City inks deal with affordable housing developer for 84 homes in Baker
It’s a loan, kind of.
Eighty-four homes priced for people making a decent chunk less than the average Denverite are coming to 420 W. Cedar Ave. in Baker.
On Monday, Denver City Council approved a $2.3 million loan with Atlantis Community Foundation that will help fund the project at the corner of Cedar and Cherokee Street. Atlantis, the developer, won’t have to pay the money back if the company maintains the apartments’ affordability over 60 years, according to the contract.
Fifty one-bedroom, 29 two-bedroom and five studio apartments make up the homes being built on the site.
Most of the homes — 60 — will be priced for households making 60 percent of the area median income and less, or $42,000 for a household of one. The other 24 will be capped at 30 percent of the area median income and less, or $48,000 for a household of two.
Atlantis has not broken ground on the project and did not respond to a request for a timeline.
While taxpayer dollars make up a significant portion of the funding stack, the developer will also use state, federal and private funding to pull off the project.
Council members voted 12 to 0 to approve the deal, with City Councilman Chris Hinds absent.