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					Progressive 15 Membership Meeting 2007
          Fort Morgan, Colorado

             Presented by:
       Troy Gladwell & Kim Cooke
     What is Affordable Housing?

• Quality housing which is safe and secure

• Housing (including utilities) that costs no more
  than 30% of a household’s annual income.
               Negative Impacts
•Continually increasing prices force families to change
their residence frequently
•Lack of Self Sufficiency: Cycle of Poverty
•Children’s school performance suffers
•Families must choose between keeping their homes and
obtaining proper nutrition and medical care
•Workers are forced to commute long distances
•Draw new employers?
•These negative impacts affect all Colorado citizens!
Colorado General Fund Allocations
    3,500,000

    3,000,000

    2,500,000

    2,000,000

    1,500,000
    1,000,000

     500,000

           0
                1997   1999   2001   2002   2003   2004   2005   2006   2007




     A Colorado Housing Investment Fund would
  complement needed State General Fund allocations.
                 Goal
    Address unmet housing needs of:
                families
  low and moderate income workers
 Populations that are difficult to serve
  Colorado’s most vulnerable citizens,
including children, elderly and disabled
                persons
        The CHIF work thus far

• Formed in 2001, bill died in committee in
  legislature
• Grew educational campaign
• In 2004, the Colorado Blue Ribbon Panel on
  Housing was formed
• In 2005, the legislature passed HB 1331
  “Concerning the Home Investment Fund”
• The Coalition has over 200 Organizational and
  over 600 Individual Friends
             Flexible to state’s diverse housing markets –
             including high cost areas

A Colorado   Able to provide for the lowest incomes and

Housing      hardest to serve



Investment   Able to provide opportunities for entire
             spectrum of housing – homeless to

Fund is:
             ownership


             Able to provide primarily equity dollars
             How Will the CHIF
            Work and Be Funded?
• Provide loans and grants responsive to local needs and priorities; priorities
  will be established for projects that serve very low-income households
  (50% of funds will be used for projects serving households up to 50% AMI).

• Eligible applicants include private-sector and non-profit developers,
  housing authorities, government agencies and special districts.

• Eligible uses include pre-development costs, land-banking, new
  construction, rehab, acquisition, and down payment assistance.

• Administered by an already existing entity.

• Financed through a dedicated stream of public revenue yielding at least
  $25 million annually.
       •An investment of $26.5 Million will
       annually produce:
          3,400 housing opportunities
          3,200 jobs
          $334 Million in economic activity
          $26 Million in tax revenue

       •Attracts new business

       •Attracts other public and private dollars
Colorado Housing Investment Fund Investing in Colorado’s Future
                   How You Can Help...
•   Join the 1000 Friends of the Colorado Housing Investment
    Fund Campaign.

•   Encourage organizations and groups to Pass Resolutions
    supporting CHIF

•   Offer your creativity and expertise to this effort. Ensure this
    works for your community and your business.

•   Help achieve the goal that was articulated in the National Housing Act
    of 1949, “…the realization as soon as feasible of the goal of a decent
    home and a suitable living environment for every American family.”

•   Let’s do this for Colorado families.
                          www.colohousingfund.org
              Thank You
Major Foundation Sponsor
       Housing and Homelessness Funders’
       Collaborative
Presenting Sponsor
       Colorado Housing and Finance Authority
Sustaining Sponsor
       US Bank
Promoting Sponsor
       Citywide Banks
       Denver Urban Renewal Authority
       Mercy Housing
Supporting Sponsor
       First Bank         www.colohousingfund.org

				
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posted:9/23/2011
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