Less than 24 hours after a divided Denver City Council approved referring a sales tax measure to voters seeking to raise money for affordable housing projects in the city, a group announced a major project for low income residents in Denver’s Uptown area.

The Colorado Health Foundation, a statewide philanthropic healthcare organization, announced a partnership with local developer Gorman & Company and Hope Communities for the building. Gorman & Company will be building and designing “The Tapestry,” as the project is known, while Hope Communities, a local non-profit, will provide on-site supportive services.

The Tapestry will serve residents of all ages who make between 30% and 80% of the area median income (AMI) and will be built at the intersection of 17th Avenue and Pennsylvania Street. The Colorado Health Foundation claims it will set a new standard for future projects “prioritizing health equity, racial justice and community well being” in a news release Tuesday.

The Colorado Health Foundation conducted a survey — called the Pulse Poll, an annual poll — of more than 2,400 Denverites and found that roughly 35% of those surveyed worried about losing their home because they won’t be able to pay rent or their mortgage. Additionally, 89% in the same survey said the cost of housing is a serious problem.

Study authors noted it was quite telling that of prospective homebuyers — who made up about 90% of those surveyed — roughly half worried they would not be able to own a home.

With this data in mind, Colorado Health Foundation President and CEO Karen McNeil-Miller said their mission became clear.

“Housing is integral to health. Yet, many Coloradans are struggling under the affordability crisis Denver and much of Colorado are experiencing, and folks living on low incomes and people of color are facing the greatest burden,” McNeil-Miller said. “Adding affordable homes will disrupt the cycle of gentrification and displacement that has been occurring in Uptown over the past couple of decades.”

The project has yet to start construction and Gorman & Company will begin applying for project financing beginning next year. The exact size, cost and money sources are not known at this time, according to a spokesperson.

Denver has a number of programs the developers can take advantage of, chief among them is the expanding housing affordability fund. This fund provides money to housing developments, provided they meet certain criteria and include a certain percentage of affordable housing units. There is also an incentive built into the fund which allows compliant properties to build higher than the official zone code may indicate, thus increasing the total stock of affordable units.

For their part, Gorman & Company Colorado Market President Kimball Crangle said “The Tapestry” “embodies” the company’s commitment to housing that is “inclusive and sustainable.”

“We are honored and excited to be selected by CHF for this transformative project,” Crangle said in a news release. “The Tapestry will not only provide much-needed housing options but will also create a vibrant, multi-generational community where residents can thrive.”

Affordable housing has been a major concern for Denverites for many years. According to Denver Mayor Mike Johnston, the city is short tens of thousands of units for working class residents. That shortage drove him to introduce a 0.5 point sales tax increase to raise $100 million for the next 40 years, $4 billion in total, to build 20,000 more units over the next 10 years.

Existing measures, like the expanding housing affordability fund, should provide enough money for another 20,000, Johnston said.

But Johnston’s gamble is, of course, contingent on sales tax revenue — which the city’s department of finance warned may stagnate next year. In a July report to a City Council committee, officials with the department of finance said the city may only see 2.3% growth in general fund revenue.

They expected 4.7%.

Regardless of the money, Gorman & Company and their partners at the Colorado Health Foundation and Hope Communities are forging ahead. Hope Communities are especially excited to begin working on this project, according to company President and CEO Sharon Knight, who said their “holistic and culturally aligned program model” is a perfect match with the other businesses partnering to bring “The Tapestry” to life.

“Well beyond stable housing, this project will allow families to receive the resources, skills, and support they need to achieve financial stability, economic mobility, and family well-being,” Knight said. “We are very excited to expand our reach into the Uptown neighborhood.”