Investment Impact Fund supports residents and businesses
Published on August 22, 2023
Denver, CO – Denver’s Department of Community Planning and Development, in partnership with Denver Economic Development and Opportunity, is announcing the funding of seven city projects to reduce the involuntary displacement of Denver’s existing residents and businesses. As the city invests in new infrastructure to support neighborhoods, like new parks, transit systems, and recreation centers, there is a risk that improvements may lead to higher rents, tax burdens, or other costs accelerating displacement of existing residents and small businesses.
To reduce this risk, the City and County of Denver has developed an “Investment Impact Fund,” which specifically earmarks city dollars to increase support for anti-displacement strategies. The inaugural release of this funding is being directed toward seven anti-displacement programs for neighborhoods seeing significant city investment:
- $515,000 to expand the grant money available for small, neighborhood-serving businesses and events along the East Colfax corridor while construction of Bus Rapid Transit (BRT) is underway
- $355,000 to help small, neighborhood-serving businesses in East Colfax, Globeville, or Elyria-Swansea acquire or upgrade technology, such as computers, point-of-sale systems, and websites, and obtain professional marketing, legal, accounting, and human resources support
- $200,000 to support technical assistance, capacity building, and project pre-development costs for two housing projects that will operate using a cooperative ownership model – the Capitol City Mobile Home Park in Westwood and a to-be-determined site in East Colfax
- $150,000 for the Housing Navigation Program in East Colfax, which helps low-income households in East Colfax access housing navigation and eviction prevention services
- $700,000 for a community land trust in Globeville, Elyria-Swansea to provide long-term affordable homeownership units.
- $260,000 to expand a program that provides small businesses in Westwood, Globeville, Elyria-Swansea, East Colfax, and Sun Valley with financing for business loans and grants as well as financial and business coaching services
- $120,000 to provide Westwood residents with housing consultation and other housing-related services at an upgraded Westwood Community Center
The fund is part of a larger program within Community Planning and Development to address priorities that community members identify when they participate in neighborhood planning.
“We have started a new arm within our agency dedicated to implementing the city’s adopted plans, and this was one of the most important first projects for us,” said Laura E. Aldrete, executive director of Community Planning and Development. “We know displacement is a concern for Denver residents and businesses, and this fund will support the delivery of programs and investment into vulnerable communities.”
"We at the Denver Human Rights & Community Partnerships' Office of Nonprofit Engagement are thrilled to be a part of this initiative and to forge stronger collaborations between neighborhood nonprofits and community- based organizations named Westwood Together," said Wil Alston, Director of Denver Human Rights & Community Partnerships' Office of Nonprofit Engagement. "The Investment Impact Fund will help revitalize the old Westwood Community Center into a multi-agency resource center to support stability and sustainability activities for our community members, while preventing displacement and bringing local voices to community development decisions."
“In order to continue to help our small businesses, we need to think innovatively. This fund will allow us to serve neighborhoods and businesses we know are most at-risk of displacement – as seen by the work of our Neighborhood Equity and Stabilization (NEST) division,” said Jen Morris, executive director of Denver Economic Development & Opportunity. “This is exactly the type of outcome and collaboration we hoped for to ensure our vibrant small business communities and neighborhoods continue to succeed.”
The Investment Impact Fund was established by city ordinance in 2022. To be eligible for funding, programs needed to be located within the priority neighborhoods of Westwood, Globeville, Elyria-Swansea, East Colfax, or Sun Valley and be focused on helping stabilize residents or businesses at risk of involuntary displacement.
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BUILDING COMMUNITY: Denver Community Planning and Development (CPD) is responsible for visionary city planning and ensuring safe, responsible, sustainable building. We're working hard to make Denver a great place to live, work and play! Visit DenverGov.org/CPD, and follow CPD on Twitter @DenverCPD and Instagram at @Denver_Landmark.