PRESS RELEASE
BJ Iacino Colorado Coalition for the Homeless Director Education and Advocacy (303) 285-5223 biacino@coloradocoalition.org
Time: 10:30 a.m. – 12:30 p.m.Date: Tuesday, April 7, 2009 Where: 3440 Park Avenue West, Denver CO 80216Who: Mayor John Hickenlooper, Colorado Coalition for the Homeless President John Parvensky, Councilwoman Judy Montero, Enterprise Community Partners, Colorado Housing and Finance Authority, Colorado Department of Local Affairs, Denver Office of Economic Development, JPMorgan Chase Bank, Namasté Solar, Carvell Page Southerland Page Architects
DENVER, April 7, 2009 – In spite of a tough economy in which residential development has been very slow, Renaissance Riverfront Lofts opens the door today to new opportunities in downtown Denver for over 100 formerly homeless and low-income residents. The latest property from the Colorado Coalition for the Homeless and Renaissance Housing Development Corporation, its housing development subsidiary, demonstrates that energy efficiency and environmentally friendly construction can become the standard for affordable housing, while meeting the needs of our lowest income neighbors. The property reflects a new vision that links sustainability to the City’s homeless strategy. Renaissance Riverfront Lofts also demonstrates how this lasting solution to homelessness can help stimulate the local economy. The $16 million construction budget created 52 construction related jobs and five on-going housing and service jobs, with more than 475 different individuals working on the site, including formerly homeless individuals. Every dollar expended through the project created an economic multiplier of approximately 1.9 as those dollars circulated throughout the local economy, generating approximately $30,400,000 in total economic activity, including $461,000 in local taxes. More importantly, the new supply of affordable housing will result in reduced social service and emergency-related costs when fewer people are living in homelessness, or are at-risk of becoming homeless.
The opening of Renaissance Riverfront Lofts comes at a crucial time. Last year, Colorado lost 44,600 jobs. After reductions in homelessness were realized in Denver over the past two years, the nation’s economic crisis is currently causing significant increases in homelessness among families and individuals. Even before the recession, affordable housing was limited where it was needed most – near city centers. Now, foreclosures have put an even tighter squeeze on the supply of affordable rental units for people struggling to earn a livable wage. The development will integrate supportive housing for homeless persons and affordable housing for individuals working downtown who could otherwise not afford to live downtown.
“Developments like Renaissance Riverfront Lofts are critical in helping us meet our goal to end homelessness in Colorado,” said John Parvensky, Colorado Coalition for the Homeless president. “Given the growing need, we have the capacity to start construction next month on a similar development in Capitol Hill. However, the tighter credit and financing market has created a temporary hurdle. An investment from Colorado’s share of the federal stimulus funds would allow us to move quickly to continue to create this needed housing in our community.”
The Colorado Coalition for the Homeless has worked closely with Denver’s Road Home, the Metro Denver Homeless Initiative and the Colorado Community and Interagency Council on Homelessness to address the growing needs of homeless families and individuals throughout the state. Homeless service providers agree that an integrated and coordinated approach provides the best chances for success when housing is linked to health care, mental health and substance treatment, employment, vocational, and other support services. The Coalition will provide residents a combination of on-site services and access to other health and supportive services through its Stout Street Clinic.
The Coalition also collaborated with City Councilwoman Judy Montero and neighborhood organizations to ensure that that development not only met the needs of the new residents, but supported the redevelopment of the River North neighborhood.
Renaissance Riverfront Lofts features 86 one-bedroom and 14 two-bedroom rental apartment homes targeted to a variety of income levels. Approximately 50 % will be reserved for individuals being served by the Colorado Coalition for the Homeless. The remaining units will be available to households earning up to $36,000 (60 percent of area median income).
Unsubsidized affordable rents will range from $300 to $650 per month for a one-bedroom apartment and $480 to $700 for a two-bedroom apartment. Homeless households will pay rent based on 30 percent of their income. Public grants and private donations will be utilized to subsidize rents of homeless individuals and keep rents as affordable as possible.
Amenities in the building include a community center, computer center, laundry facilities, counseling offices, and an undesignated area that can be used for meetings, training activities or an exercise room – at the discretion of the residents. A second floor courtyard offers an expansive view of the Denver skyline and fosters a hospitable atmosphere for neighborly interactions.
The building’s main lobby displays an engaging mural by Greeley artist Susan Dailey, created from recycled materials found at the Riverfront construction site and from some of the Coalition’s 14 other housing developments.
The five-story, 100-unit development transforms a former brownfield near the City’s rail yards into a modern, energy-efficient building that blends architecturally with other loft-style construction in the Platte Valley and Prospect Park. Renaissance Riverfront Lofts is a transit-oriented development located on the RTD bus line, within one-half mile of the proposed light rail station, and adjacent to bike paths, giving residents ready access to downtown services and employment.
Renaissance Riverfront Lofts meets the Green Communities guidelines established by Enterprise Community Partners, Inc. These nationally recognized standards deliver greater energy efficiency, water efficiency, indoor air quality and sustainable use of space in affordable housing projects.
“This innovative public-private-nonprofit collaboration incorporates two important City initiatives – Denver’s Road Home and the Greener Denver program of the Office of Economic Development – in support of important social, economic and environmental goals. First and foremost, it will move 100 homeless and low-income individuals into a new and better life. In addition, it will significantly reduce the use of expensive emergency services and take advantage of energy efficiency measures that will make utility costs affordable, increase the comfort of residents in winter and summer, and minimize emissions of greenhouse gases. This benefits the 100 new residents, taxpayers and the environment,” said Denver Mayor John Hickenlooper.
The development utilized recycled and locally available materials whenever possible. Fifty percent of the construction waste was recycled and site runoff was controlled to avoid water contamination. The building’s double “C” footprint and orientation maximizes natural light through south and west exposures and protects against buffeting northwest winds. Roof top photo-voltaic (PV) panels will generate 39,650 kWh of electricity annually, equivalent to offsetting CO2 emissions by 79,000 pounds a year. The building’s Ecospace elevators use one-third of the energy required for hydraulic lifts and don’t need oil. Energy Star appliances and light fixtures in all units further conserve energy while low-flow toilets, faucets and showers save water. For low-income residents, utility costs can quickly overtake a household budget. In 2008, energy assistance was listed as the number two emergency request made to the Mile High United Way.
Renaissance Riverfront Lofts promise a safer and healthier environment for its residents. It uses building practices that minimize moisture, provide proper ventilation and avoid unsafe materials. Also used are non-toxic primers, paints, sealants and adhesives, natural fiber carpeting and compound wood products that do not contain any urea formaldehyde.
Renaissance Riverfront Lofts utilized a wide variety of financing sources to complete the development. Private equity from Enterprise Community Investments and JP Morgan Chase was provided through the Federal Low Income Housing Tax Credit program administered by the Colorado Housing Finance Authority. The City and County of Denver provided a HOME grant through the Denver Office of Economic Development. The property is the first City-supported housing site to follow the Green Communities criteria. Beginning in January 2010, all affordable housing projects receiving City subsidies will be required to meet Green Communities standards. The Colorado Division of Housing, FHLB Affordable Housing Program, The Gates Family Foundation and HUD’s Supportive Housing Program also provided funding to keep rents low. Acquisition financing was provided by Mile High Community Loan Fund. Construction and permanent financing were provided by JPMorgan Chase.
The Renaissance Riverfront Lofts were designed by Carvell Page Southerland Page Architects overseeing an experienced engineering and design team. The general contractor, FCI Constructors, provided construction management services.
Ongoing private grants and donations from individuals, corporations and foundations will offset building management and counseling services overtime and will enable the Coalition to continue to provide lasting solutions to homelessness at Renaissance Riverfront Lofts and at other Coalition developments throughout Colorado. For more information about how you can help, please visit www.coloradocoalition.org or call 303-293-2217.
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