Affordable TOD housing spurs Denver economy

TOD apartments in Denver area

Jon Boyd, Sep 03, 10.

A study in the Denver Metro area measured the local economic impact of subsidized, low-income housing as reported in the Journal of Tax Credits. Ninety-two percent of these apartments were within a half-mile light rail station catchment zone, or within a quarter mile bus rapid transit catchment zone, the article said.

The Home Builders Association of Metro Denver commissioned Dr. Elliot Eisenberg to conduct a study on the local economic impact of affordable housing built with low-income housing tax credits (LIHTCs), according to the article. The study looked at data on LIHTC-subsidized apartments from the ten-county Denver Metropolitan Statistical Area (MSA).

The article cited these findings from the first year of the study:
* Local income of $57.6 million
* Local taxes of $5 million
* 732 local jobs

The article cited these findings about annual impacts:
* Local income of $16.7 million
* Local taxes of $2.3 million
* 192 local jobs

The Journal of Tax Credits quoted two executives about the study:

“The focus on development around transit stops is especially important,” said Aaron Miripol, president and CEO of [Urban Land Conservancy] ULC. “The demand for affordable housing around transit stops will continue to grow and understanding the economic impact of building LIHTC housing near transit is critical for policymakers, housing advocates and other community leaders.”

“Particularly as the economy continues to struggle, this study couldn’t be more timely,” said Roger Reinhardt, executive vice president of the [Home Builders Association] HBA. “Dr. Eisenberg’s study makes clear the vital role of the housing industry in generating local income and jobs and local government revenue. Creating vibrant communities along transit corridors with a mix of housing types, including affordable housing, will benefit the local economy as well as the residents who will live, work and recreate within the community.”

(Photo credit: Jeffrey Beall)