DENVER (CBS4) – Denver City Council members debated how to solve the affordable housing crisis on Monday.
Council members debated a plan to generate $150 million to build affordable housing for the city.
The 10-year plan relies on property tax, about $12 a year for the average homeowner.
“If you don’t have housing for those employees our entire economy suffers. We have less money for roads and things. So we are all connected in this city in many ways,” Denver City Councilwoman Robin Kneich said in July.
The fund allocates part of a property tax increase voters authorized back in 2012. It also proposes a new one-time development fee, ranging from 40 cents to $1.70 per square foot, depending on the project.