The Denver City Council approved an ordinance creating a $150 million fund for affordable housing. The fund is intended to create or preserve 600 units each year for ten years. City property owners will be charged an additional half mill, equating $12 a year on a home worth $300,000, which will bring in about $6.5 million in its first year. In addition, developers will pay an impact fee (aka a linkage fee) that will increase the price of a new home by $1,500 per unit and add thousands of dollars to commercial projects. The City will kick in $5 million from its general fund reserves, including $1.5 million from marijuana taxes.