An affordable housing loan fund is getting started with six million dollars from the city and four million from the state. Starting this spring, developers can apply for loans for affordable housing projects.
The idea is to create more housing for low income families – that is those that make about 46 thousand dollars for a family of four.
Denver Mayor Michael Hancock announced the ten million dollar fund Friday morning. The mayor’s office says repayments will go back into the fund, allowing it to grow over the years.
It’s estimated that about a third of Denver families in that category are now burdened with rents that take up too much of their income.