Denver City Council approves affordable housing fund

DENVER — The Denver City Council voted Monday to approve a new fund dedicated to affordable housing.

In a 9-4 vote, the council approved the fund that will generate about $150 million over the next decade. The city hopes to build or preserve 6,000 low- and middle-income housing units to be rented or bought.

The city intends to ask developers to pay between 40 cents and $1.70 per square foot, and will increase property taxes by half a mill for the first year to create the fund.

“Tonight, our city took a significant step forward in keeping Denver accessible to our workers and families,” Mayor Michael Hancock said in a statement. “From here, our work continues undaunted to spur the creation of diverse housing options throughout the city. Together, we will remain relentless in our pursuit to ensure that our people are able to build equity and wealth through home ownership.”