Denver Mixed-Use Development to Include Energy Efficient Housing with Help of CDFI Financing
Client: Globeville Redevelopment Partners, LLC
Client Location: Denver, CO
CDFI: Impact Development Fund
CDFI Service Area: CO
Financing and technical assistance, with support from the Finance Justice Fund
Globeville Apartments is a new public-private partnership that directly responds to decades of inequity and disinvestment in the area. Long considered one of the most polluted and dangerous neighborhoods in Denver, Globeville has historically been an under-resourced and neglected area of town challenged by an array of issues, including the Central 70 Project, which widened Interstate-70 and displaced countless community members.
With the ongoing development of Denver, and the RINO neighborhood in particular, Globeville’s residents will continue to face an immense amount of displacement of individuals and families who have lived in the neighborhood for years, and in many cases, generations.
In response to this issue, developer Globeville Redevelopment Partners LLC is building the Globeville Apartments housing complex on 2.7 acres of city-owned parcels awarded by Denver’s Department of Housing Stability as part of a significant community revitalization effort.
The predevelopment financing of the Globeville Apartments project is a profound collaboration between OFN member and statewide affordable housing lender Impact Development Fund, Colorado Clean Energy Fund (CCEF), and Mercy Housing. Since mainstream financing often fails to support projects that are deeply subsidized, it’s unlikely that Globeville Redevelopment Partners LLC would have been able to secure necessary predevelopment financing without the help of Impact Development Fund and its partners.
“Across the state of Colorado, from small mountain towns on the Western Slope to the metro areas of the Front Range, housing affordability and availability is a persistent challenge for community members and their respective local governments. As a statewide CDFI, Impact Development Fund is proud to support Globeville Redevelopment Partners to provide crucial, and scarcely available, predevelopment financing for this affordable housing project. We are excited to advance Globeville Redevelopment Partners’ initiative to combat rising costs of housing and displacement along with the enhancement of the neighborhood through the addition of much needed amenities and community services,” said Megan Ferguson, Deputy Executive Director, Impact Development Fund.
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