In a city that struggles with a shortage of affordable housing, several projects are in the works throughout the Denver area designed to address that pressing need.
calling the lack of affordable housing “a major problem” in their communities in a Pew Research Center report., relinquishing the classic American dream of buying a home, according to last year’s Apartment List Millennial Homeownership Report.
The lack of housing is one of the biggest concerns held by businesses looking to relocate or expand within Colorado, said Adam Burg, vice president of government affairs at the Denver Metro Chamber of Commerce. The Central Park Condominiums, Central Park Boulevard and 57th Avenue, also target a specific population of potential homeowners: those making between 60% and 80% of Denver’s area median income. Starting at $225,000, the condos each have two bedrooms, two bathrooms and two reserved parking spots.
The development, which is scheduled for completion next April, will cost $44 million. Hunt Capital Partners – a division of investment company Hunt Companies Inc. – secured funding through federal tax credits and bank loans.
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