Colorado Coalition for the Homeless Acquires YMCA Space for 216-Unit Affordable Housing Renovation in Downtown Denver

The Colorado Coalition for the Homeless has acquired the YMCA of Metropolitan Denver's remaining share of a 120-year-old building at 25 E. 16th Avenue in downtown Denver, consolidating full ownership of a property that has operated as permanent supportive housing for more than two decades. The transaction, financed through a $1.8 million bridge loan from Enterprise Community Partners' Denver Regional Transit-Oriented Development Fund, sets the stage for a comprehensive renovation of all 216 units at the Civic Center Apartments.

A Century-Old Building, A New Chapter

The Downtown Denver Central YMCA building, constructed in 1906 and listed on the National Register of Historic Places in 2004, has long served dual purposes. In 2001, the YMCA sold the majority of the five-story, Neo-Classical Revival structure to the Colorado Coalition for the Homeless, retaining approximately 45,000 square feet of ground-floor space for its gym, fitness facilities, and community offices. The Colorado Coalition for the Homeless opened the Civic Center Apartments on the upper floors in 2004, operating more than 200 units of supportive housing for individuals experiencing homelessness.

Earlier this year, the Colorado Coalition for the Homeless closed on the purchase of the YMCA's remaining portion of the building, bringing the entire property under a single ownership and mission. The YMCA and the Colorado Coalition for the Homeless had announced the pending sale in December 2025, with closing anticipated in early January 2026.

The acquisition enables a reconfiguration that would not otherwise have been possible. Of the 216 units currently operated by the Colorado Coalition for the Homeless, the single room occupancy units carry the highest vacancy rates, in part because their layouts do not meet contemporary standards for affordable housing.

"It has long been our intention to upgrade that part of the building and convert the SRO units into one-bedroom apartments or studio apartments, whatever might be appropriate and available from a funding and design perspective," said Jennifer Cloud, chief real estate officer at the Colorado Coalition for the Homeless.

Full Reconfiguration Planned for All 216 Units

The planned renovation calls for converting every unit in the building — whether a shared SRO, a private SRO without a kitchen, or a studio lacking a full kitchen — into a self-contained studio or one-bedroom apartment with its own kitchen and bathroom. The 40 shared SRO units will be consolidated into 20 new one-bedroom apartments built into the space formerly occupied by the YMCA. Without the additional square footage gained through the acquisition, that conversion would not have been feasible.

The former YMCA gymnasium, which includes a basketball court, will be repurposed as a flexible community space. The expanded footprint also creates room for case management and property services, with the possibility of opening portions of the space to community partners serving residents.

The renovation will be carried out in an occupied building. The Colorado Coalition for the Homeless plans to rely primarily on one-way internal transfers: vacant units are renovated first, and each household moves directly into a finished unit. When internal transfers are not possible, the organization will offer temporary relocation through extended-stay hotels or furnished apartments, or stays with family or friends supported by a stipend. Each resident will receive an individualized relocation plan developed with a relocation consultant.

Enterprise Community Partners TOD Fund Provides Bridge Financing

The acquisition marks the 30th loan from the Denver Regional TOD Fund, managed by the community development financial institution of Enterprise Community Partners. Since its launch in 2010, the fund has deployed more than $74 million and supported more than 3,100 affordable homes across a seven-county region. The fund is capitalized by a mix of state and local housing agencies, philanthropic institutions, and major banks, and targets transit-adjacent acquisitions.

The $1.8 million bridge loan provided the Colorado Coalition for the Homeless with lower interest rates and flexible terms, covering most of the purchase price while the organization contributed equity for the remainder. The sale price was not publicly disclosed.

"Deals like this simply don't pencil out for traditional, market capital. That's exactly the gap the TOD Fund was built to fill. Without this kind of flexible, mission-driven capital, developments like this simply won't happen. The financing would be more difficult to secure, and the timeline wouldn't survive a competitive acquisition," said Joseph Mattingly, senior loan officer at Enterprise Community Partners.

The fund's transit-oriented focus is particularly relevant for this property. The building sits diagonally across from the regional bus hub where Denver's transit lines converge and within walking distance of the city's rapid transit rail network.

"People experiencing homelessness often don't have their own vehicles, and we actually don't even have parking," said Cathy Alderman, chief communications and public policy officer at the Colorado Coalition for the Homeless. "The transit orientation of this project is really critical for the residents who live here."

Historic Tax Credits and LIHTCs to Take Out Bridge Loan

The Colorado Coalition for the Homeless plans to retire the TOD Fund bridge loan through a combination of non-competitive 4 percent Low-Income Housing Tax Credits and historic tax credits. The building's 1906 construction date and its listing on the National Register of Historic Places make it eligible for historic preservation financing.

The Colorado Coalition for the Homeless owns and operates 21 residential properties across Colorado and is the state's largest permanent supportive housing provider. The organization noted that many of its properties involve new construction, making this project — a preservation and renovation of an existing historic structure — a departure from its typical development approach.

For Enterprise Community Partners' TOD Fund, the deal is one of several transit-adjacent transactions in the pipeline. "Given that demand is outpacing funding availability, new philanthropic and financial partners can help turn mission-driven investments into more affordable homes and stronger communities," Mattingly said.

Alderman described the expected impact for residents: "This transformation will give these residents a real sense of stability and belonging. Being this close to transit means they can get to work, appointments, and the grocery store on their own schedules. It helps residents become part of the community with greater connections to the services and activities that will help them stay stably housed."

Sources: Enterprise Community Partners