Denver Voters to Decide on New Funding for Affordable Housing

Denver Voters to Decide on New Funding for Affordable Housing

Published on August 19, 2024

Denver City Council today gave final approval to Mayor Mike Johnston's Affordable Denver proposal - a ballot measure that would generate an estimated $100 million per year for affordable housing - to appear on the November 2024 ballot.

"We are thrilled and grateful to see City Council officially put Affordable Denver in the voters' hands,"said Mayor Mike Johnston. "This is an important step forward to ensuring all Denverites can live and thrive in our city. Today's success wouldn't have been possible without Council President Sandoval and the four other co-sponsors who worked around the clock for several weeks to make this proposal as impactful as possible. Denver voters have never had the opportunity to vote directly on affordable housing, and now they get the chance to help make sure the nurses, first responders, teachers, seniors, and working families who built this city can afford to stay in this city."

Over the past 20 years, housing prices in Denver have skyrocketed, rising at double the rate of income. As a result, research shows that Denver will be short more than 44,000 affordable units over the next 10 years for Denverites making 0% to 100% of the area median income (AMI), like a preschool teacher, for example, whoon average makes $53,370 or 58% of AMI. In fact, recent polling shows that 90% of Denverites cite the cost of housing as a significant concern.

This proposal, which has the support of more than 100 local organizations and community leaders, will institute a 0.5% sales tax to garner the resources to aggressively address Denver's affordable housing crisis. This proposal would be used to help close the growing housing gap and creating more housing opportunities at all levels, from rental assistance and new permanently affordable units to downpayment assistance and mortgage assistance.

"I'm incredibly proud of the work my colleagues and I on Denver City Council have done over the last several weeks to create the best possible legislation for voters to make their voice heard on affordable housing,"said City Council President Amanda Sandoval. "This fund will help ensure that the next seven generations of Denverites can continue to call this amazing city home."

The proposed fund, which has been refined through collaboration with members of City Council and local stakeholders, will deliver housing opportunities across the spectrum of need. Strategies include:

• Preservation of existing income-restricted homeownership and rental units

• New construction of affordable multifamily rental opportunities

• Accessory dwelling units for low/middle-income households

• Permanent supportive housing, local project-based vouchers, and rental subsidies for low-income households

• Increased investment in mixed-income developments

This fund cannot be used for homelessness services such as emergency or overnight shelter. Additionally, essential items like food, fuel, and personal hygiene products will be exempt from the sales tax increase.

"We are ecstatic that the City Council approved this initiative for the November ballot," said Jonathan Cappelli, Executive Director of Neighborhood Development Collaborative. "By addressing affordable housing at scale, the Affordable Denver Fund can give us the opportunity to create a more equitable future for ourselves, our families, our neighbors, and all who make up the community of this beautiful city."

"As the leader of the largest Latino human and health service provider serving over 80,000 Coloradans a year with 40% of the number Denver residents, our greatest need is housing,"said Rudy Gonzales, President & CEO of Servicios de la Raza. "This need is overwhelming and this number exponentially increases with each passing day, week, month, year. The Affordable Denver ballot initiative will help each of us to improve the lives of others which improves ours. The ability to live where we work is paramount. I thank Mayor Johnston's courage and compassion, and I support this most important initiative."

The Affordable Denver proposal will now appear on the November 2024 general election ballot for residents of the City and County of Denver.

Tagged as:

• Mayor
• News