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Progressive 15 Membership Meeting 2007 Fort Morgan, Colorado Presented by: Troy Gladwell & Kim Cooke.

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Presentation on theme: "Progressive 15 Membership Meeting 2007 Fort Morgan, Colorado Presented by: Troy Gladwell & Kim Cooke."— Presentation transcript:

1 Progressive 15 Membership Meeting 2007 Fort Morgan, Colorado Presented by: Troy Gladwell & Kim Cooke

2 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.

3 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!

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

5 families low and moderate income workers Populations that are difficult to serve Colorado’s most vulnerable citizens, including children, elderly and disabled persons Address unmet housing needs of: Goal

6 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

7 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 Investmen t Fund is:

8 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.

9 An investment of $26.5 Million will annually produce: 3,400 housing opportunities 3,200 jobs $334 Million in economic activity $26 Million in tax revenue Attracts new business Attracts other public and private dollars Colorado Housing Investment Fund Investing in Colorado’s Future

10 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.


12 Thank You Major Foundation Sponsor Housing and Homelessness Funders’ Collaborative Presenting Sponsor Colorado Housing and Finance Authority Sustaining Sponsor US Bank Promoting Sponsor Citywide Banks Denver Urban Renewal Authority Mercy Housing Supporting Sponsor First Bank

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