New Affordable Housing to be Built in RiNoPosted on Nov 03, 2017
If you live in Denver, you know the RiNo area (or River North) is one of the most desirable areas to be in. But the high demand for housing in the area is also driving up the prices beyond many people's reach. According to a recent news article from the Denver Post by Joe Rubino, the Urban Land Conservancy and Medici Communities are partnering to build apartments that will be permanently affordable.
The RiNo neighborhood is along the corridor that Denver Mayor Michael Hancock calls the "Corridor of Opportunity" stretching from downtown Denver to DIA along the RTD Lightrail. Hancock says real estate along this corridor is one of the best investment opportunities in the world. In order to keep at least a small section of homes in this area at an affordable price, the local non-profit is building the Walnut Street Lofts, with $400/month rent for a one-bedroom apartment and $1,200/month rent for a three-bedroom apartment. According to the article,
"The Colorado Housing and Finance Authority awarded Medici $1,198,115 in low-income housing tax credits to help finance the estimated $17 million project."
In addition to the 65 apartments, there will be community space for non-profits, artists, and a computer lab. While this is good news for those who need affordable housing, there is a very limited amount of units. Especially with the Mayor's comments and the rising popularity of this area, RiNo is the area to watch and invest if you are able.
To check out homes for sale in the RiNo neighborhood or anywhere else in Denver, contact us today at Team Lassen.