July 20, 2024

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Denver mayor seeks sales tax hike to pay for affordable housing

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Denver mayor seeks sales tax hike to pay for affordable housing

A sales tax hike to fund affordable housing in Denver would appear on the November ballot under a plan unveiled Monday by Mayor Mike Johnston. 

The proposal, which calls for a 0.5% tax increase to raise about $100 million annually, comes just two weeks after the city council approved placing a 0.34% sales tax hike before voters on Nov. 5 in 2022, which directs revenue raised from 0.1% of the state income tax rate into the State Affordable Housing Fund.

The Denver Housing Authority issues bonds paid off with revenue from financed properties. 

Denver Health, Colorado’s sole safety net healthcare provider, has said it needs “additional reliable funding” to meet growing health care needs amid escalating uncompensated care costs.