Most cities are looking to hit their housing goals faster, and officials believe Denver can do the same in 2019.
For the first time, Denver Mayor Michael Hancock publicly laid out his annual housing goals — and all three could help make it easier for Coloradans to find affordable housing in 2019.
“I’ve seen a lot of progressive, forward-thinking cities across the country over the years, but I haven’t seen one that’s invested the amount that we’re doing,” Hancock said in a statement.
The mayor’s housing priorities focus on affordable rentals, apartments, homeownership and shelter for homeless.
Like most cities, Denver Official want to hit the 350,000 affordable housing goal by 2020, but they’re also aiming to hit a new goal of 300,000 affordable units by 2020-21. Denver will hit about 185,000 affordable units by 2020, but after that it’s expected to hit 265,000 units in 2023-23.
The 200,000-unit goal could prove more challenging. It would take about 100,000 affordable units to hit the goal by 2020. To hit 300,000 affordable units by 2020-21, Denver would need about 150,000 affordable units by 2023-2024, officials estimate.
To reach that goal, the city will focus on building affordable rental housing, such as homes, apartments and homes. The mayor also wants to expand workforce housing.
Hancock also announced that the city will provide 100,000 hours of jobs for low-income residents through a partnership with Workforce Housing Partnership and Inventure Renewables.
A new program will also give landlords a financial incentive to build affordable housing — something officials believe would be the largest city-led affordable housing incentive program in the country.
“We have all heard over the years how hard it is to live in Denver, but the truth is we have worked tirelessly to make our city as affordable as possible,” Hancock said.
Officials expect that with the new initiatives, more affordable housing will be built and the city will reach its goal.
The mayor’s housing priorities come at a time when cities nationwide are trying to keep up with their housing goals. Colorado cities have long sought to get out ahead of the housing crisis, which was fueled by record-low inventory and rising prices.
Hancock also praised his city’s progress.
“We have set out to provide the kind of housing that people in the community can afford and that the city can afford and that we can provide to those who work here,” Hancock said.
New City Council
During his inauguration this month, Denver Mayor Michael Hancock pledged a new agenda for the city’s top leaders.
Some of Hancock’s priorities for his second term include more affordable housing, more amenities in the city, expanded support for young entrepreneurs, and stricter building regulations.
Before the official ceremony on Jan. 8, Hancock also announced his new council.