The Denver City Council decided to forward with Mayor Mike Johnston’s ballot proposal for affordable housing on Monday night’s meeting. The plan would raise the rate of use and sales tax from 8.81% to 9.31%, an increase of 0.5%. Projects aimed at providing affordable housing would be funded with the funds. There are several exclusions from the tax hike, such as the exclusion of necessities like food, petrol and medical supplies.
The plan modification, according to Johnston’s team, would generate roughly $100 million annually. The plan will now move on to a second and final reading on August 19. Should it be signed, voters will have the opportunity to approve it on the ballot in November. The estimated $100 million annual fund, according to the mayor’s office, would supplement current funding initiatives including the Homelessness Resolution Fund and the Affordable Housing Fund.
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