Denver Taxi Development to bring deed-restricted affordable housing… what is that, exactly?

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Yesterday, the Denver Post reported that the River North Taxi development is getting bigger and likely getting “deed-restricted affordable housing.”

So. What’s that?

Zeppelin Development is responsible for the development and spokesperson Rachel Feinberg explained what deed-restricted housing is for:

“Deed restrictions are a common way to secure long-term affordability restrictions on a property and are the preferred method for inclusionary zoning programs across the country,” Feinstein said via email.

Or as a House and Urban Development brief explains, the deed-restrictions establish rules for how the property is sold. Around Denver, these rules are part of city’s affordable housing program and are often referred to as housing covenants.

Covenants last 15 years in Denver and they establish income limits on the people who can purchase affordable housing. As part of Denver’s Inclusionary Housing Ordinance, the covenants further limit how much the unit can be sold for, if the owner wants to leave, and who gets it next.

Back in RiNo, Feinburg says the number of affordable units hasn’t been decided yet. But the company plans to build some units that will sell to people who earn 60 percent of Denver’s area median income. The exact number has not been set at this point though.