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May 24, 2018
DENVER
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Idea of targeting pot tax for housing starts to gain ground Some councilmembers push plan to help expand affordable program BY ANDREW KENNEY AKENNEY@DENVERITE.COM
building owner already has about 360 people who have said theyâre interested. âI think weâll literally draw it out of a hat,â Arnold said. (He didnât know what kind of hat theyâd use, he said.) In order to buy one of the condos, buyers will have to prove that they make between 50 and 95 percent of the cityâs area median income â a maximum of about $60,000 for a single person or $76,950 for a family of three. If youâre hoping to apply, youâll need to submit a letter from a lender by June 15. So, you probably want to get moving.
City Councilwoman Kendra Black wants Denver to use much more of its marijuana money to get housing built, and sheâs not alone. âThe money is there â and, if for some reason people quit buying marijuana, we can revisit it then,â Black told her colleagues at a meeting on May 16. The city is already planning to use weed taxes to Black pay for a significant expansion of its affordable housing program. Mayor Michael Hancock wants to boost the marijuana sales tax from 3.5 percent to 5.5 percent, generating about $8 million per year. Black wants to go a step further. She wants to guarantee that another $7 million per year comes from weed dollars. That wouldnât actually be an expansion of the mayorâs plan. Hancock proposed that $7 million would come from Denverâs general fund, and Black is simply making it more specific. So, this is somewhat a question of rearranging money. But spending blazersâ bucks would probably be a popular idea, Black recognized. âItâs a big political win. It is a community win,â she said. âTheir market is growing. I think itâs fair.â
SEE CONDOS, P4
SEE HOUSING, P4
A rendering of The Coloradan building under construction near Union Station.
IMAGE COURTESY OF EAST WEST PARTNERS
Condos below market value draw attention Lottery will determine who gets chance to own units overlooking Union Station BY ANDREW KENNEY AKENNEY@DENVERITE.COM
The rarest kind of residence is about to hit the market in Denver: less-expensive condos around the newly redeveloped Union Station area. And you only have to win a lottery to buy one. The condos in question are on prime real estate as part of a new building, The Coloradan, overlooking the cityâs main transit hub. There
are 33 of them in total, and theyâre set aside for people making certain incomes. âShort and simple, I would say, itâs the right thing to do. When we set out to build The Coloradan, we viewed it as an inclusive community,â said Brad Arnold, the buildingâs vice president of sales and marketing. Demand is likely to be very high, so the buildingâs owner and management will hold âunbiased, randomâ lotteries on June 19 to determine who gets the first chance to buy the units. These kinds of lotteries can attract hundreds of even thousands of buyers. In San Francisco, an apartment building recently got 6,580 applications for just 95 apartments. The
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âOur package of bills will begin to close the barriers we face in addressing this public-health crisis.â Brittany Pettersen, state representative | P6 INSIDE
VOICES: PAGE 8 | LIFE: PAGE 10 | CALENDAR: PAGE 7 | SPORTS: PAGE 15 VOLUME 91 | ISSUE 29