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Denver Wants Developers To Pay For Affordable Housing

Denver Mayor Michael Hancock

The City of Denver unveiled plans to generate $155M over 10 years to help pay for affordable housing in the city, with a key component of the plan to have developers pay between 40 cents and $1.70/SF into the fund, along with property tax increases. “There is no more important a priority in Denver right now than affordable housing,” Mayor Michael Hancock said about the plan.

The proposed fee for single-family development is 60 cents/SF, and for multifamily projects, $1.50/SF, the Denver Business Journal reports. For hotels, offices and retail projects, the proposed fee is $1.70/SF, while industrial projects will be charged a 40 cent/SF fee. [DBJ]