The Denver City Council approved the issuance and sale of up to $29,000,000 in Multifamily Housing Revenue Bonds for the 4340 South Monaco Project. This funding will finance the acquisition, conversion, and rehabilitation of a 123,847 sq. ft. office building into a 143-unit affordable multifamily apartment complex in Council District 4. The project will provide units at varying income levels, including 16 units reserved for households earning less than 30% of the Area Median Income (AMI), 80 units for households earning under 60% AMI, and 47 units for households earning under 70% AMI. The bonds are issued under the Private Activity Bond Volume Cap Allocation, with funding contributions from the State of Colorado, the City of Centennial, and the City of Englewood.
This project repurposes existing office space into much-needed affordable housing, addressing Denver's housing crisis by creating opportunities for low- and middle-income families. The use of revenue bonds enables cost-effective financing without imposing a financial burden on the city’s taxpayers.