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Colorado Proposes To Build Affordable Housing With Legal Marijuana Tax Revenues

A new initiative by Colorado Governor John Hickenlooper seeks to divert $16.3 million in tax revenue generated from the state’s legal marijuana trade toward creating permanently affordable housing units for homeless individuals in the state.

The Denver Post reports that the Governor’s plan would allocate $12.3 million in legal marijuana tax revenues to build 1,200 affordable housing units for chronically homeless individuals as well as 300 additional units for periodically homeless individuals over the next five years. Hickenlooper also proposes taking $4 million in funds to construct 354 assisted housing units that will be paired with behavioral health services facilities over the same time frame. The Governor’s budget proposal also features $2 million worth of incentives to generate 250 affordable housing units for senior citizens and individuals fighting displacement.

The Denver Post also reports that Colorado has seen a six-percent increase in homelessness this year, bringing the state’s unhoused population to 10,000, according to the United States Department of Housing and Urban Development. Meanwhile, the state’s total supply of year-round beds allocated to serve this population numbers less than 7,000.

read more at archpaper.com

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Richard Lowe

Richard Lowe is a 14-year veteran of the financial sector with licenses as a commodity broker (Series 3) and investment advisor representative (IAR Series 65). Along with a focus on raising capital for the firms he was employed with, he also wrote and edited much of the content published by them. He holds a BA in Journalism from the University of Massachusetts. He has been a longtime advocate for marijuana legalization due to the social injustices associated with marijuana prohibition and the strong potential for the medicinal benefits of cannabis.

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