Denver adds to its affordable housing stock with Stapleton project
Author: Adam McCoy - April 9, 2018 - Updated: April 9, 2018
Denver celebrated the groundbreaking of a new 180-unit affordable housing project going up in the city’s Stapleton neighborhood late last week.
All of the project’s units — being constructed at 2820 N. Moline St. and coined the Moline Apartments — will be income-restricted for a 40-year period, the city said in a statement. Additionally, tax credits and voucher programs will help designate 40 of the units for very low-income residents, including homeless veterans and those with disabilities.
The project is part of the city’s ongoing campaign to combat the high cost of housing, which is squeezing some out of Denver neighborhoods. A recent survey pointed to affordable housing as the top issue on Denverites’ minds.
City officials say the $36 million development is among the first to receive funding for Denver’s Affordable Housing Fund. Created in fall 2016, Denver’s fund has promised an estimated $150 million will be dedicated to affordable housing efforts, including development and preservation, over a decade. The fund operates on a mix of property tax revenue and a one-time fee on new development. The city is reportedly exploring dedicating more funding to its affordable housing fund.
Construction will start this month and is expected to wrap up in May 2019.