Denver’s city council recently voted to approve the city’s first dedicated fund for affordable housing, which will receive $150 million over the next 10 years. The council voted 9-4 to establish the fund that the city says would create up to 6,000 new low and middle-income housing units – a welcome addition to Denver’s decreasing inventory.
Those in favor of the legislation say more affordable housing is necessary in Denver, where housing prices have increased steadily (and significantly) in recent years. Council members went so far as describing the current situation as a crisis.
The fund will be created through property taxes from residents and fees on new developments, which will range from $0.40 to $1.70 depending on the type of project. These fees would be collected by the fund once building permits are approved.
After the bill passed, Mayor Michael Hancock issued a statement saying “Tonight, our city took a significant step forward in keeping Denver accessible to our workers and families. I want to thank City Council for their support in creating Denver’s first, dedicated fund for affordable housing, which embeds the value of a city for everyone into our foundation.”
While Denver is in need of more affordable housing, some say that the estimated 6,000 units simply aren’t enough in this market. However, the council is calling it a “step in the right direction.” The plan will be reevaluated through its lifetime and will be analyzed again after the first 10-year period.
Author:Dave Nelson Phone: 303-591-6001 Dated: September 29th 2016 Views: 409 About Dave: DAVE NELSON, 4-time 5280 Magazine 5 Star Real Estate Professional.
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