Feb 06, 2018
Partners to acquire income-restricted and unsubsidized affordable units
The Denver Office of Economic Development (OED) is requesting qualifications from partners interested in contracting with the city to preserve existing income-restricted and unsubsidized affordable properties. OED has issued a Request for Qualifications (RFQ) in order to establish a pool of potential partners for future collaboration on preserving properties that are affordable to low- and moderate-income households.
There are currently more than 20,000 income-restricted housing units throughout Denver that were created through public investments. Over the next five years, more than 1,750 of these units are at risk of losing their affordability due to expiring income restrictions through a contract or covenant that is set to terminate. In addition, OED is interested in preserving unsubsidized affordable units throughout Denver that do not currently have an income restriction in place but remain affordable to low- and moderate-income households. The RFQ seeks to establish a pool of partners for future consideration on preserving affordability of these types of housing.
OED funding may be available for acquisition and rehabilitation of existing income-restricted and unsubsidized housing through low interest, subordinate debt. Specific structure and terms of the financial commitment shall be negotiated and underwritten as appropriate given the preservation opportunity.
Additional information and an online application is available at denvergov.org/oed.
The deadline to submit applications is Friday, February 23, 2018, at 4 p.m. MDT.