As part of the ordinance, developers are given incentives:
• Ten percent density bonus to allow more overall units to be built.
• Twenty percent parking reduction to provide more market rate units per site.
• Expedited processing time frame to move projects through city agencies within 180 days.
• Cash rebates of $5,000 per each subsidized units to offset the average expense of permits and fees. An additional $5,000 bonus is available for projects that reach greater affordability levels.
However, many developers argue that the incentives to not cover the additional costs. Also, they argue that the ordinance forces them to build units that the market doesn't want, especially because the units have caps on how much they can appreciate.
Ben Kelly, of the Downtown Denver Partnership, says the 28-page report leaves more questions unanswered than answered. And the city council committee, for its part, says it needs another meeting to discuss the findings of the report, than will host a public hearing on the year-old ordinance.
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