Happy Women's History Month from ULC!
Each time a woman stands up for herself, without knowing it possibly, without claiming it, she stands up for all women.
- Maya Angelou
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Viña Apartments: Now Open!
Vibrant Affordable Living in Elyria-Swansea
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Columbia Ventures, ULC’s development partner at our Race TOD site, has announced the opening of Viña, affordable apartments in the Elyria-Swansea neighborhood. Bright and beautiful, Viña is not just a place to call home — it is a place where families can experience a new standard of living, a sense of dignity, and hope for the future. Located at 48th & Race in Denver, studios, 1, 2, and 3 bedrooms are available to those with household incomes ranging from 30% to 80% of AMI (incomes of $21,000 to $80,000). Viña will more than quadruple the supply of permanently affordable housing in the area. Visit the site to learn more, https://www.vinadenver.com/.
Urban Land Conservancy purchased Race TOD in April of 2015 using the Calvert Facility Fund with additional loan support from the City and County of Denver. The transit-oriented development (TOD) is located two blocks from RTD’s 48th & Brighton commuter rail station on the North Line, which opens in September. It will provide both permanently affordable and market-rate housing options, as well as over 45,000 square feet of community-serving commercial space in the Elyria-Swansea neighborhood. In addition, it will be the new home of Tepeyac, a 25-year-old nonprofit health clinic providing culturally competent care and preventative health services to the medically underserved.
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Partner Spotlight of the Month: CEDS Finance |
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Immigrating to America is often coupled with the promise of opportunity. But how do you start a small business when you don’t have any credit or practice the Islamic faith and require Murabahah (a financing structure where no interest is charged)? Sharing in the American Dream is not as simple it once was.
Established in 2009, CEDS Finance supports the American Dream of financial self-sufficiency by assisting immigrants, refugees, and those from underserved communities to start, grow, or strengthen their small businesses in Metro Denver. CEDS Finance is a nonprofit Community Development Financial Institution (CDFI) and Small Business Administration (SBA) Intermediary Lender that provides business loans and support services to underserved business owners across Metro Denver. They break barriers for those marginalized from the traditional financial system and support them by providing access to financial services for thriving businesses, families, and communities.
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CEDS Finance’s model is unique in many ways. It combines character-based underwriting with technical business assistance to ensure its clients are set up for success. Its investment officers get to know each client, building trust and resiliency as loans and payment terms are customized to each individual’s needs. In addition, CEDS Finance is the only lender in Colorado that provides Islamic-compliant financing (Murabahah).
“We like to think of ourselves as economic first responders,” said Brittany Smith, CEDS Finance Communication Officer. “We’ve provided over $6.5 million in financing and had over 300 borrowers from 34 different countries of origin.”
When CEDS Finance was searching for new office space, they knew they wanted to stay in Aurora, close to most of their clientele. ULC was lucky enough to contact CEDS Finance and offer them a place at our new site, COLFAXLAB for social good, at the former Citywide Banks Building.
“We’re excited to have more space, especially because we’re going to dedicate a few rooms to people filling out their applications,” said Smith. “We plan to have computers and be onsite, so they can ask questions in real-time. There’s also a space we will use for training to continue coaching our clients on various business goals.”
(photos are from businesses that got their start thanks to CEDS Finance)
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Welcome Nourish Colorado! |
ULC is excited to welcome Nourish Colorado to the Tramway Nonprofit Center. Nourish Colorado believes that food is a fundamental human right. Our complex yet efficient food system produces an abundant amount of food, but it lacks resiliency and does not equitably deliver nutritious food to all people. Thus, Nourish Colorado strengthens the food system to ensure equitable access to nutritious foods for all Coloradans.
Nourish works with community and organizational partners across the state, manages initiatives such as Double Up Food Bucks and Local Procurement Colorado, and advocates for state and federal policies that make healthy food access the norm everywhere.
"Place and people matter to our team," said Wendy Peters Moschetti, Nourish Colorado's Managing Director. "How accessible we are to the community and how welcoming and inclusive our space feels impacts our work and who works with us. We were so happy to find (and at the fairly last minute!) space at Tramway that just felt like such a nice fit. To be surrounded by passionate and committed people doing incredible work is a huge bonus as well - even if our work is very different, it is pretty uplifting to be in such a positive environment in the building!"
If you’d like to learn more about Nourish Colorado or make a donation, please click here. If you are interested in office space at Tramway or our other nonprofit facilities, please contact Autumn Brennan., ULC's Properties Assets Coordinator.
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In the upcoming legislative session, HB22-1051 was introduced by the House Transporation & Local Government Committee. Currently, Colorado Housing and Finance Authority, under the Colorado Affordable Tax Credit Program, allocates income tax credits in an annual aggregate amount of up to $10 million for the years beginning on January 1, 2020, and ending on December 31, 2024. The proposed bill extends this period to December 31, 2034, and increases the annual aggregate cap for the years beginning on January 1, 2023, and ending on December 31, 2034, to $15 million.
ULC supports this bill and believes Colorado needs more access to Low Income Housing Tax Credits. Better yet, ULC can expand the impact of LIHTC because of our unique community land trust that ensures permanent affordability and creative placemaking at our properties.
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