Last night city council announced a unanimous approval of the affordable housing fund surge that will combine the funds from a 2% tax increase for retail marijuana with a motion to raise the PAYGO (pay as you go) annual contribution to affordable housing to $7 million a year.
Marijuana tax money will be used to form a bond with the Denver Housing Authority to generate around $105 million to go toward the creation and maintenance of around 6,000 affordable housing units over the next 5 years.
After a few adjustments were made, we sent our letter of support for the plan highlighting the details it contains that we believe to be vital, such as:
- Allowing for more money sooner to address the current housing crisis.
- Alignment with inclusive housing goals and principles.
- The effort put forth in creating the plan.
A few unknowns we advised the city to keep in mind are:
- An unwieldy mixture of implementing entities.
- More flexibility in restrictions on DHA land acquisition.
- The plan's long term sustainability that reaches beyond the DHA bond.
You can view our full statement of support here.
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