First Workforce Housing Fund
Colorado Springs hopes to keep from becoming like Aspen or Vail. In those towns ski industry employees often can’t afford to live in the community where they work. Therefore, the Pikes Peak region’s first “workforce housing fund” has been created. Search homes for sale Flying Horse, Colorado Springs, CO here: http://www.rehava.com
The Pikes Peak Real Estate Foundation is an arm of Pikes Peak Community Foundation. They have raised $250,000 to date, said Sam Clark. Sam is the executive director of the real estate foundation.
Seven foundations and trusts, along with the city of Colorado Springs, each contributed the minimum buy-in of $25,000 for the pilot program, he said.
Low-interest Loans Offset Costs
The fund is to be disbursed as low-interest loans to offset pre-development costs and incentivize builders to construct affordable housing.
The kick-start money will help one promising project apply for federal low-income housing tax credits. This will be done through the Colorado Housing and Finance Authority. They will also take other steps to reach the point of obtaining a construction loan, Clark said.
A request for proposals will be issued this week, he said. The deadline is April 20.
Developers Apply for the Program
Clark expects three or four developers to apply for the program but said he wouldn’t be surprised if as many as a dozen were interested.
“This is a hot-button issue in the community,” he said. “Builders have a hard time in that initial capital phase, and foundations and donors are sometimes limited when they see the big check that needs to be written. This takes smaller community contributions and piles them into one loan.”
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