Community Planning and Housing
TL;DR
The City and County approved a $4.5 million loan to help build and renovate affordable housing in Northeast Denver. The project will create 133 affordable rental units for low-income households in Council District 10, with the loan spread over 60 years.
Key Decisions
- Affordable Housing Loan Agreement Approved
- Construction of 113 new income-restricted rental units Approved
- Rehabilitation of 20 existing income-restricted rental units Approved
Agenda
- Consent Items
- 26-0118 Approves a loan agreement between the City and County of Denver and Northeast Denver Housing Center (NDHC), under the borrower entity 1600 Pearl LLLP, in the amount of $4,522,862.00 in a cash flow loan for 60 years to finance the construction of 113 income-restricted units and the rehabilitation of 20 income-restricted units, for a total of 133 income-restricted units to be rented to qualifying households, in Council District 10 (HOST-202683206).Resolution