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Healthy Housing in Colorado: Integrating Health into the Housing Pre-Development Process
Form Based Codes and Affordable Housing
This NOW! Track was sponsored by Shaw Construction
Building affordable housing doesn’t mean cutting corners. Affordable housing developments can be some of the most state-of-the-art apartment complexes being built in the United States today and developing these properties can be as complex as developing market-rate rental housing, and sometimes more so. Depending on the source of funding, developers and contractors may have to consider issues such as prevailing wage requirements, energy efficiency criteria, LEED framework, NEPA guidelines, transit-oriented location considerations, and providing comparable amenities to market-rate apartments. Affordable housing developers may also target their complexes toward specific populations, such as seniors and persons with special needs, and those properties involve additional considerations such as accessibility requirements.
Meeting the need for affordable rental housing is an ongoing struggle for the nation and Colorado. However, through the use of federal low-income housing tax credits (LIHTCs) and loans specifically geared towards the development of affordable multifamily projects, developers can build and/or rehabilitate properties that meet a community’s needs and are also profitable.
According to Affordable Rental Housing A.C.T.I.O.N., the development of affordable rental housing not only provides homes for Colorado’s families and workforce, but also creates jobs and contributes to the growth of local economies. The LIHTC program has created more than 40,000 jobs and $3.1 billion in income in Colorado communities. Because of the ongoing need for more affordable housing, incentive programs are often oversubscribed and demand exceeds the funding supply. While navigating the requirements of these programs can be tricky, partnering with other Housing Colorado members can enrich the process and improve your outcome.
Affordable Rental Housing A.C.T.I.O.N.: Colorado Fact Sheet
National Association of Home Builders: The Local Economic Impact of Typical Housing Tax Credit Developments
& Company LLP: LIHTC Lexicon
Healthy Communities: Neighborhood Planning through a Health Equity Lens
Bending the Cost Curve: Solutions to Expand the Supply of Affordable Rentals
Contributors: Novogradac & Company LLP