The Urban Land Conservancy paid $1.7 million for an apartment complex in Northeast Park Hill.
The nonprofit real-estate organization received $700,000 in Neighborhood Stabilization Program funding to help it buy the 36-unit, six-building complex at 3301-3395 Dahlia St.
The remaining financing is through a loan from Citywide Banks and equity from the conservancy.
The use of Neighborhood Stabilization Program funds requires that housing is preserved for households that earn at or below 50 percent of area median income.
Hope Communities Inc., a local nonprofit affordable housing organization, eventually will buy the complex from the Urban Land Conservancy.
The land will remain with the conservancy in a land trust to ensure the long-term community benefit of the property and free a portion of the Neighborhood Stabilization funds to be cycled back for future acquisitions.
Margaret Jackson, The Denver Post
