Access to affordable housing funds
Across Colorado, 67 cities and towns have signed up to receive access to affordable housing funds approved by voters last November.
The cities, which represent 56 percent of the state’s population have agreed to the terms of Proposition 123, which requires participating cities to increase their stock of affordable housing by 9 percent over the next three years. Agreeing to do so gives the cities access to nearly $300 million a year in funding. However, it’s still unclear how much money each city will receive.
Related: Colorado Affordable Housing Concerns
Participating cities will be able to apply for funds to pay for new affordable housing, support for first-time home buyers, homelessness services, land-banking for future developments and other projects. The funds will come from a portion of state income tax revenues.
Related: Affordable Housing Benefits Communities Most in Need
Some detractors of the proposition have voiced concerns that participating cities won’t be able to build enough housing to meet the required increase in affordable housing. However, Denver, Boulder, Fort Collins and Colorado Springs have enrolled. Other cities that have signed up include Arvada, Aurora, Broomfield, Englewood and Lakewood. Enrollment is open until Nov. 1.
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