ULC acquired the former Roots Elementary School building in the Park Hill neighborhood at 3350 Holly Street earlier this month. The land beneath the building is held in ULC’s community land trust, which allows us to preserve the property for community beneficial use. The 99-year ground lease created an opportunity for The Center for African American Health (CAA Health) to be selected through a community process to re-locate to the Holly Square property.
“Without ULC’s community land trust and our ability to retain ownership of the Hudson building, we would not have been able to re-engage with the community to decide which nonprofit’s services would be most beneficial in this location,” states Erin Clark, ULC’s VP of Master Site Development. “We are thrilled to partner with The Center for African American Health and know they will provide invaluable services to Northeast Park Hill and other north Denver neighborhoods.”
ULC acquired the property using MDIF, a partnership between ULC, FirstBank, Colorado Health Foundation, The Denver Foundation, the Colorado Trust, Colorado Housing and Finance Authority and The Piton Foundation. The $50 million Facility is a revolving loan source created to support ULC’s real estate acquisitions including affordable housing, nonprofit facilities, schools, and community spaces. The CAA Health building was ULC’s seventh purchase using MDIF since November 2018.
“We are honored to have been chosen by HARP and ULC to move into the former Roots Elementary School building. We are grateful for the philanthropic support that created this path to ownership for our organization and deeply appreciate the capital investments we have received from the Buell Foundation, Gates Family Foundation, The Colorado Health Foundation, The Colorado Trust, Caring for Colorado Foundation, and SCL Health,” said Deirdre Johnson, The CAA Health’s CEO & executive director. “The CAA Health is dedicated to improving the health and well-being of African Americans in Metro Denver by offering community-based, evidence-based, disease prevention and disease management programs, events, and services. We are thrilled to expand our services in this community.”