Progressive 15 Membership Meeting 2007
Fort Morgan, Colorado
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.
•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
1997 1999 2001 2002 2003 2004 2005 2006 2007
A Colorado Housing Investment Fund would
complement needed State General Fund allocations.
Address unmet housing needs of:
low and moderate income workers
Populations that are difficult to serve
Colorado’s most vulnerable citizens,
including children, elderly and disabled
The CHIF work thus far
• Formed in 2001, bill died in committee in
• 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
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
3,400 housing opportunities
$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
• Encourage organizations and groups to Pass Resolutions
• 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.
Major Foundation Sponsor
Housing and Homelessness Funders’
Colorado Housing and Finance Authority
Denver Urban Renewal Authority
First Bank www.colohousingfund.org