Denver’s Park Hill neighborhood will soon have 253 new units of affordable housing. 67% of units will be two- three- and four- bedroom apartments. The affordable housing development is intended to serve a wide range of Denver residents who earn 30 percent to 80 percent of area median income. Sharing Connexion provided a $2.7 million acquisition loan to developer Delwest, a respected affordable housing developer and manager in the Park Hill neighborhood. The new affordable housing complex will be on the site of the former Metro Taxi depot.
Delwest has already been awarded Low Income Housing Tax Credits and with this land now in their possession, Delwest is moving forward with the design and construction planning phase of the project. Delwest is hoping to break ground later this year.
“Delwest is so excited to be bringing this new community to the old Metro Taxi depot! I believe that the larger families that come with building 3-and 4-bedroom homes will enjoy the easy walking access to parks and schools”says Joe DelZotto, President and CEO of Delwest.
Sharing Connexion echoes this excitement.
“Three- and four-bedroom units are not common in affordable housing developments, and larger families who need attainable housing have limited options. Delwest’s project is serving a very important need. One of our top impact priorities is family-friendly housing, so from the beginning, there was clear alignment. The opportunity to support Delwest’s project has been especially meaningful to our mission”says Emily Nilsen, Operations Director of Sharing Connexion.
This project is a great example of public and private organizations coming together to support an important community need. Sharing Connexion joins Impact Development Fund, Mercy Loan Fund, Colorado Housing and Finance Authority, Colorado Division of Housing, Denver Department of Housing Stability and Wells Fargo in financial support of this project.
“It has been a pleasure working with Sharing Connexion. They are truly committed to the affordable housing industry and showed great flexibility in working with our tight timelines”says Joe Delzotto, President and CEO of Delwest.
Sharing Connexion is a real estate focused nonprofit organization. Its mission is to provide affordable housing and nonprofit organizations with real estate expertise, funding, and preservation. This loan came from Sharing Connexion’s Real Estate Impact program, which makes pre-development, acquisition, and bridge loans to affordable housing projects and nonprofit program spaces.
“Sharing Connexion is excited to support another important affordable housing project and is grateful for our ongoing partnership with FirstBank. We are working together to give back to Colorado communities. We are seeking more Real Estate Impact opportunities and are excited to serve more of these needs”says Ed Anderson, Founder of Sharing Connexion.
Supporters can donate directly to Sharing Connexion’s Real Estate Impact program on our donate page. Affordable housing organizations and nonprofits interested in Real Estate Impact loans can find out more on the Real Estate Impact page. For press inquiries, please contact Operations Director, Emily Nilsen, at firstname.lastname@example.org.