Need for affordable housing for seniors continues in Colorado Springs, new development coming soon

COLORADO SPRINGS, Colo. (KRDO) -- The need for affordable housing for seniors is a critical concern in many communities, including Colorado Springs, according to Silver Key Senior Services. This is why El Paso County decided to invest $500,000 into creating a new affordable apartment complex for seniors.

"Through the Housing Trust Fund, EPCHA is committed to fostering partnerships that create a real impact in our community," emphasized Randi Davis, El Paso County Housing Analyst. "Our collaboration with Silver Key, which involves a $500,000 investment into 50 new affordable senior housing units, is a testament to our dedication to enhancing the lives of residents."

The 50 unit complex will be located adjacent to Silver Key’s headquarters at 1625 south Murray Blvd in southeast Colorado Springs. Silver Key is a source of extensive senior services such as meal and transportation assistance as well as behavioral health case management for seniors and veterans.

"It makes a huge difference in their lives just having resources and navigation throughout the system because it's super confusing," said Valerie Anders, Chief Financial officer with Silver Key Senior Services.

Make no mistake though, it's an issue that will need a lot more attention here in our region, especially with our aging population. Silver Key estimates there is a need for about 1,500 additional senior housing units here in the Pikes Peak area.

The chief development officer for Silver Key Senior Services, Jaime McMullen Garcia, said as the population ages, ensuring that seniors have access to safe, comfortable, and affordable housing becomes increasingly important.

Here are some reasons addressing this need is crucial, according to Garcia:

1. Demographic Shifts: The aging population is growing rapidly, and more seniors are seeking housing options that fit their needs. Providing affordable housing ensures that seniors can age in place and maintain their independence.
2. Financial Constraints: Many seniors live on fixed incomes, such as Social Security or pensions. High housing costs can strain their budgets, leaving little room for other necessities like healthcare, food, and transportation.
3. Health and Well-Being: Access to stable housing positively impacts seniors’ health and well-being. Affordable housing reduces stress, improves mental health, and allows seniors to focus on maintaining an active lifestyle.
4. Community Integration: Seniors benefit from being part of a community. Affordable housing developments can foster social connections, reduce isolation, and provide opportunities for engagement.
5. Reducing Homelessness: Without affordable housing options, some seniors may face homelessness or unstable living situations. Addressing this need helps prevent homelessness among older adults.
6. Supportive Services: Affordable senior housing can be designed to include supportive services such as transportation, meal programs, and health screenings. These services enhance seniors’ quality of life.
7. Policy and Advocacy: Advocacy efforts by nonprofits, community organizations, and policymakers play a crucial role in raising awareness about the need for affordable senior housing and pushing for policy changes.

Silver Key cannot place an exact figure on what the monthly rent here at this future facility will be, but they estimate it will be close to $300-$400 per month. The apartments are scheduled to be finished by mid-October, 2024.