Description
Title: Approves the Funding Agreement between the City and County of Denver and WOLFF 23 LLC in the amount of $1,518,000.00 to support the development of 23 affordable for-sale units located at 4801 W 10th Ave, in Council District 3 (HOST-202683012).
Summary
The proposed ordinance involves a funding agreement between the City and County of Denver and Wolff 23 LLC, allocating $1,518,000 from the State Affordable Housing Fund to develop 23 affordable condominium units, known as Wolff Flats, at 4801 W 10th Ave in Council District 3. This legislation aims to support the creation of affordable homeownership opportunities for households earning at or below 80% of the Area Median Income (AMI). The funding will cover construction costs, with affordability secured through a covenant lasting a minimum of 70 years. This initiative addresses the critical need for affordable housing in Denver, contributing to the city's broader housing stability goals.