Affordable housing prioritized in 2024 Colorado Springs housing plan

COLORADO SPRINGS, Colo. (KRDO) - The city asked for public comment on how it will spend 2024's Federal grant Funding for housing in Colorado Springs.

Over half the budget will go towards creating and sustaining more affordable housing in Colorado Springs. City Officials say the demand for housing in the Springs has driven the cost up.

These funds are coming from the federal government, to help this problem here, in our backyards.

"Basic economics,  supply and demand.  And so what's happened and it's been documented in many communities is the supply has just got way behind," said Barb Van Hoy.

She is a policy analyst for the City of Colorado Springs and says that she's noticed a need for affordable housing.

"Only people who can demonstrate that they are low or moderate income are eligible to live there and affordable housing means that they won't pay more than 30% of their income," Van Hoy said.

Even though the city is getting millions of dollars in funding, she says it's not enough to solve a larger problem.

"We can't solve this problem with the funds that we have, but what we can do is leverage them the best way," Van Hoy said.

She said some of this money will also be allocated towards building another family shelter.

"Our job is not to build more housing but our job is to try and incentivize what the community needs more," Van Hoy said.