DENVER BUSINESS JOURNAL - The Denver City Council Monday night adopted new legislation that will establish the city's first-ever permanent affordable housing fund, while an alternate bill was voted down.
The city will, beginning Jan. 1, ask developers to pay a new per-square-foot fee and will raise property taxes by half a mill for the first year in order to create the fund, which is meant to raise around $150 million over 10 years to support the development or preservation of 6,000 income-restricted homes.
The proposal, which passed in a 9-4 vote, was sponsored by council members Robin Kniech and Albus Brooks.
Plans unveiled in July show the following fees, which will be charged to developers at the time a building permit is issued:
- For single-family development, the proposed fee is 60 cents per square foot, and for multi-family projects, the proposed fee is $1.50 per square foot.
- For commercial development including hotels, offices and retail projects, the proposed fee is $1.70, while industrial projects will be subject to a 40-cent fee.
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