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Denver committee delays decision on $4.5 million purchase of state‑owned site for affordable housing
Summary
The Finance & Business Committee postponed a vote on a proposed $4.5 million acquisition at 251 E. 12th Ave, a request to use $45 million in voter‑approved Vibrant Denver bond funds. Council members pressed administrators for clearer oversight, more council involvement and alternatives such as using city‑owned land or ground leases.
The Finance and Business Committee on April 14 postponed consideration of a Department of Finance request to acquire 251 East 12th Avenue in District 10 for $4,500,000, a purchase the administration proposed to fund from the voter‑approved Vibrant Denver bond.
Liah Mitchell, Director of Development and Catalytic Partnerships at the Department of Housing Stability, told the committee that Denver voters "overwhelmingly" approved Vibrant bond ballot measures and that the city is allocating $45,000,000 to support affordable housing projects, aiming to invest in "5 to 7 properties" to limit displacement. Lisa Lumley, Director of Real Estate, said the parcel is "just under an acre" (about 43,200 square feet) with a…
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