City of Colorado Springs / Housing Development / Programs and Services / Affordable Housing

Affordable Housing

Affordable Housing is defined as "decent, safe and sanitary accommodation that costs no more than 30% of gross household income after taxes."

Median home sales prices have increased from $169,000 in 2000 to $221,800 in 2010.  Federal funds alone cannot eliminate the housing problem in our community. The City will continue to encourage the participation of lenders, developers and the private sector in continued partnerships in the development of affordable housing.

The City plans to maintain its highly successful scattered site philosophy of developing single family and multi-family affordable housing. Funds have been allocated for affordable housing development which may include new construction, acquisition and rehabilitation. 

 

What are our priorities? 

  • To provide housing for homeless families and individuals and the most needy
  • To preserve the affordable housing stock in the community (purchase / rehab of existing stock)
  • To support programs that lead towards ultimate homeownership
  • To serve special needs populations
  • To assure the long term affordability of single & multi-family housing
  • To get housing on-line quickly
  • To achieve maximum project leveraging of outside funds
  • To support new construction
  • To support projects that comply with the Consolidated Plan

How do we assure that we fund the priorities?

  • Advise potential applicants of the priorities
  • Announce funding availability with emphasis on priorities
  • Encourage project innovation / creativity
  • Encourage partnerships and collaboration
  • Do not establish set-asides or pre-commitments
  • Affordability/resale restrictions will be established on a case by case basis set forth in the Agreement.

Award of a Community Housing Development Organization(CHDO) pre-development loan does not guarantee project funding

For affordable housing questions, please call (719)385-5912 or email housingdevelopment@springsgov.com.