Affordable Housing Development
The City's Housing and Homelessness Response Department offers support and assistance to developers of affordable housing. If you are interested in learning more about Housing and Homelessness Response resources available for affordable housing, please contact the Housing and Homelessness Response Department at 719-385-5912 or HousingAndHomelessnessResponse.SMB@coloradosprings.gov.
Who is eligible to apply for financial assistance?
- Nonprofit and for-profit housing developers
- Community Housing Development Organizations (CHDOs)
What types of financial assistance are available for affordable housing?
HOME Investment Partnerships Program
The purpose of the HOME program is to increase the supply of decent, affordable housing for people with low incomes and very low incomes. Our division utilizes HOME funds for new construction, tenant based rental assistance, and down payment assistance.
Community Development Block Grant
The purpose of the CDBG program is to “develop viable urban communities by providing decent housing and a suitable living environment, and by expanding economic opportunities, principally for low- and moderate-income persons.” We use our CDBG housing funds for environmental mitigation of sites for affordable housing, as well as housing rehabilitation (both single and multifamily).
Private Activity Bonds
The City is allocated tax-exempt bonds, which are used to fund multi-family affordable housing. The amount of bonds allocated to the City is based on the City’s population. The City issues the bonds, but has no obligation to repay investors. Underwriters then use the bond proceeds to make a loan to an affordable housing project, and over time the project pays back the loan to the investors, plus interest.
HOME-ARP
Notice of Funding Availability coming soon. Learn more and read the allocation plan here: https://coloradosprings.gov/HOME-ARP
What activities are currently eligible for funding?
- New Construction
- Acquisition
- Rehabilitation
- Conversion
Other Tools and incentives for Developers
- Tax Rebate Program
- Fee Rebate Program
- Development Fee Guide
- Underwriting Guidelines (coming soon)
Waiver of Rights of First Refusal and First Offer on Qualifying Multifamily Residential or Mixed-Use Rental Properties
Affordable Housing Development Application
If you are interested in applying for financing assistance to acquire, build or rehabilitate affordable housing, please click on the link below to start an application and learn more about our programs.