The Denver City Council agreed Monday to give Boulder Housing Coalition about $1 million to help buy a mansion at 1350 Logan St. and convert it into affordable studios.
“The existing single-family residence will be renovated and converted into an affordable rental property with 19 single-room occupancy, or SRO units, with shared cooking, eating, bathrooms, and social gathering facilities,” according to a memo from city staff to the council. The building will be operated cooperatively by the tenants, the memo states. It will include an ADA-accessible ramp with two accessible SROs and a bathroom on the first level, according to the memo.
The building will house people earning from 30% to 80% of the average median income, or AMI, or about $27,000 to $71,900 annually for one person. There will be three units each for renters at 30% and 60% AMI, four units each for 40% and 50% AMI and five units for 80% AMI, according to the memo.
Monthly rent for people making 30% AMI will be $684. Rent for those making 80% AMI will be between $1,325 and $1,386.