More affordable housing is on the horizon for Denver’s La Alma-Lincoln Park neighborhood thanks to development financing provided by the Department of Housing Stability (HOST). Denver City Council today approved a $5.5 million agreement with Shanahan Development, LLC, utilizing American Rescue Plan Act (ARPA) funds to help support acquisition of a 1.5-acre site for future affordable housing. The six-story development will provide at least 190 income-restricted rental units for households at a range of income levels, including up to 30 or 80 percent of the area median income.
Denver Mayor Michael Hancock
“Denver continues to leverage ARPA funds to make transformational investments that boost our community’s supply of and access to affordable housing,” Mayor Michael B. Hancock said. “We’re proud to make affordable homes possible at this site for hard-working individuals and families for decades to come.”
Approximately 25 percent of the units will be three- or four-bedroom apartments suitable for families. Shanahan Development, LLC will apply for Low-Income Housing Tax Credit financing, and construction is estimated to be completed in 2026.
There is currently a total of 25,925 income-restricted housing units in Denver. HOST has recently provided financing for 1,701 affordable units that are currently under construction at 33 sites throughout the city. An additional 930 income-restricted units are in the planning stage.
Denver’s plan for recovery includes direct distribution of $308 million in ARPA Local Relief Funds. Denver solicited and received feedback from over 12,000 residents, Denver City Council, city agencies, the Mayor’s Stimulus Advisory Committee, and the Mayor’s Economic Recovery Council to inform the use of the city’s first round of ARPA funds. Federal law requires distribution of the funds by 2026.