ULC’s recent acquisition of the 18,000 square foot property located in Denver’s Santa Fe Arts District has continued to garner positive press. Inca Commons was featured in Next City earlier this week, specifically highlighting the critical importance of permanent affordability in the housing market. The article also notes the importance of partnership, which is why the future development at Inca Commons will soon be a reality.
From our development partner, Jeff Shanahan: “He initially partnered with Urban Land Conservancy, a Denver nonprofit that acquires, preserves, and develops real estate in underserved areas across the city. ‘They were a logical partner with the same goal, and the staff to oversee the resale of these units.'”
And in regards to our partnership with Elevation Community Land Trust: “To hone in on the goal of affordable homeownership, Urban Land Conservancy brought in the Elevation Community Land Trust. The trust was founded in 2017 with $24 million in initial funding to acquire 700 homes across the city and surrounding suburbs, and, in the traditional community land trust model, lease the homes at affordable prices. This partnership with a private developer marks Elevation’s first large condo project. ‘With over 90 units, we’re able to use that density to serve more families,'” said Stefka Fanchi.
The article also provided a well researched account of the many challenges affordable housing has faced in the Denver Metro area. Issues such as increased land prices, deed restrictions and gentrification are all at play in Denver’s housing market. This only further proves the case for permanent affordability through a community land trust, which we are happy to announce will be in place at Inca Commons. To read the Next City article in full, visit the link here.