The Denver City Council on Monday night gave final approval to an effort that would create the city’s first dedicated affordable housing fund.
The Council approved the proposal 9-4, following a near-four hour hearing. It would create or preserve 6,000 affordable housing units over 10 years. The city will collect money from a small property tax hike and new development fees to pay for it.
The Council approved key amendments to the bill. One establishes a plan that details how the city spends money on housing. Another amendment sunsets the measure so that another Council would have to reauthorize it in 10 years.
A competing measure that sought to provide more immediate funding for affordable housing through the city’s general fund did not pass.