After September’s steep drop in home sales, it looks like the market began to stabilize in October, according to a recent update from the Denver Metro Association of Realtors (DMAR).Buyers
Plan To Double Affordable Housing Fund Gets Approval In Denver
According to the Denver Business Journal, a proposal to double Denver's Affordable Housing Fund from an annual sum of $15 million to $30 million recently advanced out of the city's Safety, Housing, Education and Homelessness (SAFEHOUSE) Committee.
Proposed by Mayor Michael Hancock, the program examines a partnership with the Denver Housing Authority (DHA) to generate an estimated $105 million funding surge for affordable housing over the next five years.
Hancock said that affordable housing remains a primary challenge to our residents and families, and this proposal will produce more affordable homes quicker to deliver housing Denver families need and can afford.
Additionally, part of the funding would come from increasing the city's retail marijuana tax rate from 3.5 to 5.5 percent, the article states. When the proposal was announced in April, Kristi Kelly, executive director of Marijuana Industry Group (MIG), said the group would welcome discussion on the subject, and noted it would effectively raise out-the-door prices of a $50 transaction by about $1.
"The marijuana industry is a part of the communities in which we live and operate," Kelly said at the time. "Affordable housing is an issue that affects Denver, and as members of this community we are excited to work with the City to identify solutions that can benefit our neighbors."
A statement from the city of Denver indicates the proposal would help Denver secure the building, preservation or land needed for more than 6,000 affordable homes for families over the next five years.
Adding affordable housing options is an important step as Denver continues to rapidly expand, however, most house hunters don’t have the time to wait. If you’re looking for housing in Denver there are still some great deals to be found, if you know where to look. Contact Metrowest today – we’d love to show you around!
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