The DHA Delivers for Denver (“D3”) Program is a partnership and intergovernmental agreement (IGA) between the City and County of Denver and DHA. In 2019, DHA issued a $130 million municipal bond backed by city property tax allocations that generated $120 million in revenue. The purpose of the D3 Program is to expedite a pipeline of affordable housing projects and to accomplish the goals of Denver’s Five Year Housing Plan.
Local efforts align with a national vision. DHA entered into D3 to support the City in its policy goals. DHA’s development directly aligns with the vision of the City’s Five Year Housing Plan. Federal agencies aim to boost the supply of quality, affordable rental units by working with state and local governments. DHA’s organizational goals are in direct alignment with this effort.
D3 FUNDING ALLOCATIONS | D3 funding was divided into two halves:
$62.5 million provides gap funding for DHA’s direct development projects. It will create 1,300 units of housing. DHA is under construction on 7 of 11 projects – 60% of the way there. We must be under construction on all DHA-led projects by 2024. DHA’s direct pipeline includes the completion of our Sun Valley redevelopment, which received a federal Choice Neighborhoods grant.
$62 million provides funding for the acquisition of land throughout Denver for supportive housing projects. DHA uses the funding to acquire land, then issues a Request for Proposals (RFP) or seeks sponsorship for a Development Partner to build, own and operate the project. Development Partners will build 1200 units of housing, 600 of which are supportive housing for residents exiting homelessness. The IGA gives DHA 10 years to see all properties under construction. Currently, DHA has allocated 80% of the funding and 296 units are under construction or leased.
D3 Supportive Housing Projects
Project
Fusion Studios
Legacy Lofts
Charity’s House
Warren Residences
1394 W Alameda
Status
Leased up
Under construction
Under construction
Under construction
Warren Village selected
DHA will issue RFP in 2022/2023
3965 Fox St
901 Navajo
4745 N Federal
Johnson & Wales
1139 Delaware
NET PROCEEDS: LAND ACQUISITION – 50.1% / $62.5M | DIRECT DEVELOPMENT – 49.9% / $62M
$62M turned into a $680M investment. With this funding, DHA was able to compress 10 years of development into 5 years. We are over halfway there and ahead of schedule!
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