DENVER --- The Denver City Council and Mayor Michael Hancock are celebrating after Denver's historic vote to create a dedicated affordable housing fund -- aimed at raising $150 million and creating more than 6,000 units over 10 years.
"This is the largest and first affordable housing fund in Colorado," Council president Albus Brooks said.
Brooks said the city has been discussing this since 2013. The plan raises property taxes and creates a new fee on developers beginning Jan. 1.
Property taxes will go up about $12 a year for a $300,000 home and developers will be charged anywhere between 60 cents to $1.70 per square foot for new development.
But some say the measure does not go far enough.
"We are in a really scary situation right now -- every week people are being displaced," said Nola Miguel, director of Right to Live Well.
Miguel estimates the city needs close to 80,000 affordable housing units to go online, not 6,000.
"At this rate, we are going to lose the families that built Denver," Miguel said.
Families of four that make less than $65,000 can qualify for some sort of affordable housing in Denver. Single individuals making less than $45,000 can qualify for some assistance.