Date of Award
Fall 11-21-2025
Document Type
Undergraduate Thesis
Degree Name
B.S. in Business Administration, Finance
Organizational Unit
Daniels College of Business, Reiman School of Finance
First Advisor
Josh Cashman
Copyright Statement / License for Reuse
This work is licensed under a Creative Commons Attribution 4.0 International License.
Keywords
Affordable housing, Housing continuum, Social return on investment, Capital stack, Financial structure, Financial feasibility, Perpetual purpose trust, Community cooperative, Long-term affordability, Tenant equity vehicle, Phantom equity
Abstract
The affordable housing crisis in Denver reflects a complex interplay of rising costs, limited supply, and widening income disparities. No single solution can address the diverse needs of residents, making it imperative to consider a continuum of housing models that balance affordability, stability and financial empowerment. This thesis explores the nuances of four distinct approaches – EC MINT’s rental model, SCI’s interim acquisition and resident transition framework, CHAI’s Tenant Equity Vehicle (TEV), and La Luna Community Cooperative’s resident-owned structure – each representing a different point on the housing spectrum. Through an analysis of their background and governance structures as well as the capital stack and target populations, this study demonstrates how varied models can serve different life stages, income levels and preferences. Additionally, this study will highlight how innovative financing tools and mission-aligned capital can preserve affordability and build community wealth. Beyond these cases, this thesis also introduces Social Return on Investment (SROI) as a complementary framework for future study – providing a lens to assess how lower financial returns for impact investors can be offset by meaningful social gains, from preventing displacement to fostering intergenerational stability. The finding reinforces that housing solutions are not a one-size-fits-all, but rather, an ecosystem of complementary approaches that are essential to meet the varied aspirations and capacities of Denver residents, while advancing long term resilience.
Copyright Date
9-9-2025
Publication Statement
Copyright is held by the author. User is responsible for all copyright compliance.
Rights Holder
Naomi Lubega
Provenance
Received from Author
File Format
application/pdf
Language
English (eng)
Extent
27 pgs
File Size
349 KB
Recommended Citation
Lubega, Naomi; Cashman, Josh; and Belur, Anaisha, "Community Ownership Models in Affordable Housing" (2025). Finance: Undergraduate Distinction Theses. 2.
https://digitalcommons.du.edu/finance_udtheses/2
DOI
https://doi.org/10.56902/ETDCRP.2025.244
Included in
Business Administration, Management, and Operations Commons, Economic Policy Commons, Finance and Financial Management Commons