Mayor Michael Hancock has proposed a funding scheme to ramp up affordable housing production in the city of Denver.
"Denver marijuana buyers would help pay for an expansion of Denver’s 10-year, $150 million affordable housing fund under a plan that includes borrowing to amp up apartment production," reports Jon Murray.
Mayor Michael Hancock and other city officials released the plan in response to pressure from affordable housing advocates to do more in relieving the cost of housing the city's market.
"If key components win council approval this summer, the city would partner with the Denver Housing Authority to issue $105 million in bonds to underwrite affordable housing projects and acquire new land for income-qualified housing," reports Murray.
The new bond funding would be used to double the city's affordable housing targets in the next five years, to 6,400 new or protected affordable housing units.
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As Denver continues to grow, the cost of housing in the city remains high for many. In response, the city plans to build 6,000 affordable units over the next five years.
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