Denver OKs funding surge for affordable housing (copy)

Denver City Council approved on Dec. 9 two new contracts that will establish 204 income-restricted condos and support the renovation of 34 affordable apartments for seniors and individuals with disabilities.

The Colorado Apartment Association has helped raise $100,000 to assist tenants with rental payments, consisting of donations largely from housing providers.

Renters who have lost incomes or jobs due to COVID-19 may apply for partial or full relief using the fund through the Resident Relief Foundation, a Los Angeles-based organization that helps “responsible residents” in financial emergencies.

“The Colorado Apartment Association is proud of the generous efforts of our members and other Coloradans who have donated during uncertain economic circumstances of COVID-19,” said Mark Williams, executive vice president of CAA. The association represents over 3,000 members who collectively manage in excess of 300,000 apartments.

On its website, the foundation cautions that due to a high volume of assistance requests during the pandemic, it is only taking applications from tenants at risk of imminent eviction — which it defines as within 21 days. The organization has a larger mission to raise $10 million to pay for one month of rent for applicants nationwide.

The CAA reported earlier this week that 95% of Colorado tenants paid rent on time in May despite the pandemic, an amount higher than the national average. However, the CAA’s number came from a survey of companies with large property portfolios, and did not include any property managers with fewer than 20 units.

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