Affordable HousingDevelopment

Denver’s Elyria-Swansea Neighborhood to Receive $2M Grant for Affordable Housing

DENVER — The Colorado Department of Transportation has awarded a $2 million grant to the Globeville, Elyria-Swansea (GES) Affordable Housing Collaborative to support affordable housing in Denver’s Elyria-Swansea neighborhood. Brothers Redevelopment Group, the Globeville, Elyria-Swansea (GES) Coalition, Colorado Community Land Trust (CCLT) are all supporting the GES community in its efforts.

This grant, one of the Central 70 Project’s community commitments, is intended to help provide long-term affordable housing to low-income residents of Elyria-Swansea. According to Nationwide Insurance, Denver ranks fifth in the nation for the steepest decline in affordability over the past year. The GES Coalition Organizing For Health And Housing Justice recently showed in a survey that within the Elyria-Swansea community, 88 percent of low-income residents are at risk of displacement and 51 percent of renters are at very high risk of displacement due to not having a contract with the property owner.

“This funding, which is unprecedented for CDOT, follows through on a commitment we made to Elyria-Swansea,” said Tony DeVito, Central 70 project director. “As critical as Central 70 is to our state and regional transportation system, we also recognize that a construction project of this magnitude does not happen in a vacuum. There are impacts to neighborhoods and communities and we have committed to address those impacts. The Central 70 team is absolutely thrilled to partner with the Collaborative and we look forward to seeing this funding achieve great things in Elyria-Swansea.”

The affordable housing project is expected to begin later this summer and continue through summer 2021. The partners define affordable housing as housing which is affordable to those with a household income equal to or less than 80 percent of the Area Mean Income (AMI). The grant aims to serve the most vulnerable residents (those earning between 30 and 60 percent
of the AMI) who find it more difficult to obtain a fixed-rate mortgage. Through CDOT’s housing mitigation funding and leveraged dollars, the GES Affordable Housing Collaborative have made these commitments:

● Providing local education opportunities, financial counseling and other training to prepare residents for home ownership.
● Identifying, training, and placing qualified GES residents through a fair process to attain affordable housing, with a goal to assist renters in transitioning to home ownership.
● Creation of new and preservation of affordable housing units in Elyria-Swansea
● Preserving existing affordable housing by rehabbing the homes or rental units of owners who agree to maintain long-term affordability.
● Reducing long-term operating costs by providing energy efficient and water conserving features.

“On behalf of the GES Affordable Housing Coalition, we are honored to accept this grant award that we will use to preserve, protect and promote affordable housing options for the proud residents in the Elyria Swansea neighborhood,” said Jeff Martinez, president of Brothers Redevelopment. “Building our initial investments, we intend to help residents establish a land trust that will be composed of existing and new homes and apartments, and that will preserve affordability for generations of GES families.”

 Photo of a property on Filmore St. in Denver’s Elyria-Swansea neighborhood, courtesy of Brothers Redevelopment Group

 

Previous post

High Demand for STNL Properties Across the Front Range

Next post

GE Johnson Completes Two School Projects

No Comment

Leave a reply

Your email address will not be published. Required fields are marked *