The Denver City Council voted Tuesday to allocate $10 million in Multifamily Housing Revenue Bonds to The Forum, an affordable housing project in the Civic Center neighborhood.

The funding will be used to acquire and renovate the 10-story, 100-unit apartment complex located at 250 W. 14th Ave., next door to Civic Center park and the Denver City and County Building. 

The resolution passed unanimously in a 12-0 vote. Councilwoman Robin Kneich was absent during Tuesday’s vote.

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Planned renovations include replacing the roof, common area ceiling and flooring, in addition to upgrading heating, air conditioning, ventilation, plumbing, elevators, security systems, the building’s exterior and in-unit cabinets and countertops.

The project will also seek to convert the existing Housing Assistance Payment contract for the complex to a long-term project-based voucher contract.

All of the 100 units will be reserved for tenants who earn 40% of the Area Median Income or less. In 2020, 40% of Denver AMI was $28,000 for a single-person household.

The city has dedicated $10 million of its Private Activity Bond capacity to fund the renovation project.

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PABs are tax-exempt bonds issued by or on behalf of the City and County of Denver, often to attract private investments for projects that will have a public benefit, like affordable housing. The city’s current PAB capacity is just over $106 million.

In recent years, Denver has issued PABs for the Park Hill Village West development – providing 156 affordable housing units – and the Welton Park Apartments – providing 233 affordable housing units.

The Forum renovation project is scheduled to begin this fall. Funding will go directly to the Colorado Coalition for the Homeless to oversee the renovations.