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Housing

The DOH finances the acquisition and construction of new housing and rehabilitation of existing housing. Projects are funded through federal HOME and Community Development Block Grant (CDBG), Housing Opportunities for People with AIDS (HOPWA), Emergency Solutions Grants (ESG), Neighborhood Stabilization grants (NSP), Housing Assistance and Recovery Program (HARP), Housing Development Grants (HDG) and Housing Development Loan Funds (HDLF). The housing must be owned or occupied by person with low incomes. Local housing authorities, private developers, nonprofit organizations, cities and counties may apply for financing. Most grants require a match from the community served. The Division of Housing uses federal and state funds for:

 

  • individuals and families faced with homelessness and other low income.
  • elderly people, families and disabled individuals, whether they are homeowners or renters.
  • acquisition, construction/rehabilitation of multifamily apartments, single-family houses, homeless shelters.
  • direct loans or subordinated debt for construction or permanent financing.
  • rental assistance for low-income families.
  • support of emergency shelters and domestic violence shelters, homeless prevention and supportive services for homeless person.
  • down payment assistance or loans to rehabilitate loans for low-income families.

 

NSP Project - Example of project using DOH financial assistance.

 

HACS Southview Plaza - Example of project using DOH financial assistance.

 Renaissance Riverfront Lofts - Example of project using DOH financial assistance.

 

Description

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The Division of Housing administers the HOME program statewide. Eligible activities for HOME funds include acquisition, rehabilitation and new construction of affordable housing units and tenant-based rental assistance programs. Funds invested in rental projects must benefit families with incomes at or below 80 percent of the median income for the area although a preference is given for programs serving persons with very low incomes.

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The CDBG program administered by the Division of Housing is used to fund the acquisition, construction and rehabilitation of affordable housing rental units, homeless shelters, transitional housing, down payment assistance and single-family owner occupied rehabilitation programs. CDBG funding is provided to the non-entitlement areas of Colorado (50,000 or less in population) and is restricted to assisting families whose income is less than 80 percent of the area median income.

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The Emergency Solutions Grants program is a federally funded formula allocation that provides money to nonprofit and local government agencies that assist homeless persons and families. Categories available for funding include shelter operations, essential services and homeless prevention.

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The HOPWA formula grant program provides states and localities with resources and incentives to devise long-term comprehensive strategies for meeting the housing needs of low-income persons with Acquired Immune Deficiency Syndrome (AIDS) or related diseases, such as HIV, and their families.

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These funds consist of monies appropriated to the Colorado Affordable Housing Construction Grants and Loan Fund by the General Assembly. Use of HDG/HDLF funds requires a $1 to $1 match. HDG/HDLF provides funds for acquisition, rehabilitation, and new construction through a competitive application process to improve, preserve or expand the supply of affordable housing and to finance foreclosure prevention activities in Colorado, as well as to fund the acquisition of housing and economic data necessary to advise the State Housing Board on local housing conditions.

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The Division of Housing offers rental assistance subsidies (Section 8 Vouchers) to very low-income families in 47 Colorado counties. DOH contracts with local housing agencies that focus on family eligibility and ensure that the rental unit meets housing quality standards.

 

Because the demand for rental assistance is very high, it is primarily available only to veterans’ families, senior citizens and individuals with disabilities whose incomes are less than 30 percent of the area median income. DOH administers traditional tenant based Section 8 in addition to project based vouchers, Veterans Affairs Supportive Housing (VASH), Family Unification Program (FUP) and mainstream vouchers.

 

Description

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Those families receiving Section 8 rental assistance are also eligible for the Family Self-Sufficiency program. The FSS program helps families reduce their dependence on rental assistance through job training, family counseling and further education.

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Families receiving rental assistance are eligible for the Section 8 Homeownership Program. Homeownership assistance offers families a new and special housing option. The family must meet basic program requirements such as:

  • be in the Section 8 Program for at least one year and be continuously employed for at least one
    year.
  • earn roughly $11,000 a year to qualify for the program.
  • income must come from sources other than welfare assistance -- welfare assistance can be included for elderly and disabled families.
  • have $1,000 to apply to the purchase of their home.
  • be a first time homebuyer (not own a home in the last three years).
  • attend homeownership counseling before the purchase of the house.
  • secure own financing for the home -- the lender should be an established organization to avoid
    predatory lending practices.
  • post-purchase counseling is strong recommended.
Description

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Private Activity Bonds are tax-exempt bonds issued for specific purposes including manufacturing “small issue” industrial development, single-family mortgages, qualified redevelopment projects, qualified residential rental projects, exempt facility projects, mortgage credit certificates and student loans.

 

For more details about the private activity bond program, contact the Division of Housing at 303-866-2033. Information about the statewide balance, application and program guidelines can be located here.