The City and County of Denver has approved the issuance of up to $29 million in Multifamily Housing Revenue Bonds to support the redevelopment of 4340 South Monaco Street. The project involves the adaptive reuse of a vacant office building into 143 affordable housing units, targeting tenants with incomes between 30% and 70% of the Area Median Income (AMI). The development will offer a mix of studio, one-bedroom, two-bedroom, three-bedroom, and four-bedroom units. The bonds will be used to finance acquisition, construction, and equipping of the facility.
This decision is critical for addressing the affordable housing needs in Denver by converting underutilized office space into much-needed housing units for low- and middle-income families. The project promotes economic diversity and helps meet housing goals outlined by the city.