The Denver City Council approved a hard-fought, $150 million affordable housing fund this week.
"With a 9-4 vote, the [Denver City Council] created the city’s first-ever dedicated local funding sources for affordable housing," reports Jon Murray.
The fund will raise $150 million from property taxes and new development impact fees. Murray reports that during months of debate leading up to the approval, the plan was portrayed by backers as a "modest first step" and by housing advocates as "too little, too late." Some developers and businesses opposed the proposal, arguing that it "could drive up market rents and building prices."
The approved proposal outlines a big first year for the fund, raising $10 million from impact fees and taxes, in addition to a "$5 million one-time infusion could come from city reserves, including marijuana taxes," report Murray. "That money for the first year would set in motion project subsidies and land purchases that potentially could produce, above and beyond the city’s current programs, 653 new income-restricted apartments and other homes, according to city officials’ plans. And about 250 households could receive emergency assistance to help them to stay in their homes."
FULL STORY: Denver council approves creation of city’s first affordable-housing fund
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.
EV Infrastructure Booming in Suburbs, Cities Lag Behind
A lack of access to charging infrastructure is holding back EV adoption in many US cities.
Seattle Road Safety Advocates Say Transportation Levy Perpetuates Car-Centric Status Quo
Critics of a proposed $1.3 billion transportation levy say the package isn’t enough to keep up with inflation and rising costs and fails to support a shift away from car-oriented infrastructure.
Appeals Court: California Emissions Standards Upheld
The U.S. Environmental Protection Agency and the California Air Resources Board, the nation's two most powerful environmental regulatory agencies, won an important round in federal court last week. But the emissions standards battle may not be over.
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