire.
  7. Grabar, Henry (December 4, 2014). "Part Land Bank, Part Community-Focused Credit Line". CityLab.
  8. "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.
  9. 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)
  10. "Denver-Based Urban Land Conservancy Creates Revolving Loan Facility". Philanthropy News Digest. November 20, 2018.
  11. "Denver Regional Transit-Oriented Development (TOD) Fund".
  12. "Denver Transit-Oriented Development Fund". Community Wealth.
  13. "Enterprise: Community Development Financing: Denver TOD Fund". Retrieved 21 January 2013.
  14. "About". Ours To Own.
  15. Christi, Smith. "ULC Impact Investments" (PDF). Urban Land Conservancy.
  16. "$50 Million Metro Denver Impact Facility Launches to Create Affordable Housing". Mile High CRE. November 13, 2018.
  17. "A Tax Credit Worth Preserving". The New York Times. December 20, 2012.
  18. Romans, Alana (January 31, 2019). "January Partner Spotlight of the Month: CHFA!". Urban Land Conservancy.
  19. "Mile High Connects". Retrieved 29 January 2013.
  20. Alana, Romans. "Partner Spotlight October: Citywide Banks".
  21. "Partner Spotlight January: CHFA".
  22. "What We Do".
  23. "Heather Lafferty leads construction of families' future homes". Denver Business Journal. 2012-09-14.
  24. "The Denver Foundation".
  25. "Community Impact Areas".
  26. "City of Denver: Transit Oriented Development". Retrieved 29 January 2013.
  27. "Urban Land Conservancy: Community Development Partnership". Retrieved 29 January 2013.
  28. "PLACE : Mission". Retrieved 29 January 2013.
  29. "Denver Regional Council of Governments: Sustainable Communities Initiative". Retrieved 28 December 2012.
  30. "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".
  31. "Holly Area Redevelopment project". Retrieved 12 February 2013.
  32. "Room to grow at Holly Square redevelopment". Denver Post YourHub. 2012-02-21.
  33. Alana, Romans. "Partner Spotlight October: Medici Consulting Group".
  34. Romans, Alana. "Partner Spotlight July: MidFirst Bank".
  35. "NDC".
  36. Sakas, Michael (March 15, 2019). "While Denver's Tiny Homes For The Homeless Help, They May Not Be A City-Sized Solution".
  37. Alana, Romans. "Partner Spotlight July: Westwood Unidos".
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