With Denver short more than 50,000 units of income-restricted housing relative to what it needs, the city's Department of Housing Stability is celebrating every new income-restricted unit it can make available. The latest offering: Capitol Square Apartments, 103 income-restricted homes one block from the Statehouse.
Most of the units are one-bedroom, and the others are two-bedroom. The project, on the corner of 13th Avenue and Sherman Street, includes not just homes but community space, fitness rooms, a landscaped courtyard and indoor parking.
The apartments will be rented to people making between 30% and 80% of the area median income. For single people, that's between $24,650 and $62,600 a year; for couples it's between $28,150 and $71,550 a year.
"Projects like Capitol Square help ensure Denver remains affordable and accessible for future generations," said Mayor Michael Hancock, in a statement. "We're proud to utilize Denver's Affordable Housing Fund to help create 103 new, affordable homes for hard-working residents."
Hancock has made the creation of affordable housing a signature policy of his last year in office -- a necessity after years of rising rent and home prices, displacement of longtime residents, and a drought of new construction during his three terms.
Across Denver, developers are currently building 1,365 income-restricted units funded, in part, by the city.
Capitol Square Apartments, in total, cost $33.9 million, and the city provided $1,545,000 of that. Funding also came from the Colorado Department of Local Affairs and the Colorado Housing and Finance Authority.
Mile High Development and Brinshore Development built the project.
"We are proud to deliver more affordable housing in Denver," Mile High Development CEO George Thorn said in a statement. "Income-restricted housing shouldn't look or feel any different than market rate, and that's exactly what we have produced at Capitol Square. Located steps away from Colorado's lawmakers, this building sets a powerful example of the importance of high-quality affordable housing."
