Denver Secured $6.3 Million for 82 Affordable Condos
The city will build new housing for residents earning up to 100% of the area median income.
Updated on Oct. 6, 2026 in Residential
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Denver City Council recently accepted a $6.3 million grant from state Proposition 123 funds to develop 82 new condominiums. The units will be built at the intersection of 5th and Acoma streets to expand homeownership options for local households.
Why it matters
This project aims to increase the stock of attainable for-sale housing by utilizing state funds generated from a 0.1% redirect of Colorado taxable income. The initiative directly supports households earning up to 100% of the area median income by lowering the total purchase price through a land trust model.
The city has secured $6.3 million to construct 82 condominium units, with projected sale prices between $285,700 and $371,350 based on 2026 metrics. Eligibility is capped at 100% of the area median income.
The players
Denver City Council
The local legislative body responsible for city budget approvals and housing policy implementation.
Elevations Community Land Trust
A nonprofit entity that creates permanent affordability by separating land ownership from home ownership.
The details
The development will be executed by Elevations Community Land Trust, which requires homeowners to purchase the structure but not the land underneath. This mechanism removes land costs from the home price, allowing the condominiums to remain affordable for households at the 100% area median income limit. The project is expected to be completed and available for purchase by 2028.
Timeline
October 5, 2026: Denver City Council voted to accept the state grant.
2028: The completed condominium units are expected to hit the market.
Money Landscape
This project is part of a broader shift in state policy initiated by Colorado Proposition 123, which redirects 0.1% of taxable income to address housing affordability. It reflects a regional move toward utilizing land trusts to stabilize costs in competitive real estate markets.
If you are a household earning up to 100% of the area median income, this development provides a potential path to homeownership at a projected price point of $285,700 to $371,350. You should monitor updates from the city or the land trust regarding application requirements as the 2028 completion date approaches.
The takeaway
The use of a land trust model can significantly lower the barrier to entry for homeownership by excluding land costs from the final purchase price. Interested residents should consult with a financial advisor to assess their budget capacity for a future home purchase within the projected 2028 price range.
Further reading
For more on local market shifts, visit our Residential section.
Source note: This article includes information reported by Denverite.
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