DENVER-Mayor Wellington Webb is supporting controversial recommendations by the city’s Affordable Housing Task Force that, among other things, requires developers of more than 30 units to sell at least 10% at affordable prices for buyers earning 80% of the area’s median income.

Many urban developers in Denver oppose the proposed ordinance. “This is a quick, easy fix on the public side and is very onerous for the private sector,” Jamie Fitzpatrick of the Denver-based Corum Group tells GlobeSt.com. He is looking to build a 230-unit project near Coors Field. The new ordinance, if adopted, would dramatically change the economics of the deal, he says.

Corum also has built far more than 1,000 affordable units in the ski resort areas of the mountains. “You have to look to see who is going to benefit from the affordable housing and that is the employers,” Fitzpatrick argues. “In the mountains, we receive broad-based subsidies from the employers to build affordable housing.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.