DENVER -- A perfect storm of population growth, increasing rental rates and decreasing federal funds is sinking the number of affordable housing units available in Denver.
The Denver City Council was expected to pass a new ordinance Monday night aimed at keeping the affordable apartments the city already has.
The city has given subsidies to property owners in exchange for keeping rents lower.
But many of those agreements are going to expire over the next few years and the city anticipates losing 4,500 affordable units in the next five years.
Monday night’s proposed revisions could help prevent some of that.
“It’s all about strengthening and making that ordinance stronger so the city has more tools at its disposal to further preserve affordable rents throughout the city," said Derek Woodbury with the Denver Office of Economic Development.
Among other things, the revisions would require property owners to give Denver a year’s notice that they intend to opt out of the affordable unit covenants and would also give Denver the right to match any market offer made on the property.