The plan is to turbo-charge its affordable housing fund
Denver marijuana buyers would help pay for an expansion of the city’s 10-year, $150 million affordable housing fund under a plan that includes borrowing to amp up apartment production.
If approved, the proposal would boost the city’s shorter-term plan — to subsidize the building or preservation of 3,000 income-restricted apartments and other housing units in the next five years — to 6,400.
Mayor Michael Hancock and other city officials have been under pressure from City Council members and affordable housing advocates for more than a year to bolster the city’s commitment to addressing Denver’s housing crisis, and they unveiled their plan Monday. If key components win council approval this summer, the city would double an annual $15 million commitment that began last year, and it would partner with the Denver Housing Authority to issue $105 million in bonds to subsidize affordable housing projects and acquire new land across the city for income-qualified housing.
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