DENVER | Denver officials have unveiled a plan that would have marijuana buyers help pay for an expansion of the city’s 10-year, $150 million affordable housing fund.
The Denver Post reports Mayor Michael Hancock and other city officials on Monday unveiled the proposal that, if approved, would increase the city’s 3.5 percent special tax on recreational marijuana sales to 5.5 percent.
The tax hike requires only council approval since Denver voters capped the special local tax at 15 percent when they approved it in 2013.
The city’s shorter-term plan is to subsidize the building or preservation of 3,000 income-restricted apartments and other housing units in the next five years. The Denver Post reports that the proposal would allow the city to up its goal of 3,000 apartments to 6,400.