City Council Will Take More Time To Consider Affordable Housing Fund
The Denver City Council is going to take more time to consider a proposal that would add taxes and fees to existing and new real estate. The proposal is to add another half-mill of property tax to every property in the city, along with levying fees from 40 cents/SF to $1.70/SF on new development. The goal would be to create the city's first permanent affordable housing fund, with a target of $150M in the first 10 years.
Since the plan was first proposed last month, there's been some tinkering. For example, townhomes were categorized as multifamily development, which has a proposed fee of $1.50/SF, but have been recategorized as single-family projects, which have a proposed fee of 60 cents/SF, the Denver Business Journal reports. The council will probably hold a first reading on Sept. 12, rather than Aug. 22.
During a comment period this week, McWhinney VP of multifamily operations Dori Brewer said the fee would have unintended consequences on affordability. [DBJ]