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

Affordable Rental Housing Development

Affordable Rental Housing Development

This page is for affordable housing developers. If you are seeking affordable housing:

  • Click on the link www.coloradohousingsearch.com to search for affordable rental housing.
  • Contact the Colorado Springs Housing Authority at 719.387.6700 or info@csha.us.
  • You may also call 211 as an additional resource for locating affordable housing services.

*The City of Colorado Springs does not manage public housing.*

 

According to the Department of Housing and Urban Development (HUD), families who pay more than 30 percent of their income for housing are considered cost burdened and may have difficulty affording necessities such as food, clothing, transportation and medical care.
 

The Housing Development Division (HDD) provides funding opportunities for non-profit and for-profit housing developers 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. Affordable housing development includes new construction, acquisition and rehabilitation.
 

Funding Priorities                                               

Funds for affordable housing development are made available from the HOME Investment Partnerships Program (HOME) and the Community Development Block Grant Program (CDBG). To receive federal funding under the abovementioned programs, HUD requires that the City submit a five-year Consolidated Plan, which describes the City’s priorities and objectives for each funding source. Additionally, the City must submit an Annual Action Plan for each year of the Consolidated Plan. The Annual Action Plan identifies the activities that will be funded during each fiscal year and the amount of funding allocated to each activity.

Per the 2010-2014 Consolidated Plan, The City’s objectives include:

  • Supporting local affordable housing development and preservation
  • Increasing the supply of affordable housing (rental and homeownership)
  • Support a housing continuum that includes support to those agencies that provide emergency, transitional, permanent supportive and permanent affordable housing opportunities in the community
  • Increase funding opportunities, as appropriate, for affordable and accessible housing for special needs populations
  • Support neighborhood preservation through capital improvements, infrastructure and housing preservation activities in designated neighborhood strategy areas
  • Support local efforts to assure that households in crisis are able to obtain and/or maintain housing stability
     

For FY2014-2015 the funding priorities for multifamily housing include projects that:

  • Provide housing for homeless and very low income families and individuals
  • Increase the availability of permanent supportive housing for persons with special needs
  • Preserve the affordable housing stock in the community (purchase / rehab of existing stock)
  • Ensure affordable housing is geographically dispersed and not clustered to allow for housing choice
  • Significantly increase the number of accessible units for the disabled
  • Achieve maximum project leveraging of outside funds

 

How to Apply for Funding

Applications are currently being accepted. The City is making available $2 million in HOME funds and $250,000 in CDBG funds. Projects will be awarded on a first come first serve basis until funds are exhausted.
 

Applicants requesting HDD funds to develop affordable rental housing are required to submit a project application. Before considering applying for funds, applicants should review the Affordable Housing Program & Underwriting Guidelines to become familiar with the priorities, processes and requirements associated with HDD funds.
 

A pre-submittal conference is required prior to submitting an application to the City of Colorado Springs to ensure compliance with all federal, state and local regulations. Applicants are encouraged to review these guidelines and meet with staff as early as possible in project process.
 

Affordable Housing Program & Underwriting Guidelines (PDF)

Applications are only for housing developers.  To request an application, please email Elena Lobato.
 

The Affordable Housing Program & Underwriting Guidelines identify the City’s affordable rental housing policy objectives, describe the activities available to advance the objectives and the manner in which the activities will be evaluated, underwritten, and selected for funding. The guidelines are intended to achieve compliance with federal, state and local regulations and set the standards for all affordable rental housing projects funded by the City of Colorado Springs, regardless of funding source.

Questions

The City strives to provide excellent customer service and support to non-profit, for-profit and quasi-public entities to identify housing needs within the community and make investments in residential development that target extremely low to low-income households. If you have any questions or comments about the Affordable Housing Program, please contact: Beth Diana at (719)385-5341 or email BDiana@springsgov.com.