By: Molly Armbrister, Denver Business Journal

The Denver City Council Monday night adopted new legislation that will establish the city’s first-ever permanent affordable housing fund, while an alternate bill was voted down.

The city will, beginning Jan. 1, ask developers to pay a new per-square-foot fee and will raise property taxes by half a mill for the first year in order to create the fund, which is meant to raise around $150 million over 10 years to support the development or preservation of 6,000 income-restricted homes.

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