This week, the city of Denver announced a proposal that would double the Affordable Housing Fund annually and generate an estimated $105 million in funding for affordable housing in the next five years, reports Denver Business Journal reporter Kelcey McClung. City officials say the the proposal would deploy more money quicker to support residents and families without increasing costs on households.
Under the plan, Denver would double its creation and preservation estimates from 3,000 units to at least 6,400 units over five years. It directs about half of the newly doubled Affordable Housing Fund to support people earning up to 30 percent area median income, including the homeless. The proposed partnership between Denver and the Denver Housing Authority would bring more funding through the sale bonds to accelerate building, and preserving existing affordable units.
“Denver’s need for more affordable housing is critical. Since our creation of Denver’s first dedicated Affordable Housing Fund, we’ve been working on ways to leverage those dollars to expand the fund’s capacity and broaden its impact,” said Mayor Michael B. Hancock.
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