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The City of Colorado Springs continued its success in financially assisting more Affordable housing developments in 2023, along with providing a road map for additional funding opportunities and creating a new department focused on housing issues.   

City sees large investment in Affordable Housing units, especially for seniors 

The City of Colorado Spring’s pledged financial support to over 480 affordable housing units in 2023, with a significant number of those units aimed at providing affordable housing for seniors. Some of those projects include: 

The Silver Key Affordable Housing Project, situated next to Silver Key's headquarters in Colorado Springs, will provide 50 deeply affordable unites for seniors and dedicated support for veterans. The project has benefited from significant local support, including a substantial contribution of $500,000 from the City of Colorado Springs' HUD HOME funds, a fee rebate from the City and Colorado Springs Utilities, along with widespread backing from non-profits, businesses, and the community. 

Paloma Garden, in southeast Colorado Springs, is undergoing a comprehensive redevelopment to provide 125 affordable units, (75 new construction, 50 rehabilitation). The project will blend the renovation of an existing building with the construction of a new, energy-efficient residential facility. Tailored for residents aged 62 and older, the project integrates resident services and design strategies focused on facilitating aging in place. In a show of robust support, the City issued $21,250,000 in private activity bond volume cap, contributed an additional $650,000 in Community Development Block Grant funds, and issued a fee rebate in conjunction with Colorado Springs Utilities to aid in the completion of Paloma Garden, a significant affordable housing project in southeast Colorado Springs. 

The Myron Stratton home is taking a substantial step towards meeting the pressing demand for senior affordable housing by proposing the addition of 250-300 permanently affordable independent-living units to its existing senior housing community. These units will be constructed in phases, the first phase of 47 units broke ground in 2023. The expansion of the Myron Stratton campus is set to unfold over the next 15-20 years. In a collaborative effort, the City and Colorado Springs Utilities are actively supporting phase one of this development by contributing a fee rebate for administrative review and utility infrastructure costs associated with the new construction. This support underscores a shared commitment to creating a sustainable and thriving community for seniors at Myron Stratton and within the City of Colorado Springs. 

The City of Colorado Springs allocated $600,000 to support Brothers Redevelopment's Home Modification Program, a specialized rehabilitation initiative focused on urgent home repairs, providing residents with a means to remain in their homes. With 76% of the program's beneficiaries falling into the elderly demographic, this financial backing underscores the City's dedication to fostering age-friendly environments. Brothers Redevelopment's impactful work reflects a Citywide commitment to improving the safety and quality of life of our aging population.   

City opts into Proposition 123 to unlock state funding for housing 

The City of Colorado Spring’s was the first major Colorado city to opt into Proposition 123, which was approved by voters in November of 2022. By opting in, housing providers can apply for state funds that will help create much-needed missing-middle and affordable housing for our growing workforce. To join, the City committed to increasing its affordable housing inventory by 2,274 units over the next three years. 

Appointment of a Chief Housing Officer 

In his first month in office, Mayor Yemi Mobolade appointed Steve Posey as Chief Housing Officer to lead the Housing and Community Vitality Department (previously known as the Community Development Division). By appointing a Chief Housing Officer and elevating housing under its own department, the Mayor elevated the need to advance the city’s housing priorities, especially around affordable and missing-middle housing.  

“Housing and Community Vitality staff will continue the City’s partnerships with nonprofits, developers and engaged community stakeholders,” said Posey at the time of the announcement.  “Our mission continues to be investing federal, state, and local resources to create strong, sustainable, inclusive communities and access to quality affordable and attainable homes for all Colorado Springs residents. We look forward to stepping up our work on housing affordability, homelessness prevention, and thriving neighborhoods under our new Mayor's leadership.” 

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