On Monday, Denver City Council passed the Expanding Housing Affordability policy in an effort to help solve the city’s affordable housing crisis. Per the policy, multifamily projects that consist of 10 or more units are required to designate between 8 and 15% of the units as affordable. Affordable units will be made available to households earning between 60-90% of area median income.
The policy offers developers zoning and financial incentives, including lower parking requirements, greater height allowances, and permit fee reductions to offset construction costs and maximize the total number of units. Developers also have the option to pay a fee, ranging between $250,000 and $478,000, in lieu of including the affordable units.
This will go into effect for development applications received after July 1, 2022 and will remain in place for the next 99 years to ensure the permanence of the solution.
KEPHART aims to serve as a resource for you and your business. As we learn more about the Expanding Housing Affordability policy, we will continue to inform you and help you navigate through the changes. You can also find the most current information on the policy here.