Our office will work to find funding source of $150 million to add to the existing housing fund. Our current fund is NOT meeting the demand of affordable housing projects in the queue.
The RTD East Rail line otherwise known as the University of Colorado A Line was a $1.3 billion investment into a transit system that connects Downtown Denver and Denver International Airport. One of the stations in the Five Points statistical neighborhood now branded RiNo (River North) realized the station area plans and neighborhood plans were in conflict with one another.
Neighbors and developers got together to have a conversation about going up in height. In order to do this, they agreed to include at least 10% affordability in residential and "community serving businesses" in commercial developments(i.e.: Artist space, Grocery stores etc). It was a year-long process, but we passed the plan in September 2016 and the legislative rezoning and affordable requirements will happen in Spring 2017. This is the first time in the City’s history an UP Zoning will have affordable requirements tied to it.
As a means of addressing the affordable housing crisis in Denver, City Council passed the creation of an Affordable Housing Fund. This fund will be comprised of two resources: a long-term stability property tax which was already supported by voters, and a one-time fee on new development projects that will apply a $0.40 - $1.70 per square foot fee depending on the building project. These new fees and taxes will generate over $150 million in funds over the course of 10 years. These funds will be used to provide financial support to low-income and median-income Denverites for rental properties and purchasing their first home. This is the largest housing fund in the state and the first in Denver.
DEVELOPMENT IN DISTRICT 9
Denver is quickly growing and becoming one of the most popular cities in the United States. However, with this growth comes changes in the community and threats of displacement. Our office is working hard to ensure that residents can remain in their community, and that renters can become home owners. Since 2011 over 1,000 affordable units have been built in District 9, with many more coming soon.