Denver Unveils Affordable Housing Plan

On October 6 the City of Denver released its five-year housing plan called Housing Denver. The document is essentially a comprehensive plan for housing. According to Mayor Michael Hancock Housing Denver is “the primary guide informing the city’s housing policies and resource allocations for the next five years.”

Housing Denver will be updated annually by the Office of Economic
Development (OED). Mayor Hancock says, “While the city’s population growth has spiked, the housing stock is simply not keeping pace with the community’s needs. This gap is exacerbated by our real estate market. Home prices have been improving, which is generally good news for a city’s economy, but is increasingly making housing unaffordable for too many.”

Housing Denver includes a long list of action items, including the creation of a dedicated funding stream supported by public and private investments, to address the city’s full continuum of housing needs; the creation of a revolving housing fund to help finance the construction and preservation of rental workforce housing. This fund will be capitalized with $3 million from Denver’s General Fund and an additional $3-5 million in leveraged investments.

REALTORS’ role in implementing this vision is unclear. However it appears there is some alignment. Housing Denver notes that “due to the current regulatory environment, residential condominium production has been impeded, further dimming opportunities for workforce populations to achieve homeownership.” Having the City’s support during the upcoming legislative session would help CAR’s efforts to get a construction defects bill passed in 2015.

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