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
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