Description
Title: Approves the loan agreement between the City and County of Denver and WOLFF 23 LLC in the amount of $1,725,000.00 to support the development of 23 affordable for-sale units located at 4801 W 10th Ave in Council District 3 (HOST-202582195).
Summary
The proposed legislation from the City and County of Denver involves a loan agreement of $1,725,000 between the city and WOLFF 23 LLC to fund the construction of 23 affordable for-sale condominium units at 4801 W 10th Ave in the Villa Park neighborhood. This initiative aims to provide housing options for households earning at or below 80% of the area median income (AMI). The project will consist of primarily one-bedroom units, adhering to affordability requirements secured by a covenant that will last for a minimum of 70 years. This legislation is significant as it addresses the pressing need for affordable housing, thus promoting homeownership opportunities within the community. The Department of Housing Stability is overseeing the proposal, highlighting the city's commitment to enhancing