September 2016 Partner Spotlight: Denver City Council
Thank you Denver City Council for making history, and passing Denver’s first-ever affordable housing fund, and Colorado’s largest. Ensuring the success of this fund was no small feat, and this new City Ordinance gained support through the hard work of cross-sector stakeholders, from nonprofit affordable housing providers, educators, economists, for profit developers and a number of neighborhood residents.
The affordable housing fund will raise at least $150 million in the next 10 years to produce, preserve and rehabilitate a minimum of 6,000 affordable homes. While this will not meet the entire demand, we recognize the significance this holds for the future of affordable housing options in our city. And with a bill that passed with a 9-4 vote at Council on September 19, 2016 it is clear our city representatives have recognized the importance as well.
One week before the bill was presented for a vote, members of Denver’s affordable housing and early childhood education communities joined forces to write an editorial piece directed at the Denver City Council. The article centered in on one of the many critical components directly affected by affordable housing: our school systems.
Amidst the supporting evidence showcasing how important housing is for both student and teacher success, it also made a point to highlight affordable housing’s positive influence on Denver’s economy. A 2015 study reported that affordable housing created in a five-year period (2009-2013) generated over $540 million in local income and created over 7,000 jobs. With Denver’s new housing fund, thousands of affordable units will be created in ten years, helping to further strengthen and build our economy. So for this, we thank you.
In highlighting this recent success, we cannot forget to recognize the two most critical Council members who helped make this fund a reality: Councilwoman Robin Kniech and Council President Albus Brooks. The pair co-sponsored the bill, and worked tirelessly with the Denver community to ensure Denver would have its first ever affordable housing fund by 2017.
Kniech, who has served on the City Council since 2011, has long been a strong proponent for affordable housing in the metro Denver area. She is currently one of two elected officials serving as an At-Large council member, and represents the entire city. In making the case for affordable housing, Kniech used her voice to represent the thousands who spend over half of their income on rent alone. And she won.
“For many years, I have worked with our community to build the case and momentum for expanded housing” Kniech said. “Following the successful vote on September 19th, I feel very proud in our city’s commitment to provide more affordable housing options for those who need it most. I am hopeful that Denver will continue to build on the foundation to secure even more affordable, safe housing.”
The next question many are asking is, what’s next? Once signed into law by Mayor Hancock, a committee will be assembled to advise on use of the money. Starting on January 1, 2017, the affordable housing fund will officially go into effect, with the first year plan using an estimated $15 million that will be administered by the Office of Economic Development.
So with a guaranteed fund in place, a potential budget for the first year and a set start date, the future is looking bright for affordable housing here in Denver. City Council President Albus Brooks, who represents District 9, has been a major advocate in the success of this bill. With an implementation date only months away, Council President Brooks is looking forward to seeing the fund in action next year.
“I am grateful that my colleagues approved the first affordable housing fund in our city and the largest in the State,” Council President Brooks said. “People need access to workforce housing and they need it now. I’m excited to see the first units under construction in 2017.”
To date, Urban Land Conservancy and our development partners have preserved, and constructed over 800 permanently affordable rental units on land strategically acquired using the Denver Transit Oriented Development Fund and private investment.
“With the new affordable housing fund, there is so much more we can do to address the affordable housing crisis in many of the neighborhoods we work in, by ensuring these funds go to permanently affordable rental and home ownership,” said Aaron Miripol, President of ULC.
As an organization dedicated to preserving and developing real estate that provides direct community benefit, we applaud Denver City Council for passing this bill. In doing so, you are not only creating a necessary fund, but also ensuring the success of our city for the residents who need it most.