In September, Mayor Michael B. Hancock signed Council Bill 0625, establishing an affordable housing fund to help create or preserve 6,000 affordable homes for low- to moderate-income families in Denver. It will be financed by property tax revenue and an impact fee on new development that will take effect January 1, 2017. The new fee will apply to building permits for new square footage, based on fees per square foot.
As the fee will go into effect January 1, it will apply to projects logged in for building or site development plan (SDP) review on or after that date. If an SDP concept has major changes requiring a new submittal after January 1, it will be considered a new project and will become subject to the fee.
In order to avoid the new fee, projects must be logged in, with a Complete Concept Application, on or before Friday, December 30, 2016.
It is important to us here at R&R to provide the best value to our clients, and with many upcoming projects in the bustling Denver market, we wanted to reach out and make sure you are aware of the upcoming change in development fees, and that we are available to help spearhead your design for concept review with the City.