Denver OKs City’s First Affordable Housing Fund

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.