photo credit: James K Thorp

A much needed boost to the Denver economy is coming in the form of affordable housing built with low-income housing tax credits. This will also result in hundreds of new jobs for local residents. The report was given to public policy makers and housing advocates by Elliot Eisenberg, senior economist at the National Association of Home Builders.

People underestimate the impact low-income housing has on a local economy. It is often thought that people in subsidized housing do not contribute to the economy as much as others. However, the opposite turns out to be true. Due to their situation, living paycheck to paycheck, they spend everything they earn on education, health care, etc. which contributes greatly to the economy.

To find information about affordable housing, go to www.hud.gov and Colorado Housing and Finance Authority

It looks like local residents will enjoy $57.6 million in income, $5 million in taxes and 732 jobs the first year alone, and will increase thereafter.  Much of the new development will be focused around Denvers light rail and rapid bus transit system that voters approved. They also want to spread the development around, not putting it all in the "bad areas of town."

No matter where the development is, people are sure to appreciate the boost to our economy. Local residents have been long awaiting a sigh of relief.

Read the full story at Inside Real Estate News