Building and rehabilitating subsidized rental apartments at transit sites in metro Denver generated $543 million in local income, over $54 million in tax and other revenue for local governments, and created 7,345 local jobs between 2009 and 2013, according to Dr. Elliot Eisenberg, President and Chief Economist with the economic consulting firm GraphsandLaughs LLC.
Dr. Eisenberg presented his study results to policy makers, housing experts and investors today, emphasizing the economic significance of constructing affordable housing at transit sites.
Dr. Eisenberg’s study assessed the direct and indirect local one-year economic impact of building 539 new subsidized apartments at transit sites in the Denver region as well as rehabilitating 371 existing apartments under the subsidized housing program.
Affordable rental apartment construction had positive, one-year local impacts of $77.8 million in income, $8.7 million in taxes and revenues for local governments and created 1,053 jobs.
There are also annually recurring impacts of $14 million in local income, $1.9 million in taxes and other local government revenue and 222 local jobs. These economic benefits result from new apartment occupancy and residents paying taxes and participating in the local economy.
[Evans Station Lofts photo credit: Medici Communities LLC]