Affordable Housing in Downtown Denver? You bet!

Denver Property Management, Industry News

With rents and home prices having risen so high in Denver, there’s a push for more affordable housing units to be built. And what better place to offer new affordable housing units than downtown Denver? Come 2017, Ashley Union Station apartments, currently under construction on 18th Street and Chestnut Place and just blocks from Union Station, will offer multiple units for those in the lower income bracket.

Affordable Housing? You Got it!

75 of the 107 units within the 4 story complex will be income-restricted. 34 of those 75 will be set aside for those with earnings up to 60% of the median income for the area, another 34 for 50%, and 7 for those who earn lower than that.

Diversity is Key

The hope of offering affordable housing units is not only to provide great downtown housing to those who normally could not afford it, especially given how expensive downtown usually is, but to add diversity to the area. Providing affordable housing in one of Denver’s most expensive areas will not only add diversity in income, but in generation and in ethnicity. It also offers those who work downtown, like those at the new King Soopers grocery store that recently opened in the area, a place to live that’s close to their jobs.

Partners in Building

The Denver Housing Authority helped by partnering in the project. In addition to their assistance, the city of Denver contributed $2.3 million out of its general fund, plus an additional $950,000 loan, which came from the affordable housing ordinance fund.

Build It And They Will Come!

Integral Group, the owners of the project, said they anticipate to gather applications once it gets closer to the completion date for construction, but expect to have a waiting list on the units. They plan to take applications on a first-come, first-serve basis, and their approval will depend on income, credit checks, and background checks.

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