City announces new funding application for the development of affordable housing rental projects
Thursday, April 17, 2014
COLORADO SPRINGS, Colo. — The City of Colorado Springs Housing Development Division announces the release of a new application for funding for the development of affordable housing rental projects.
The application process is open to non-profit and for-profit housing developers seeking funding to assist with the development of affordable rental projects that serve both families and individuals. High priority is placed on projects that serve people with incomes at or below 60% of area median income and special needs populations, including permanent supportive housing to serve homeless persons. Affordable housing development includes new construction, acquisition and rehabilitation. Program guidelines and the application can be found at www.springsgov.com/AffordableRentalHousingDev.
The City is making $2 million available for the program through the Home Investment Partnerships Program (HOME) and $250,000 available through the Community Development Block Grant Program (CDBG). Projects will be awarded on a first-come first-serve basis until funds are exhausted.
These funds are part of a commitment by the City to distribute $5 million in federal funding over the next two years to improve services, facilities and housing projects as part of the initiative to end homelessness. “We know that access to affordable housing is key to preventing and ending homelessness. It is also critical to building healthy families and serving workforce needs,” said Aimee Cox, Community Initiatives Manager for the City of Colorado Springs. “The new application should help clarify the requirements for using federal block grant dollars for affordable housing projects and build more interest in the program, which we hope will result in more units added to the community’s permanent affordable housing stock.”
The City is currently conducting an affordable housing needs assessment. The report is due July 31, 2014. The City will use the findings to review current affordable rental housing program guidelines and set priorities for future projects. For more information about the affordable housing rental development program, please contact Beth Diana at 385-5341 or Bdiana@springsgov.com.
Affordable Housing Loan Program 2014 (pdf file)
Affordable Housing Application 2014 (pdf file)