tod news

Metro Denver TOD affordable housing generated $598 million in 5 years, study finds
Molly Armbrister | Denver Business Journal

 

Building and renovating subsidized rental apartments at transit sites in the Denver metro area generated $598 million and more than 7,000 local jobs in the last five years, according to a study commissioned by Urban Land Conservancy, Housing Colorado and Mile High Connects.

 

Between 2009 and 2013, construction on affordable housing accounted for $543 million in local income and $54 million in taxes and other revenues for local governments, the study said. In addition, 7,345 jobs have been created in the same time frame by building and renovating subsidized apartments.

 

The study was completed by Washington, D.C.-based economist Elliot Eisenberg using data provided by the Piton Foundation.

 

"With the cost of shelter in the metro Denver region rising and wages failing to keep up, affordable housing development is more important than ever," Eisenberg said. "Transit-oriented development is clearly a part of this region's housing solution."

Eisenberg presented the findings to a group of policy makers, housing experts and investors this week.

 

"With the skyrocketing rental market and a 58,000 gap in affordable housing units in the Denver region, it is important to understand how affordable housing is a vital contributor to the local economy," said Aaron Miripol, president and CEO of Urban Land Conservancy. "Taking advantage of opportunities along the build-out of our rail systems is especially important."

 

ULC this week announced that it acquired six acres in the Elyria-Swansea neighborhood to build a mixed-use, transit-oriented development.