Denver City Council has voted to accept a $6.3 million state grant that will help build 82 new for-sale condominiums in the Baker neighborhood, just steps from Denver Health at 5th and Acoma streets. The units are reserved for buyers earning up to 100% of the area median income, with initial sales prices expected to range from $285,700 to $371,350 depending on the number of bedrooms, using 2026 metrics.
The money comes from Proposition 123, the voter-approved measure that redirects 0.1% of Colorado's taxable income toward affordable housing, according to Denverite. Denver will pass its $6.3 million share of the grant to Elevations Community Land Trust, a statewide nonprofit that will construct the 82 condominiums. Under the land trust's ownership model, buyers purchase the building structure itself while paying a monthly land lease fee — typically around $100 — and sharing in market appreciation, as detailed by Compass Real Estate.
The Baker condos are expected to reach the market in 2028, though an exact construction start date has not been announced. As the Denverite report notes, Proposition 123 has already distributed hundreds of millions of dollars statewide, with organizations and government agencies using the funds to renovate affordable housing and build rental or ownership units.
What It Takes to Qualify
In Denver County, 100% of area median income works out to $100,800 for a single person, $115,200 for a two-person household, and $144,000 for a four-person household, per 2026 income guidelines from the Denver Department of Housing Stability. The project sets its buyer income limit at 100% of area median income.
That gap is substantial. Denver's housing agency estimates the city will need nearly 44,000 affordable housing units over the next decade, according to Colorado Politics.
A Statewide Push to Revive Condo Building
By opting into Proposition 123, Denver committed to growing its affordable housing stock by 3% within three years and to implementing a 90-day review process for affordable housing permitting. That fast-track requirement traces back to House Bill 25-1272, which Governor Jared Polis signed in May 2025 to reform Colorado's 2003 construction defect law. The bill raised the threshold for HOA lawsuit approval from a simple majority to 65% of unit owners and established a voluntary builder incentive program, changes the The Real Deal says were designed to encourage condo development after years of litigation risk had largely frozen it.
The legislation also mandates that local jurisdictions establish fast-track approval processes for for-sale multifamily condo projects in order to remain eligible for Proposition 123 assistance, according to the Colorado General Assembly.
The Baker project sets a 100% AMI income ceiling and uses a state-funded nonprofit land-trust model to offer homes to eligible buyers. For now, the timeline for breaking ground near 5th and Acoma remains unclear, leaving residents of the Baker neighborhood and workers at nearby Denver Health to watch for updates, with the units expected to hit the market in 2028.
