Plan to Double Denver's Affordable Housing Fund Unanimously Approved by City Council

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.