Denver City Council is expected to vote on a new plan Monday night to address the city's affordable housing crisis. via CB_Cotton
The city's Expanding Housing Affordability proposal was developed under the administration of Denver Mayor Michael Hancock.
In simple terms, the proposal would require builders to include more affordable units with any new construction or pay to offset construction of affordable units elsewhere. This practice is known as inclusionary zoning . The plan applies to developments of ten or more residential units, regardless if the units are for rent or for sale.
If a developer builds a residential community with fewer than ten units, a one-time"linkage fee" is required, and the money would go towards the city's affordable housing fund. The city’s linkage fee was implemented in 2017 to support Denver’s first dedicated Affordable Housing Fund. Under the Expanding Housing Affordability proposal, the linkage fee would gradually increase over the next four years.The city's plan targets households ranging from 60% to 70% of the average median income; Denver's current average median income is $94,000 according to city leaders.Around 9:30 p.m.
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