Urban Land Conservancy

Urban Land Conservancy (ULC), a Denver-based nonprofit established in 2003, that acquires and develops real estate assets. ULC targets properties to address issues of affordable housing and equitable access to essential services.

History
Urban Land Conservancy was established in 2003 with capital from the Gary-Williams Energy Corporation through the Piton Foundation, a philanthropic organization founded by Sam Gary.

ULC focuses on the acquisition and preservation of real estate for nonprofit and community organizations, addressing housing needs as well as educational and childcare needs.

Practices
ULC utilizes a variety of real estate practices, including land banking and the practice of acquiring parcels of land for future development. They also use a community land trust (CLT) model with a 99-year, renewable ground lease to circumvent the expirations imposed by the city and federal Low-Income Housing Tax Credits (LIHTC). When they identify a development partner, a 99-year ground lease is signed with an automatic 99-year renewal for a total of 198 years.

Funding
The Urban Land Conservancy has partnered with a variety of organizations to raise funding for land development along with receiving money from the Low-Income Housing Tax Credit and the Colorado Housing and Finance Authority, both of which provide funding for affordable housing programs.

Denver Transit Oriented Development Fund (TOD)
ULC, Enterprise Community Partners and the City and County of Denver partnered to establish the nation's first Transit Oriented Development fund. The revolving loan fund makes capital available to acquire and hold land for the development or preservation of affordable housing for up to five years along current and proposed transit corridors.

The TOD fund was created to develop and preserve 1,000 affordable homes along current and future transit corridors in Denver. Sites purchased through the fund are within one-half mile of fixed-rail transit stations or one-quarter mile of high-frequency bus stops.

The Urban Land Conservancy made the initial equity commitment of $1.5 million to the TOD fund and leads real estate acquisition, management, and disposition of assets to housing providers to meet the priorities of the fund.

Calvert Facility Fund
Calvert Impact Capital created the fund under the name Ours to Own, which focuses on preserving real estate in urban centers for schools, community spaces, and affordable commercial spaces for nonprofits. $5.1 million was raised from hundreds of individual investors in the Denver region in the first two years of Ours to Own. In addition to small individual investments, the fund received investment from the Piton Foundation, Gary Community Investments, Colorado Health Foundation, The Colorado Trust, and The Denver Foundation. In 2014, ULC partnered with Calvert Impact Capital to invest $10 million towards the purchase of three real-estate assets that support over 20 nonprofit organizations.

Metro Denver Impact Facility (MDIF)
ULC, in partnership with FirstBank, The Colorado Health Foundation (CHF), The Denver Foundation (TDF) and the Colorado Housing and Finance Authority (CHFA), created the MDIF as a revolving door fund in order to invest in land projects in the Denver area. ULC is the sole borrower, and was responsible for creating the development plan and permanent financing structure. ULC also managed the condition of properties and where feasible, retained ownership interest as part of a community land trust.

Partnerships
ULC has partnerships with both national and local non-profits, for-profits and public organizations. ULC is a member/partner of the following organizations and coalitions:


 * Mile High Connects — a nonprofit that aims to increase access to housing, employment, schools and other services through public transit.
 * Citywide Banks — a Colorado-based community bank founded in 1963. As of 2014, Citywide has provided $12 million in loans to ULC for acquisition of real-estate assets with a social and community benefit.
 * Colorado Health Foundation (CHF) — a nonprofit, private foundation focused on health access for all Coloradans by working with communities throughout Colorado. In 2018, CHF helped launched the $50 million Metro Denver Impact Facility, a revolving loan capital with the goal of assisting in the creation and preservation of affordable housing and community serving space in the Greater Denver area.
 * Colorado Housing and Finance Authority (CHFA)— the state delegated agency for distributing LIHTC in Colorado.
 * The Colorado Trust — a nonprofit foundation focused on community partnerships, health policy and advocacy, and equity.
 * Denver Regional Housing Collaborative — a group of many Colorado affordable housing organizations working to provide advocacy and leadership for affordable housing.
 * The Denver Foundation — Colorado's oldest and largest community building foundation. ULC is a supporting organization to The Denver Foundation.
 * Denver Livability Partnership — a partnership meant to expand affordable housing, increase access to employment and create better modes of transportation that connect Denver.
 * Community Development Partnership — a group of community developers, foundations and financial institutions who work together on housing and economic development opportunities in Denver.
 * Practitioners Leveraging Assets for Community Enhancement (PLACE) — a group of housing and community development practitioners who aim to build, preserve, and maintain adequate and affordable housing and promote community development for low and moderate income families across the country.
 * Denver Regional Council of Governments (DRCOG) Sustainable Communities Initiative— a consortium funded by a $4.5 million award from the U.S. Department of Housing and Urban Development that supports a regional plan for growth and development, particularly in regard to FasTracks.
 * First Bank — a private banking institution based out of Lakewood, Colorado. First Bank was the initial lending partner for the Metro Denver Impact Facility (MDIF), committing $25 million in 2018 to MDIF, which promised to serve as a resource to support ULC's real-estate acquisitions.
 * Holly Area Redevelopment Project — In partnership with actively engaged neighbors, ULC, assisted by City of Denver's Office of Economic Development, Strengthening Neighborhoods (a program of The Denver Foundation) and Community by Design consultants, initiated the first phase of the Holly Area Redevelopment Project (HARP). A key component of the broadly supported plan was the establishment of “Good Neighbor Principles” which are guiding redevelopment plans for the Holly property.
 * Medici Consulting Group — a Denver-based community development firm. ULC and Medici have partnered on two developments, the Evans and Walnut Street Lofts, together bringing 100+ units of affordable transit-oriented development.
 * MidFirst Bank— a privately owned bank based in Oklahoma City, Oklahoma. MidFirst provided resources for predevelopment, acquisition and refinancing on six properties totaling over $6 million.
 * Neighborhood Development Collaborative (NDC) — a nonprofit community development corporation comprising 13 affordable housing and community development organizations.
 * Radian — an award-winning nonprofit architecture firm and urban design firm. ULC has partnered with Radian on several projects, including Colorado's first Tiny Home Village for individuals facing homelessness.
 * Westwood Unidos — a resident-led, neighborhood collaborative initiative to increase community health and livability in the Westwood neighborhood of Denver.