Progressive 15 Membership Meeting 2007Fort Morgan, Colorado

Presented by: 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.

Negative Impacts•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

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

1997 1999 2001 2002 2003 2004 2005 2006 2007

A Colorado Housing Investment Fund would complement needed State General Fund allocations.

familieslow and moderate income workers

Populations that are difficult to serveColorado’s most vulnerable citizens,

including children, elderly and disabled persons

Address unmet housing needs of:

GoalGoal

The CHIF work thus far

• Formed in 2001, bill died in committee in legislature

• 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

Able to provide for the lowest incomes and hardest to serve

Able to provide opportunities for entire spectrum of housing – homeless to ownership

Able to provide primarily equity dollars

A Colorado Housing Investment Fund is:

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 annually produce:

3,400 housing opportunities3,200 jobs$334 Million in economic activity$26 Million in tax revenue

•Attracts new business

•Attracts other public and private dollarsColorado Housing Investment Fund Investing in Colorado’s Future

How You Can Help...

• Join the 1000 Friends of the Colorado Housing Investment Fund Campaign.

• Encourage organizations and groups to Pass Resolutions supporting CHIF

• 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.

www.colohousingfund.org

www.colohousingfund.org

Thank You

Major Foundation SponsorHousing and Homelessness Funders’ Collaborative

Presenting SponsorColorado Housing and Finance

AuthoritySustaining Sponsor

US BankPromoting Sponsor

Citywide BanksDenver Urban Renewal AuthorityMercy Housing

Supporting SponsorFirst Bank