Denver City Council on Monday approved a $ 10 million expenditure to fund an affordable housing complex for the homeless and formerly homeless.
Funding from the Multifamily Housing Revenue Bonds will be used to renovate a 10-story, 100-unit apartment complex located at 250 W. 14th Ave., adjacent to Civic Center Park and the Denver City and County Building.
All 100 units in the complex, called The Forum, will be reserved for tenants who are or have been homeless. Residents must also earn 60% or less of the region’s median income – up to $ 44,016 for one person as of 2021.
This comes from the fact that there were approximately 5,530 homeless people living in shelters in the Denver metro area in 2021, according to an annual tally. A further 6,547 people live in illegal settlements throughout the city, according to estimates by the Denver Department of Public Safety.
Forum tenants will pay no more than 30% of their adjusted income for rent, with the rest of the costs to be subsidized by project-based vouchers, according to the council’s proposal.
The Forum will also provide tenants with on-site and off-site support services provided by the Colorado Coalition for the Homeless, including case management, mental and behavioral health services, job training and financial management.
The resolution was passed unanimously without comment on Monday.
It comes after council previously voted to allocate an additional $ 10 million in multi-family home revenue obligations to fund The Forum acquisition in March.
The planned renovations include the replacement of the roof, ceiling and floor of common areas, in addition to modernization of heating, air conditioning, ventilation, plumbing, elevators, security systems, cabinets and exterior and interior counters of the building.
The city dedicated $ 10 million of its Private Activity Bond capacity to fund the renovation project.
PABs are tax-exempt bonds issued by or on behalf of the City and County of Denver, often to attract private investment for projects that will have a public interest, such as affordable housing. The city’s current PAB capacity is just over $ 40 million.
In recent years, Denver has issued PABs for the development of Park Hill Village West – providing 156 affordable housing units – and the Welton Park Apartments – providing 233 affordable housing units.
On Monday, the board also unanimously amended the commercial contract for the purchase and sale of real estate with Forum Building Housing LP, as successor in title to Forum Housing Corporation.