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Denver explores dedicating more money for affordable housing

Author: Adam McCoy - March 5, 2018 - Updated: March 5, 2018

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(denvergov.org)

As part of an ongoing campaign to combat the high cost of housing in Denver, Mayor Michael Hancock is suggesting throwing more money into the city’s affordable housing fund.

That news according to Denverite’s Andrew Kenney, who reported on Friday that Hancock has “asked city staff to look for more money soon after the city revamped its housing policy in 2016.” 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, according to the city, but the city’s Department of Finance and Office of Economic Development is exploring other avenues to generate more money, Denverite reports. The news outlet also noted new polling shows affordable housing is at the front of residents’ minds.

In fact, as the city considers more funding, the new polling shows a majority of residents would support a hike in property or sales taxes to address the issue, the Denver Business Journal reports. The poll, conducted by Strategies360 on behalf of advocacy non-profit All In Denver, surveyed 404 likely voters in Denver about the top issues in the city.

With housing topping the list, Denverites also identified education, homelessness, cost of living and transportation in that order as top issues in Denver. The survey noted that 73 percent of poll respondents said they would support a sales tax increase to address affordable housing, according to the Business Journal.

The survey also suggested Denverites aren’t satisfied with the city’s affordable housing efforts, with 66 percent saying officials are doing too little to address homelessness and housing.

Adam McCoy

Adam McCoy

Adam McCoy covers Denver-area politics for Colorado Politics.