The East Colfax Community Collective, a Denver nonprofit, is taking a unique approach to address the housing crisis by focusing on preserving existing affordable housing instead of building new units. The group recently purchased a 23-unit building to prevent rent increases and gentrification in east Denver. They plan to acquire 100 units in the next year and aim for 1,000 units over the next decade, focusing on buildings along the East Colfax corridor.
The properties will be overseen by a board of tenants and community members, with rents kept affordable for those making below the area’s median income. This initiative is part of the MINT model developed by Trust Neighborhoods, targeting naturally occurring affordable housing to prevent displacement of low-income tenants.
While preservation of existing affordable housing is a less common approach compared to new construction, it can have an immediate impact on keeping rents low. The Denver Department of Housing Stability is in talks to financially support the East Colfax Community Collective and has provided loans to other groups for affordable housing preservation.
With funding from grants and partnerships, the group plans to acquire more properties to create healthy and dignified housing conditions for residents. The ultimate goal is to have a broader impact on the rental housing market and influence housing policy at the state level. Despite their ambitions, the group remains grounded, operating out of a church basement for now, focusing on their mission of preventing displacement and ensuring affordable housing for all.
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