The groundbreaking comes on the heels of a new ordinance that requires developers who are constructing new projects of 10 or more units to make eight to 12% of the units as affordable housing. via RussellHaythorn
DENVER — The City of Denver celebrated the groundbreaking of a new affordable housing project on Wednesday.
The Krisana project is 100% affordable, but the group plans to add market rate housing on the site in the future, which would then be subject to the new ordinance. “What it does is it kills investment in new housing,” said Drew Hamrick, spokesman for the Apartment Association of Metro Denver. “It is even greater than I think most of us predicted.”“We will not let people distort the story and imply that development has ended in our city,” said At-Large City Councilwoman Robin Kniech.
“It’s just like rushing to the grocery store before the Super Bowl,” Kniech said. “And then there’s fewer people in the store for the Super Bowl. It doesn’t mean people stopped grocery shopping, it just means they went the day before, right?”“We saw 78 permits for new apartment buildings in the city and county of Denver in the six months after our policy went into effect,” she said.
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