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Denver Developer Hoping to Add 55 Affordable Housing Units
A Denver developer hopes to convert space in a former department store into 55 new affordable housing units. The Denver Business Journal reports Chuck Perry has filed a plan with the city to redo 75,000 square feet of office space in the old Denver Dry Goods Building and make them into 55 new affordable housing units.
The plan is contingent on the Colorado Housing and Finance Authority (CHFA) approving his application for 4% low-income housing tax credits to help bring the project to fruition. The units would be available to future tenants, making between 30% to 80% of the area median income. The CHFA is expected to announce its decision later this year. The project is expected to cost over $50 million.
Currently, the building has 51 existing affordable housing units and a number of market-rate condo units. The developer is proposing improvements to the existing 51 affordable housing units.
- ◦Development
