A year after the Indy exposed a series of sweetheart land deals that transferred ownership of 10 of Ithaka Land’s affordable housing properties, the nonprofit has reached an oversight agreement
Esther Kisamore and Bill Sulzman, long time Ithaka residents, outside their homes. Pam Zubeck
A group of former board members of Ithaka Land Trust has asked Attorney General Phil Weiserâs office to investigate the nonprofitâs recent sales of nearly half its 21 properties to one chosen developer at prices below market value, while loaning $555,717, interest free, to the same developer on some of those sales.
The transactions represent a radical departure from Ithakaâs original mission, when established in 1981, to care for the poor and provide permanent low-income housing.
Attorney Jennifer Gilbert, with GPS Legal Solutions of Denver, says in her May 5 letter some of Ithakaâs actions â all under the leadership of Ithaka director Anjuli Kapoor, hired in October 2017 â might constitute violations of Colorado law, as the
Ithaka plans to build new transitional housing at 301 S. Union Blvd., a nine-acre tract for which City Council approved rezoning from public facility to office complex on May 11. Ithaka s buildings will occupy only a portion of the property, with retail, office and townhomes planned for the site.
Pam Zubeck
When Bill Sulzman, 82, noticed people circling his small cottage carrying tape measures, cameras and clipboards last summer and fall, he knew something was up.
He didnât know then, but heâs since found out, that his home for 32 years, for which he pays nominal rent, was sold in October without his knowledge.
That sale and others are part of a plan to liquidate many of Ithaka Land Trustâs roughly two dozen rental properties. Most were built 100 or more years ago and were acquired through donations and purchases financed by nuns and the city.
Over the years, though, Ithakaâs maintenance bills grew while rents barely budged. With limited operating funds, the nonprofit has cooked up a plan to monetize the mostly Westside properties so it can fix up some of its rentals and build a low-income housing project southeast of downtown.