marketing apartments is a must. The apartment’s marketing techniques differ from one property to the other. Family apartment needs a different marketing technique, and so does student apartments. For families having a tight security with CCTV camera in the apartment premises is a must. However for students having the high-speed internet connection is a must. In such context, the advertisement techniques also differ. Here are some ways to attracts student as renters-
"To me, taking a leap of faith to become a Realtor was the best decision I ever made. It truly is my dream job," said Athena, a Colorado native who grew up in a family of residential developers, builders and interior designers.
Athena has become revered for going above and beyond to get her clients the home they desire. "Even when a property isn’t on the market, it doesn’t mean it isn’t available," stressed Athena, who has an impeccable eye for real estate and a background in interior design. Coming from the world of interior design and a family of builders gives Athena a leg up in the Denver realty community. She has a knack for seeing the potential in a home that others might not and understands the importance of inspecting the bones of a property.
Recently, Athena’s client was looking to move up in properties, but had very specific criteria and wanted to look in a small localized area. She had been watching the market but nothing was coming on, so she went door to door to properties in the area. She eventually found a property, a gorgeous historic mansion, and although it was not on the market, it was going to be listed within a few months. Athena convinced the owners to not take it to the market. "Long story short, we got in there and closed on it last week," added Athena.
Athena obtained her real estate license in 2015 and immediately began to mentor under the owner of the New Era Group, John Stegner. "I really enjoy working with the consummate professionals at New Era Group, who are an inspiring group of people," stated Athena. "My goal from the beginning has been to always build strong relationships with my clients, and find a property that truly suit their lifestyle and needs."
During the course of her distinguished real estate career Athena has received a number of awards. In 2018, she was inducted into the Your Castle Real Estate Gold Club; in February 2019, she was ranked the No. 8 agent in the company; and, most recently, was named MVP for all of Your Castle Real Estate, which has more than 700 agents. Furthermore, she recently completed certification to become a Sellers Representative Specialist (SRS) and Accredited Buyer’s Representative (ABR).
At 16 Athena became a professional freestyle skier and her hard work ethic and competitive attitude prepared her for the aggressive real estate arena. Concluded client Megan W., "As a first-time home buyer, Athena was absolutely the best agent I could have had. Not only was she incredibly knowledgeable about different aspects of the market, she went above and beyond to find me the perfect home, and it wasn’t even listed! Getting the most beautiful home in the neighborhood in an off-market deal was the best outcome I could’ve possibly imagined, and having the most attentive, hardworking, and wonderful agent made the experience very low stress and very exciting."
About Athena Brownson, New Era Group, Your Castle Real Estate
Colorado native Athena Brownson works with both buyers and sellers. Athena takes pride in assisting her clients with such pivotal moments in their lives through purchasing or selling their homes. As Denver continues to blossom, Athena looks forward to helping you find the perfect property or sell your current property to move towards the next phase of your life. For more information, please call (303) 919-9344, or visit https://www.athenabrownson.com/.
Cornerback Chris Harris Jr. and the Denver Broncos are close to an agreement on a new one-year deal, according to Mike Klis of 9News.
The 29-year-old defensive back is scheduled to make $7.8 million in 2019 and can become a free agent next offseason, per Spotrac.
Klis reported Sunday that Denver general manager John Elway and Harris’ agent, Frederick Lyles Jr., talked over the holiday weekend.
Harris requested a new contract or a trade in April as he entered the final year of a five-year, $42.5 million extension he signed in December 2014. Elway had said he didn’t "have time right now" to address Harris’ situation as his focus was on the 2019 NFL draft.
Harris, though, never ruled out the possibility of reaching a new deal with the Broncos and made it known that he hopes to play out his career in Denver.
"Oh yeah, I always wanted to retire here," Harris told The Athletic’s Nicki Jhabvala on April 24. "I’ve been patient. I’m still open to coming back. I’m never closing that door until they close it. … We could still get a deal done with the Broncos. Oh yeah. It’s not over yet."
Harris declined to say whether he would hold out if neither of his requests was met, only telling Jhabvala that "it shouldn’t get to that point."
An undrafted free agent in 2011, Harris has spent his entire eight-year career in Denver. He has earned four Pro Bowl nods and was a first-team All-Pro in 2016. He was part of the Broncos’ vaunted "No Fly Zone" secondary that led the team to Super Bowl 50 victory during the 2015 season.
According to Pro Football Focus, nobody in football has been better in the slot than Harris in recent years:
Pro Football Focus
No CB has graded higher from the slot during the PFF era (2006-Present) than Broncos CB Chris Harris Jr.! https://t.co/Rn1bDZypWV
PFF DEN Broncos
Stop us if you’ve heard this one before. https://t.co/SWAKkt2jjU
PFF DEN Broncos
Champ Bailey joins @ChrisHarrisJr on the list of cornerbacks who have seen 500+ targets and grabbed more interceptions than the number of touchdowns allowed in coverage. #BroncosCountry https://t.co/0Je7QaydmN
Harris is coming off a Pro Bowl year in 2018 that saw him pile up 49 tackles, three interceptions, 10 pass breakups and one sack.
Saquon Barkley: ‘Le’Veon Bell Sitting Out Hurt NFL’
New home construction in Denver’s Stapleton neighborhood Thursday, May 16, 2019.
For the first time in a long time, Denver’s bustling real estate market has slowed. The top line: The steep rise in prices is slowing and there are more houses on the market.
That’s making it easier for buyers like Philip Wang, who was looking for a bigger house for his growing family this spring.
Wang, a marketing operations manager for a medical device software company, lives in a fairly large house in Arvada — more than 2,000 square feet — but the bad layout made it feel small.
“A wife, kid and a dog, and sort of getting a little cramped,” he said.
He and his wife found the place they wanted in Westminster, and they pulled off a feat that used to be almost impossible: they sold a home and bought another at the same time.
“We thought this can fall through because of X, Y, and Z on either side, so there was that level of stress,” said Wang.
But it worked out.
In previous years, demand for homes was so intense that it was easy to sell a home, but difficult to find one to move into around metro Denver.
That’s starting to change. In April, the unofficial start of the home buying season, there were 1,852 more homes on the market than the same time in 2018, according to the Denver Metro Association of Realtors. That’s a 36 percent increase and the most active listings in five years.
Other U.S. cities with busy housing markets saw similar growth: Active listings rose more than 18 percent in the California Bay Area and more than doubled in Seattle.
Philip Wang, at his real estate agent’s office Keller Williams in downtown Denver.
Wang’s real estate agent Erin Brumleve, with Keller Williams, said new home construction is also adding to supply. As a result, buyers have more options and prices have stabilized.
“Right now, we’re looking at a more normal, sustainable appreciation rate of 2 to 5 percent [a year],” Brumleve said.
That’s down from the double-digit price growth of a few years ago in Denver.
But as the supply grows, demand has fallen in Denver. The number of sales dropped 7 percent in April. This is a phenomenon playing out across the country, as buyers’ wages fail to keep up with prices.
“I think a lot of what’s happening is that we’re just hitting an affordability ceiling,” said Ralph McLaughlin, deputy chief economist with CoreLogic, a real estate research firm. “Prices can only rise so much before it’s hard for your average household to afford a home.”
Wage growth has finally started to rise in Colorado, but it hasn’t kept pace with real estate inflation. Denver is the most expensive non-coastal market in the country. Average prices hit a new all-time high in April: $553,371 for a single family home, according to Denver Metro Association of Realtors.
Justin Knoll, a longtime metro Denver real estate agent, said it’s “brutal out there under $400,000 and the stuff you’re finding at $400,000 needs a lot of work.”
“At that entry level market, people can’t afford to put a lot of work into it,” he said.
As a result, many of those buyers are stuck on the sidelines.
For buyers who can afford more expensive properties, there are options. That wasn’t the case in previous years, Knoll said, when supply was at or near record lows and demand was frenzied.
“You had to make a decision on the hood of the car right now,” Knoll said. “If you’re going to sign this contract or make an offer on a property, you had to decide right then, because five other people, at least, we’re doing the same. But now it’s like, ‘let me think about this overnight, let me talk to my lender again, let me talk to my financial planner.’”
New home construction in Denver’s Park Hill neighborhood Thursday, May 16, 2019.
For some sellers, that has been a tough transition.
“We do see sellers start to panic a little bit after a couple of weeks on the market if they don’t have it done. If they don’t have a contract they start to flip out,” he said.
Some sellers still act like they’re in Denver’s old market, thinking they can set high prices and force bidding wars.
For some, it’s still possible if the property is in good shape and in a nice neighborhood. While things might be moving slower in Denver’s market, it’s still a fast-paced environment. Median days on market is just 12, a rate real estate agents say is still very fast — although it’s twice as long as it used to be.
For buyers like Philip Wang, that means buying and selling a house at the same time is still a touchy and complex transaction that requires planning ahead.
“So we didn’t just up and one day decide we’re gonna, ‘let’s move to a bigger house,’” he said. “We planned this for probably a good three to five months in advance.”
His agent Erin Brumleve said she told Wang and his wife they needed to list their home when it was likely to sell, in early spring, and be ready to buy quickly.
“And they listened to us and they were successful, so we appreciate that,” said Brumleve.
Even as the market slows, she joked, you still have to listen to your agent to make the most of it.
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About Ben Markus
Ben Markus is a business reporter for Colorado Public Radio. He has created dozens of databases to track the important drivers that define the Colorado economy and covers the topics and trends that make up Colorado’s economy.
DENVER, CO (CBS) – A final update from the Denver Election Division on Wednesday afternoon revealed that voters approved a measure to decriminalize psychedelic mushrooms, CBS Denver reported. The vote came in as 50.56% yes to 49.44% no.
The numbers are still "unofficial until the Canvass and Certification of the Municipal General Election on May 16." The margin for recount stands at one-half of one percent.
Earlier this year, the group supporting the measure — Initiative 301, the Denver Psilocybin Decriminalization Initiative — gathered enough signatures for the question to be added to the local election ballot.
The measure would allow the use and possession of psilocybin mushrooms by adults 21 and older in Denver and the city will become the first municipality in the U.S. to decriminalize what some call "magic mushrooms."
Jeff Hunt, Vice President of Public Policy at Colorado Christian University and Director the Centennial Institute, called the use of "magic mushrooms" a "serious problem," and said "Denver is quickly becoming the illicit drug capital of the world," CBS Denver reported ahead of the vote. Colorado voted in 2012 to become one of the first states to legalize recreational marijuana.
"When you look at all the things that we’re dealing with, you have high-potency pot, you have proposals for supervised needle infection sights," Hunt said. "The psychedelic mushroom folks are following the same playbook that marijuana did. They’re starting with decriminalization and then they’re going to move on to commercialization."
Those who already use mushrooms for medical reasons were looking forward to the drug’s decriminalization. "I don’t think that people should be criminalized or looked upon differently because they are required to take something that can make them feel this much better," one 54-year-old patient currently using psilocybin mushrooms told CBS Denver. The ballot measure didn’t differentiate between the medical and recreational use of mushrooms.
A deal announcing the merger of North Carolina-based pump manufacturer Gardner Denver Holdings (GDI – Get Report) with part of Ingersoll-Rand (IR – Get Report) could come as soon as this week, according to a report in The Wall Street Journal.
Both firms make pumps and compressors, although Ingersoll produces other industrial and consumer products as well.
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Precise terms of the deal weren’t mentioned in the report but it did state that Ingersoll shareholders would own half of Gardner Denver when the deal goes through. Gardner Denver is now partly owned by private-equity concern KKR & Co. The deal would create the world’s second-largest manufacturer of industrial pumps and compressor.
Gardner Denver is valued at around $5.8 billion and the new division is likely to have an enterprise value of around $15 billion including debt obligations, the report said.
Shares of Gardner Denver were inactive in premarket trading Monday.
DENVER (CBS4)– A food co-op is open again and bigger than before. The Westwood Food Co-Op closed for two-and-a-half months while it went through some changes.
The renovation added more room for more products.
The co-op began when people struggled to attract a grocery store to Denver’s Westwood neighborhood.
The co-op is for both members and people who like to drop in.
“We saw in the past that necessity and we talked with the community and decided to start with this coop,” said Yuridia Bahena, ReOwn Program Manager. “They can walk and get everything they need.”
A lot of the produce comes from local farms. They hope to one day grow into a large grocery store.
PHILADELPHIA, April 03, 2019 (GLOBE NEWSWIRE) — Resource Real Estate Diversified Income Fund (the “Fund,” ticker RREDX) today announced its quarterly distribution of $0.150* per share as of March 31, 2019. This represents a 5.8 percent annualized quarterly distribution, placing it in excess of the Fund’s five percent target.** The Fund began trading on March 12, 2013 and closed the quarter as of March 31, 2019 with an inception-to-date cumulative total return of 49.63 percent.
The Fund is a closed-end interval fund that seeks to produce income and achieve capital appreciation with low to moderate volatility and low to moderate correlation to the broader equity markets by investing in a portfolio of private equity, public equity and credit real estate investments. This strategy has resulted in strong risk-adjusted performance compared to the more volatile public REIT market. To learn more about the Fund, visit www.ResourceAlts.com.
Fund Performance, as of March 31, 2019
ALPS Fund Services, Inc. Resource Diversified Income Fund Class A shares; Bloomberg. FTSE NAREIT All Equity REITs Index (NAREIT). You cannot invest directly in an index.
Performance data quoted represents past performance. Past performance is no guarantee of future results and investment returns and principal value of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted above. For performance information current to the most recent month-end, please call toll-free (866) 773-4120 or visit www.ResourceAlts.com.
Performance information is reported net of the Fund’s fees and expense, but does not include the Fund’s maximum sales charge of 5.75% for Class A shares. Performance would have been lower if the maximum sales load had been reflected above. Class A gross expenses are 2.97% and net expenses are 2.76%.
Net fees are based on a contractual fee waiver and reimbursement agreement by the Adviser to waive its management fees and absorb the ordinary annual operating expenses of the Fund to the extent they exceed 1.99% per annum of daily net assets of Class A through at least January 31, 2021.
* To calculate the quarterly distribution, the Fund takes the income received from the Fund’s portfolio, subtracts expenses, and divides the result by the total number of shares owned by the Fund’s shareholders. Distributions are not guaranteed.
** Target yield is measured at the Fund level and is not equal to actual returns for a shareholder. As portfolio and market conditions change, future distributions will vary and target yields may not be obtained in the future.
The FTSE NAREIT All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. Equity REITs. Constituents of the Index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.
A portion of the distributions consists of a return of capital based on the character of the distributions received from the underlying holdings. The final determination of the source and tax characteristics of all distributions in 2019 will be made after the end of the year. Shareholders should note that a return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. Resource Real Estate, LLC, the Fund’s investment advisor, and ALPS Distributors, Inc. are not tax experts and do not offer legal or tax advice. It is recommended that shareholders consult with an accountant, tax advisor and/or lawyer. There is no assurance that the Fund will continue to declare distributions or that distributions will continue at these rates. There can be no assurance that any investment by the Fund will be effective in achieving the Fund’s investment objectives, delivering positive returns or avoiding losses.
This distribution policy is subject to change. The Fund may make distributions that are treated as a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield,” “income,” or “profit.” The Fund’s distribution amounts were calculated based on the ordinary income received from the underlying investments, including net investment income. Shareholders should not assume that the source of a distribution from the Fund is net profit. A portion of the distributions consist of a return of capital based on the character of the distributions received from the underlying holdings.
An interval fund is a continuously-offered closed-end fund that periodically offers to repurchase its shares from shareholders. Through the interval structure, the Fund offers a liquidity feature of quarterly redemptions at NAV of no less than 5 percent of the shares outstanding made available, redeeming more frequently than other real estate and private equity investments. Regardless of how the Fund performs, there is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer.
An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus containing this and other information, please call (866) 773-4120 or download the file from www.ResourceAlts.com. Read the prospectus carefully before you invest.
The Resource Real Estate Diversified Income Fund is distributed by ALPS Distributors, Inc. (ALPS Distributors, Inc. 1290 Broadway, Suite1100, Denver, CO 80203). Resource Real Estate, LLC (the Fund’s investment adviser), its affiliates, and ALPS Distributors, Inc. are not affiliated.
Investing involves risk. Investment return and principal value of an investment will fluctuate, and an investor’s shares, when redeemed, may be worth more or less than their original cost. Alternative investment funds, ETFs, interval funds, and closed-end funds are subject to management and other expenses, which will be indirectly paid by the Fund. Preferred securities are subject to credit risk and interest rate risk. Convertible securities are typically issued as bonds or preferred shares with the option to convert to equities. As a result, convertible securities are hybrids that have characteristics of both bonds and common stocks and are subject to risks associated with both debt securities and equity securities. Issuers of debt securities may not make scheduled interest and principal payments, resulting in losses to the Fund. Typically, a rise in interest rates causes a decline in the value of fixed income securities. The use of leverage, such as borrowing money to purchase securities, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.
There currently is no secondary market for the Fund’s shares and the Fund expects that no secondary market will develop. Shares of the Fund will not be listed on any securities exchange, which makes them inherently illiquid. An investment in the Fund’s shares is not suitable for investors who cannot tolerate risk of loss or who require liquidity, other than liquidity provided through the Fund’s repurchase policy. Limited liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers, regardless of how the Fund performs. A portion of the Fund’s distribution has been comprised of a return of capital because certain Fund investments have included preferred and common equity investments, which may include a return of capital. Any invested capital that is returned to the shareholder will be reduced by the Fund’s fees and expenses, as well as the applicable sales load. Investments in lesser-known, small and medium capitalization companies may be more vulnerable than larger, more established organizations. The Fund will not invest in real estate directly, but because the Fund will concentrate its investments in securities of REITs, its portfolio will be significantly impacted by the performance of the real estate market. There are risks associated with REITs. Risks include declines from deteriorating economic conditions, changes in the value of the underlying property, and defaults by borrowers. The sales of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund’s NAV.
Resource, the marketing name for Resource Real Estate, LLC, the Fund’s investment advisor, and its affiliates, is an asset management company that specializes in real estate investments. Resource’s main objective is to be a best-in-class asset manager as measured by risk-adjusted returns to investors and the quality of the funds and businesses it manages. The company’s investments emphasize consistent value and long-term returns with an income orientation. Resource is a wholly owned subsidiary of C-III Capital Partners LLC, a fully integrated asset management and commercial real estate services company, with $9.3 billion in real estate and debt assets under management as of December 31, 2018.
Daniel Brenner, Special to The Denver Post
High housing costs may be stretching them financially, but millennials haven’t lost their affection for Denver, according to a new index from Meyers Research.
Denver ranked sixth on the Meyers Millennial Desirability Index, behind Dallas, Houston, Austin, Phoenix and Orlando.
What those metros share in common are home prices substantially below Denver’s. The median home value in Denver is $427,300, while in Dallas it is only $214,900, according to Zillow.
But the Mile High City is strong enough in other areas to keep young adults swiping right and not left.
It continues to provide a good selection of high-paying jobs and millennials still rank it highly for the availability of activities, lower crime and reasonable commutes, said Ali Wolf, director of economic research at Meyers.
RELATED: Denver’s latest big idea for affordable housing is tiny apartments (some the size of your master bedroom)
“I don’t think we should discount the intangible lifestyle component, including both outdoor activities but also the high concentration of like-minded, similar-aged individuals,” she said.
Wolf said Denver was the top place that millennials in other locations seriously considered moving to in her survey. And while home prices are no longer a steal, she said it is all about perspective.
Denver is a stretch for those coming from the Midwest, Southeast or elsewhere in the Rocky Mountain region, but it is a bargain for those coming from the Northeast or the Pacific Coast.
Zillow identified Thrive Real Estate Group (www.ThriveRealEstateGroup.com) as the Number One rated brokerage in the country based on their client experience survey.
David Ness and Tim Aberle on stage at the Zillow Premier Agent Forum in Las Vegas receiving the award for #1 in the Country for Client Experience.
Zillow conducted a nation-wide survey of users who bought or sold a property using an advertising agent. Zillow users were surveyed based on their client experience, and were asked questions regarding responsiveness, communication, knowledge of the market and home buying process, trust, and customer needs. Survey results revealed that Thrive Real Estate Group in Denver, Colorado had the highest rating, and the company was honored by Zillow at an award ceremony in Las Vegas.
Thrive’s founder, David Ness, commented on the recognition: "It’s both invigorating and humbling to achieve this level of notoriety from our clients. Our Mission is to simplify and clarify home buying and selling, and our Vision is to see our clients move from their hope for a better life, to living it. With these guiding principles, carried out by some of the best agents in the business, we’ve been able to achieve a very high level of service to our clients as they go through the arduous process of buying and selling." Ness went on to say, "We talk extensively about what it looks like to live by our Core Values: Advocate selflessly, Execute tightly, and Live lightly. With these as our ‘north star,’ we’ve been able to achieve uncommon results in a common industry."
Thrive Real Estate Group, founded in 2006, is a boutique real estate company based in Denver, Colorado. Thrive currently has 16 Real Estate agents (which it calls Advisors). In 2018 Thrive closed over 100 million in sales and is on track for over 130 million this year. Thus far, Thrive has sold a property almost every day this year.
Rebecca Loesch, Thrive’s Operations Manager, added, "We will be expanding first in the Greater Denver Area, and then regionally. We do not feel the burden of scaling quickly. We’re methodical in our selection process of new team members, we intensely guard our culture, and we map our future with great care. The people at Thrive choose to orient their lives towards a common goal, and what sits squarely in the center of that goal is client experience."
SOURCE Thrive Real Estate Group
The James Quigg Newton homes near 46th and Navajo are among the oldest affordable-housing complexes in the Denver system. It dates back to 1952.
Woodbury, corresponding via email, spells out the central term like so: "As a general rule, affordable housing is defined as housing where occupants pay no more than 30 percent of their income for gross housing costs, including utilities. This standard is set by the U.S. Department of Housing and Urban Development. Our office has broadened this definition slightly, allowing for a housing cost ratio of up to 35 percent among households that are applying for certain programs."
Area Median Income, among the main metrics when it comes to affordable housing, is abbreviated as AMI.
Madrid provided the following graphic depicting HUD income guidelines for the City and County of Denver:
A more detailed breakdown can be found in the document linked here: the Colorado Housing and Finance Authority’s 2018 County Income and Rent Tables, which lists AMI in the state from 30 percent to 120 percent.
Now, without further ado, here are more answers to your DHA affordable-housing questions. They’re delivered by Tobin unless otherwise noted.
Westword: What is the Denver Housing Authority’s mission?
Ryan Tobin: We manage affordable housing, we develop and construct affordable housing, and we look at the private sector for our Housing Choice Voucher program, which provides subsidies on behalf of individuals to private landlords. Those are the three sub-sectors under our larger umbrella.
How much affordable housing can DHA provide?
We have 3,900 units that we own and manage. We have right around 800 subsidized multi-family units, and another 700 units of mixed-income housing that we would attribute to our affordable mixed-use portfolio for neighborhood revitalization. We also administer over 6,900 federal Housing Choice vouchers, formerly known as Section 8. We serve 25,000 very low, low- and middle-income individuals.
Housing Choice vouchers are a government subsidy program where a subsidy goes to any individual who qualifies — and they’re responsible for paying 30 percent of their income toward their household costs. The delta between what they can afford and what the fair market rent is would then be subsidized through the Housing Choice voucher. That helps close the gap between current market-rate housing and what individuals can afford based on their household income. DHA then incentivizes private landlords to rent to individuals who may or may not have the income necessary to afford their units but have government subsidies to close the gaps.
The landlords who work in our program are then assured there would be fair-market rent for their unit in conjunction with leasing to a Housing Choice voucher tenant. That guarantees they can keep those rents, which is what attracts them to the program.
The City of Denver also helps incentivize developers to rent apartments at below-market rents, but that’s through the Office of Economic Development, not the Denver Housing Authority.
Derek Woodbury: In exchange for providing financing subsidies for rental development, the city requires affordable property developers to designate a certain number of units as affordable for a set number of years. Occupants of these units must meet income eligibility requirements, as designated by the restrictive covenant established between the city and the property owner. When affordable home-ownership units are developed with or without city subsidies, an affordability restriction is also placed on the property for a set number of years. Individuals must meet income eligibility requirements upon purchase of the property.
How long can people remain in city-subsidized affordable-housing units?
Derek Woodbury: For income-restricted units, there generally are no limitations on how long a resident can remain in these units.
The Sun Valley Gateway project is currently under construction.
Is there a standard percentage of units that a developer in this circumstance is required to set aside as affordable?
Derek Woodbury: When the city invests into the development or preservation of income-restricted housing units, an agreement with the developer will specify the number of units that must be designated as affordable, the number of years that it will be restricted for, and the amount of city financing provided. While there is no minimum threshold of units in a development that must be affordable to access city subsidies, we typically invest in projects where more than half of the units are affordable.
The city has developer term sheets available, which outline the targeted outcomes for public investment. Subsidies range from $10,000 to $50,000 per income-restricted unit, depending on development type, other financing sources and populations served.
Are developers paid an incentive for doing this, or is it simply part of their cost of doing business in Denver?
Derek Woodbury: In exchange for receiving public financing, developers enter in an agreement with the city to provide a designated number of affordable units for a set number of years.
Denver is also utilizing zoning as an incentive to produce affordable housing at locations such as the 38th and Blake Station Area. In these areas, developers have the option of increasing the allowable height of their project by providing affordable housing units without city subsidies.
What is the overall cost of this program annually?
Derek Woodbury: Denver’s affordable housing investments include subsidizing the construction of new units, subsidizing the preservation of existing income-restricted units, and supporting a range of housing programs and services provided through contracted partners. The amount invested into housing units varies from year to year, based on the number of projects that come forward to the city in need of funding. In 2017, Denver invested $26,188,252 in 1,502 new income-qualified housing units and 259 preservation units, leveraging $429,523,910 of additional private and public resources.
How do people qualify for the Housing Choice voucher program?
Stella Madrid: The Denver Housing Authority, under its Housing Choice voucher program, conducts a lottery annually in the month of September. In 2018, we had 21,000 interest cards submitted. Those cards are entered into the lottery, and as vouchers become available, we randomly pull from them and notify card holders to come in and complete their applications.
How many openings do you have for this housing each year, on average?
Stella Madrid: I think it’s safe to say we award anywhere from 200 to 500 annually. And within the public-housing portfolio, using interest cards, we have 12,000 on the waiting list for anywhere from a one-bedroom to a five-bedroom public-housing unit. That amplifies the need for affordable housing.
What is the range of AMI numbers when it comes to affordable housing?
The general spectrum is from 0 percent AMI to 120 percent AMI. But the percentages that we talk about in the financing of affordable housing are generally characterized as below 30 percent. The average median income changes with economic cycles every season. HUD and CHFA [the Colorado Housing and Finance Authority] both publish them, and we work off those.
Ryan Tobin is the chief real estate investment officer for the Denver Housing Authority.
How much do people for affordable housing in Denver pay?
It varies. The most vulnerable population would make no income, and they would pay 30 percent of that toward housing costs, which in their case would be nothing — and there would also be a utility subsidy. A person in that category might be chronically homeless.
Currently, 30 percent AMI in Denver for a one-bedroom would allow an individual to pay 30 percent of their gross income toward the household cost. The 2018 income limit for 30 percent AMI is $18,900, and rent for a one-bedroom would be $506. For two people at 30 percent AMI, the income limit is $21,600 and rent would be $607.
Can people with a higher average median income still qualify for affordable housing with the Denver Housing Authority?
We build a lot of units under the Low Income Housing Tax Credit program at 50 and 60 AMI. For a Denver household, 50 percent AMI for two people would have an income limit of $36,000.
But we can do up to 80 percent AMI, which is your true definition of affordable housing — 0 to 80 percent AMI. A single person at 80 percent AMI would have an income limit of $50,200, and a two-person household would be $57,600. They run the full spectrum. But the reason behind the federal guidelines is that people will contribute 30 percent of their overall income to household costs, so they’ll still have other disposable income to live their lives, save for retirement or those other traditional goals.
Where are some of the newer affordable-housing projects located?
We’ve built specific housing sites in places like Curtis Park and Mariposa, and we’re moving into Sun Valley as well, building affordable housing in those neighborhoods.
Current projects that are under way include Vida at Sloan’s on West Colfax: 176 units of senior and non-elderly disabled housing that is anticipated to receive a certificate of occupancy in the fourth quarter of this year. We have 187 units of multi-family housing being constructed in Sun Valley for a project we call Gateway. It’s the kickoff of over 800 units of construction we will see happening over the next five years. We anticipate delivery in eighteen to 24 months, so that would put us into the first quarter of 2021. And we have an additional 68 units under construction in the Curtis Park neighborhood. Those are called the Platte Valley Homes. They’re a one-off — the completion of twenty years of investment in Curtis Park.
We’ve also got a footprint throughout the city in multiple forms of housing types and developments: family housing, senior housing, and non-elderly disabled housing, which are the three types of housing we manage with HUD. They serve our population in most communities. [Click to see the complete 2019 list of Denver Housing Authority properties and units.]
Is the Denver Housing Authority ramping up efforts to create more affordable housing?
Generally speaking, the city, through its administration, is helping support that. DHA is only one of many affordable-housing developers in our community. With limited resources, there are only a select few projects that are developed in Denver County in a given year, but everybody is working to preserve them and make sure they maintain financing and affordability over the long term.
In certain circumstances, DHA also helps finance affordable housing and creates partnerships in the private sector. The idea is to preserve affordable-housing opportunities that might otherwise be lost.