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WEST MOUNTAIN REGIONAL
Building Community Through
Affordable Housing Initiatives
The West Mountain Regional Housing Coalition will facilitate the development and operation of the following programs:
The Coalition will purchase existing housing units on the free market, subject them to perpetual restrictions that limit ownership to qualified working residents with income limits tied to area median income, and limits on appreciation intended to assure long-term affordability. Qualified residents will include individuals with incomes between 80% and 200% of the Area Median Income.
Land Use Codes
The Coalition will research and propose revisions to the land use codes of its members intended to reduce job-generating growth, require adequate affordable housing mitigation for new land developments, and to streamline the land use approval process as applied to the development of affordable housing.
The Coalition will organize and implement a program to provide appropriate sites for the future development of affordable housing.
The Coalition will organize and develop partnerships with local governments, employers, and supporters of affordable housing to develop for sale and/or rental projects within the region. The Coalition dos not plan to be the developer or operator of these housing projects, but will organize and facilitate such development and operation and will organize and/or provide necessary funding.
1. Current members have collectively contributed $80,000 as seed money to be used to fund grant match requirements and to retain consultants. The budget for 2023 is being prepared which may require additional contributions from members.
2. The Coalition expects to obtain $115,000 in grants from the Colorado Department of Local Affairs (DOLA), the Colorado Housing and Finance Authority (CHFA), and other sources in 2022. The Coalition will provide $50,000 in matching funds resulting in $165,000 being available to retain consultants and pay other costs to design and establish programming.
3. The Coalition is researching and evaluating long-term funding sources including state and federal grants, tax-deductible contributions from foundations and individual supporters, and the creation of the Workforce Housing Investment Trust. The Trust will be funded by employers in the region. The Trust will provide those employers with the opportunity to annually invest in the production of workforce housing - not for profit - but to increase the access to affordable workforce housing for their employees. The annual employer contribution will be leveraged to support Coalition debt that will fund the programs described above.
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