“The Off Broadway Lofts in Five Points will soon be renovated as affordable housing after the Denver City Council unanimously approved the $1.25 million renovation proposal with Colorado Coalition for the Homeless on Tuesday.
The Off Broadway Lofts building was built in 2001 at 2135 Stout St. Of the building’s 80 units, only 20 are currently reserved for low-income residents.
“Now, the city will income-restrict all 80 units on that property,” said Adam Lyons with the Department of Housing Stability during a committee meeting.
The units will be reserved for tenants making 60% or less of the area median income, which is $44,016 for one person, according to city data. That includes 31 units for up to 60%, 12 for up to 50%, 13 for up to 40% and 24 for up to 30%. At least 25 units will also be reserved for households experiencing homelessness.
This replaces the building’s previous performance loan agreement that was set to expire in 30 years. The new 60-year agreement guarantees the building’s affordability for an additional three decades.”
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Metzger, Hannah. Denver Gazette 18 January 2022.