Its simple economics: When a city is prospering, property values rise. But for local residents without the same financial resources, that can really complicate things.
That’s why providing affordable housing — and locating it near public transportation — is a key initiative for the city of Denver, where soaring rental rates have the average one-bedroom apartment leasing for about $1,250 per month.
The issue is such a concern that Mayor Michael B. Hancock has laid out a $150 million funding plan to create 6,000 affordable housing units over the next 10 years, noting “there is not a more important priority in the city of Denver.”
And thanks in part to Wells Fargo, the city is moving in the right direction following the recent grand opening of a new 156-unit apartment building, called Park Hill Station, along the city’s new airport commuter rail.
“What affordable housing means in terms of access to transit is that we can connect people to jobs in a very affordable, efficient manner,” says Michael. “We could not have provided this new opportunity in this city and this region without the collaboration of Wells Fargo.”
The new apartments at Park Hill Station represent the third affordable housing project along a transit line in Denver for Wells Fargo’s Community Lending and Investment (CLI) group, which invests debt and equity capital for economic development, job creation, and affordable housing in areas of need nationwide.
“Creating sustainable communities is extremely important — allowing people to spend less on housing and more on other necessary living costs while still having access to employment and education,” says Scott Horton of CLI. “By investing time and resources into a project like Park Hill Station, Wells Fargo is able to help transform the lives of many people in our communities.”
Note: A version of this story also appeared in the 2016 Wells Fargo Annual Report (PDF).