Denver to Raise Sales Tax on Marijuana to Double Funds for Affordable Housing

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.

1 minute read

August 13, 2018, 7:00 AM PDT

By Casey Brazeal @northandclark

Arina P Habich / Shutterstock

A proposal backed by the mayor hopes to address Denver's affordable housing issues with additional funds from a tax increase on marijuana sales. "Mayor Michael Hancock’s office said raising the city’s retail marijuana tax rate from 3.5 percent to 5.5 percent would allow Denver to increase its Affordable Housing Fund from $15 million to $30 million a year," Joey Bunch reports for the Colorado Springs Gazette.

The proposal was welcomed by The Marijuana Industry Group, whose spokesperson Kristi Kelly said that the industry wants to be "part of the solution," for affordable housing in the city, according to reporting from Brunch.

FULL STORY: Denver aims to double affordable-housing fund with pot-tax hike

Thursday, August 9, 2018 in Colorado Springs Gazette

Housing Colorado Denver Affordable Housing Tax Sales Tax Marijuana Marijuana Tax Cannabis Cannabis Tax Revenue Michael Hancock View More

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