More than 1,200 affordable multi-family housing units expected to be completed before 2025
COLORADO SPRINGS, Colo. (KRDO) -- According to the 2022 HomeCOS update, 1,703 affordable multi-family units are under construction or expected to start construction in Colorado Springs. In a report, 1,236 units are expected to be completed before 2025, and 467 of those units will be a tax credit for next year.
According to the City of Colorado Springs, “HomeCOS, Housing Our Future” is a comprehensive affordable, and attainable housing plan in an effort to support Mayor Suthers' obstacle to building, preserving, and creating opportunities in buying one thousand units every year. The city met that goal by supporting 1,057 affordable units.
Affordable housing is defined as "in which individuals are not paying more than 30% of their income for rent or mortgage, including utilities," the city said.
This latest update also notes that the price of housing in Colorado Springs is continuing to increase. The average median single family home price increased 6.5% in the last year, and the average asking rent for a 2 bedroom 1 bathroom apartment increased by 6.4%.
Essential homeownership and preservation efforts funded by the Community Development Division, according to the city:
- Brothers Redevelopment rehabilitating 106 units in 2022 for low-income households
- Most of whom are seniors
- The Colorado Springs Housing Authority preserving and converting two of its existing single-family homes into fully accessible units
- Pikes Peak Habitat for Humanity and Rocky Mountain Community Land Trust assisting 13 low-income households in becoming homeowners
Another effort is supporting Sunshine Home Share, which focuses on helping people aged 55 and up to stay in their homes. The organization matches those individuals with someone who can provide supportive services such as lawn mowing and companionship, in exchange for affordable rent.
The Affordable and Attainable Multi-Family Fee Rebate Program was launched by the Community Development Division with the Colorado Springs Utilities in 2022.
You can learn more about the program and its efforts here.
