Denver proposes up to $27 million in bonds for 149-unit affordable apartments
The financing request would use up to $19.4 million from Denver’s private-activity bond allocation. A proposed legislative calendar lists committee review for Oct. 27.
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Denver’s Department of Finance is seeking authority to issue up to $27 million in housing revenue bonds for Link and Pin Apartments, a proposed 149-unit affordable rental building at 4187 Fox St. in Council District 11. The department’s ordinance request proposes using up to $19.4 million from Denver’s private-activity bond allocation as part of the financing.
The request identifies Link and Pin Apartments LP, or its affiliates, as the borrower. It proposes using bond proceeds to acquire, build and equip the building. The $27 million is a ceiling on the bond authorization, not the project’s stated total cost.
The proposed apartment mix is 30 units restricted for households earning 30% of area median income, 67 at 60%, 14 at 70% and 38 at 80%—149 units in all. The request describes these income restrictions as anticipated.
The proposed legislative calendar lists Finance and Business Committee review on Oct. 27, Mayor-Council on Nov. 3, Council first reading on Nov. 9 and second reading on Nov. 16.