Chipotle Poised to Join an Innovative Housing Program
Digested from and image by The Denver Post
Under a new program in Denver involving the Apartment Association of Metro Denver, Chipotle could help pay down rents on up to 400 market-rate apartments, making them more affordable for working families.
An innovative pilot program championed by the Apartment Association of Metro Denver (AAMD) that aims to buy down rents on up to 400 market-rate apartments, could be adding Chipotle as a supporter, according to Jon Murray of The Denver Post.
“The program will pay to cover the gap between the units’ market rents and the standard subsidized rent levels the city allows to be charged to individuals and families, depending on their income and household size,” Murray writes.
The allotment of some of these 400 apartments might be set aside for the Denver-based burrito chain’s employees, assuming they fall within the program’s income range. “The mayor is seeking housing for the 60-to-80 percent AMI range, however, we may be looking beyond those income parameters,” says Nancy Burke, Vice President of Government Affairs for Colorado Apartment Association and AAMD.
To find apartments, the city will work with the AAMD to solicit proposals from apartment owners. “We have had several meetings with our Denver members who have shown interest,” Burke says.
Chipotle is not the only company that could be joining the program. Other potential members could be Verizon, the Anschutz Foundation and the Colorado Health Foundation.
“The apartment association approached the city with this concept over two years ago,” Burke says. “It is great to see proactive community team spirit to address the demand for affordable and attainable housing for our workforce.”