ULC Sells Property at Yale Station in Denver for Affordable Housing
Another phase of development at Yale Station in Denver is underway, as a result of the sale of property by Urban Land Conservancy (ULC) to development partners Koelbel and Company and Mile High Development.
ULC purchased the one-acre property in July 2010 using Denver’s Transit-Oriented Development (TOD) Fund, a $15 million fund created the previous year to preserve land near transit stations for affordable housing and facilities development.
The new four-story development will be called Garden Court Yale Station and will include 66 units of affordable workforce housing as well as other amenities including a fitness room, community room, computer lab and a courtyard. This development will compliment the adjacent affordable-living complex for 55 and over residents. Both housing developments are located at the Yale Station on the Southeast Rail Line, and residents of the new Garden Court will have a one-minute walk to access both bus and train. Construction began this Spring on the one-, two-, and three-bedroom units.
Households earning up to 60 percent of Area Median Income (AMI) will be eligible to live at Garden Court. As an example, a family of three earning household income up to $42,840 a year would be eligible.
Several reports show that low-income households spend 60 percent of income on housing and transportation expenses. That burden will be eased for low-income families residing at Garden Court Yale Station, as residents will enjoy ready access to transportation, jobs, education and additional services. One EcoPass is also included in the rent for each unit, furthering alleviating the burden of transportation costs for the residents.
“ULC is thrilled to be a partner in bringing this new asset to the community,” stated ULC President and CEO Aaron Miripol. “With virtually no other family affordable housing on the corridor, and the current housing crisis Denver is facing, Garden Court Yale Station brings opportunity and affordability to a neighborhood where the need is vast.”
The developers of Garden Court are Koebel and Company and Mile High Development, these companies have worked together for decades and this is their third collaboration working to create an affordable transit oriented development.
Incidentally, low income SINGLES need affordable housing just as much as families. How, exactly, do they define “affordable?” I define it as under $700/month. Will there be anything in this complex that a single human can afford, or will we left out in the cold as usual?
Please contact the property owner who is now finishing the construction of the Garden Court Apartments at 720-897-9836 to check on pricing and availability. Thanks.