In a study conducted by Mile High Connects, Housing Colorado and Urban Land Conservancy, The creation and renovation of subsidized rental apartments in the transit sites of Metro Denver generated $598 million and created about 7,000 jobs. $543 million of the $598 million generated local income and the remaining amount went to taxes and the local government’s revenues.
According to Elliot Eisenberg the economist who conducted the study, the need for affordable housing is great. Housing in Metro Denver is costly and the wages are low. The transit oriented site development is part of Denver’s housing solution. Elliot Eisenberg informed investors, policy makers and housing experts of his finding earlier this week.
Denver rental property management companies observed that a lot of people are renting instead of buying homes to economize. Respondents say that housing in Metro Denver is pricey and while salaries remain low.
Aaron Miripol, the president and CEO of Urban Land Conservancy expressed that the creating affordable housings is very important to support the growth of local economy.
Earlier this week, Urban Land Conservancy declared that they have acquired six acres worth $5.5 million in Elyria- Swansea. ULC intend to create a mix used and transit oriented development. Denver Mayor Michael Hancock is thrilled with the turn of events because it is highly beneficial to the community.