DENVER, CO — In an effort to help low and middle-income residents, the city of Denver plans to offer housing stipends at luxury apartments. The Wall Street Journal reported the city will ask employers and charities to assist in its efforts.
"The Lower Income Voucher Equity program, or LIVE Denver, will be open to a range of tenants, from single residents making $23,500 to $47,000 a year to families of four with household incomes of $33,500 to $67,000," the Wall Street Journal reported. "Residents in this city of roughly 693,000 will receive subsidies to live in the units for two years, during which time a portion of their rent will be put into a savings account that can be used for a down payment."
The Wall Street Journal reported there are "currently 16,000 vacant units in metropolitan Denver, up 5,500 from three years ago." In addition, more than 90 percent of the 12,000 apartments added to the city are considered luxury units.
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