Affordable apartments in Denver’s Central Park:
City council approves $2.1 million loan
This article and corresponding image originally appeared in Newsbreak.com.
The Denver City Council voted Monday to lend a developer $2.1 million to build the 64-unit Beeler Park Flats apartment community in Central Park.
The 20-year loan at 1% interest will help finance the construction of the building at 5652 N. Boston Court, according to a memo from city staff to the council. The developer is Mile High Development, according to the memo.
The five-story building will house people living at 30% to 60% of the average median income, or about $27,000 to $54,700 annually for one person, according to the memo. Most of the apartments will be two-bedroom units, but there also will be one- and three-bedroom units, the memo states.
The building will be situated on two acres. The site is adjacent to The Bluffs and North Commons Lawn open spaces, and immediately north of the Northfield High School campus. A covenant will guarantee the units remain affordable for 60 years, according to the memo.
According to the memo, the project will seek to house racial and ethnic minorities through the affirmative marketing plan. “The city will work with the project owner to identify which racial/ethnic groups in the population are least likely to apply for housing in each project without special outreach,” the memo explains. “The city will assist the owner in developing a project specific affirmative marketing plan which includes special outreach efforts, and the city will approve the plan. The property manager or rental agent will be required to maintain records enabling the city to assess the results of the owner’s actions to affirmatively market units. These records will include rental applications, all vacancy notices, and rental receipts.”
The city also has adopted a policy “to aggressively encourage landlords to rehabilitate units that are accessible to persons with physical disabilities,” according to the memo.