Northern Trust Closes on $13 million Investment to Support Homeless in Denver
Working with Colorado Coalition for the Homeless (CCH), Northern Trust has invested a total of $13.2 million in equity to finance medical respite and housing for people experiencing homelessness.
Northern Trust’s Community Development & Investment Group used New Market Tax Credits and Low Income Housing Tax Credits for its equity investment in the downtown Denver project, called the Stout Street Recuperative Care Facility and Renaissance Legacy Lofts. Northern Trust’s investment closed January 2021.
The nine story development will provide 75 medical respite beds to homeless people with acute medical or behavioral health conditions who have been hospitalized and cannot safely be discharged to the streets or shelters due to their health. Medical stays will be provided for 30 to 45 days during which time housing counselors will work with patients to arrange post-respite supportive housing in Renaissance Legacy Loft or in the community.
As with many homeless projects, the total $46.5 million project required the blending of many funding sources including the Denver Housing Authority, the City and County of Denver and a variety of grant funders.
“We are so proud to be able to bring the Stout Street Recuperative Care Facility and Renaissance Legacy Lofts project to fruition after two years of fundraising and design,” said John Parvensky, President and CEO of the Colorado Coalition for the Homeless. “Having a safe space to call ‘home’ is such an essential part to the health and wellbeing of our community. Integrating a recuperative care facility for people experiencing homelessness will fill a huge gap in health and respite services to end homelessness in our City.”
“Northern Trust’s longstanding partnership with CCH is a great example of our community involvement”, said John Couzens, Wealth Management President of the Rocky Mountain Region. “A big part of the story of our growing reputation in Denver is how we have partnered with the Community Development & Investment Group. This collaboration is one example of our community development team’s innovative thinking and creative solutions for a variety of challenges.”