Mayor Michael Hancock has proposed a funding scheme to ramp up affordable housing production in the city of Denver.
"Denver marijuana buyers would help pay for an expansion of Denver’s 10-year, $150 million affordable housing fund under a plan that includes borrowing to amp up apartment production," reports Jon Murray.
Mayor Michael Hancock and other city officials released the plan in response to pressure from affordable housing advocates to do more in relieving the cost of housing the city's market.
"If key components win council approval this summer, the city would partner with the Denver Housing Authority to issue $105 million in bonds to underwrite affordable housing projects and acquire new land for income-qualified housing," reports Murray.
The new bond funding would be used to double the city's affordable housing targets in the next five years, to 6,400 new or protected affordable housing units.
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.
Denver Moving Quickly to Preserve Affordable Housing Stock
Denver is considering its first steps toward an affordable housing preservation strategy, with time running out on the covenants that restrict rents on thousands of affordable housing units around the city.
How Will Rhode Island Spend a $120M Housing Bond?
Voters approved a bond measure that includes up to $10 million for creating a public housing entity.
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
National Parks Layoffs Will Cause Communities to Lose Billions
Thousands of essential park workers were laid off this week, just before the busy spring break season.
Retro-silient?: America’s First “Eco-burb,” The Woodlands Turns 50
A master-planned community north of Houston offers lessons on green infrastructure and resilient design, but falls short of its founder’s lofty affordability and walkability goals.
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Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
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