Tools

City of Colorado Springs resources

HomeCOS: Housing Our Future – Housing Our Future is the blueprint for reaching the city’s goal “to build, preserve and create opportunities to purchase an average of 1,000 affordable units per year over the next five years.” Click here to see the entire attainable housing plan.  

PlanCOS: The Community’s Plan for the physical development of Colorado Springs. Click here for a breakdown of each chapter and downloads

ReToolCOS – City of Colorado Springs Zoning Ordinance Update: The work done through the zoning update supports the implementation of PlanCOS. Click here to learn more about the zoning updates.

El Paso County resources

El Paso County Housing Authority – The Housing Authority helps promote the availability of affordable, accessible housing in the county for persons of limited means. Click here for updates.

Turnkey Plus Program — Local government sponsored downpayment assistance resource in the region). Click here for more information.

Single Family Rehabilitation Program – Assist with aging in place. Learn more here

 

Searchable Resource for Housing Options

Community Resources

Solid Rock Development Corporation – Serving and working together to revitalize the southeast community of Colorado Springs.

State Resources

Developers

  • Indie Dwell— indieDwell builds healthy, durable, energy efficient, sustainable housing at the lowest cost possible in partnership with foundations, non-profits, housing authorities and like minded developers.
  • Goodwin KnightDeveloper — Exceptional communities, quality, attainable housing.  

Understanding the Missing Middle

Funding TOOLBOX

Funding sources for affordable housing are varied and complicated.  Listed below are some sources of funding that currently exist to support the development of affordable housing in Colorado

Federal Funding Sources: U.S. Department of Housing and Urban Development (HUD)

Established in 1965, HUD’s mission is to increase homeownership, support community development, and increase access to affordable housing free from discrimination. To fulfill this mission, HUD administers a variety of federal appropriated grant and loan programs which are dispersed through the state, county and local governments. Funding for HUD and its programs is authorized annually through the Transportation-HUD budget appropriation.

State Funding Sources: Department of Local Affairs (DOLA)

HOME Program

The HOME Investment Partnership Program (HOME) was created by the National Affordable Housing Act of 1990.  HOME funds provide competitive funding to local governments, non-profits, and private developers. The purpose of the HOME Program is to provide a wide range of activities that build, buy, and/or rehabilitate affordable housing for rent or ownership or provide direct rental assistance to low-income people.

Eligible Grantees:

 Eligible Activities:

  • Homebuyer assistance (generally through Down Payment Assistance (DPA) programs)
  • Rehabilitation for owner-occupied homes (Single-Family Owner-Occupied (SFOO) programs)
  • Rental housing acquisition, rehabilitation and construction
  • Tenant-Based Rental Assistance (TBRA)

Housing Development Grant Funds (HDG)

Created by the Colorado state treasury, the Housing Development Grant Fund (HDG) is administered by the Division of Housing (DOH)., This fund consists of monies appropriated to the Colorado Affordable Housing Construction Grants Fund by the General Assembly. HDG provides funds for acquisition, rehabilitation, and new construction through a competitive application process to improve, preserve or expand the supply of affordable housing, to finance foreclosure prevention activities in Colorado, and to fund the acquisition of housing and economic data necessary to advise the State Housing Board on local housing conditions.

Eligible Grantees

  • Non-profit developers
  • Housing authorities
  • Local governments

Eligible activities

  • New construction
  • Property acquisition
  • Rehabilitation of existing units
  • Housing services

Housing Development Loan Fund (HDLF)

The HDLF program was created to meet federal matching funds requirements.  This fund makes loans for development, redevelopment or rehabilitation of low or moderate-income housing. Loans provided through HDLF require collateral.

Eligible Grantees

  • Non-profit developers
  • Housing authorities

Eligible activities

  • Housing development
  • Housing redevelopment

Neighborhood Stabilization Program

The Neighborhood Stabilization Program (NSP1) was first created by Congress in the Housing and Economic Recovery Act of 2008, followed by the American Recovery and Reinvestment Act of 2009 (NSP2), and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (NSP3)., The program is an effort to mitigate the neighborhood effects of foreclosures in areas of greatest need. NSP funds help stabilize the property values in targeted communities by decreasing the rate of decline in property values.

NSP is a component of the Community Development Block Grant (CDBG). All funds must serve households at or below 120% of the area median income and a minimum of 25% of the funds must serve households at or below 50% of the area median income.

Eligible Grantees

  • Units of local government
  • Non-profit organizations
  • For-profit organizations (developers and contractors)
  • Quasi-governmental entitles (housing authorities and urban renewal authorities)

Eligible Activities

NSP funds may be used for activities which include, but are not limited to:

  • Establish financing mechanisms for purchase and redevelopment of foreclosed homes and residential properties
  • Purchase and rehabilitate homes and residential properties abandoned or foreclosed
  • Establish land banks for foreclosed homes
  • Demolish blighted structures,
  • Redevelop demolished or vacant properties

Colorado Housing Investment Fund (CHIF)

In February 2012, the State of Colorado together with 48 other states reached a settlement with the five largest mortgage servicing companies. Through this settlement, Attorney General John Suthers announced over $50 million, all custodial funds through the Attorney General’s office, would be used for homeowner relief, foreclosure prevention and affordable housing. The Colorado Housing Investment Fund (CHIF) was created from the Attorney General’s custodial funds with $13.2 million to address Colorado’s need for affordable rental housing. In 2015, an additional,$23 million in custodial funds were added to the CHIF based on the success of the Fund.

The CHIF funds can be used two ways: 1) Short term, low interest loans to bridge the long-term permanent financing sources (a portion of loan may remain in the project as permanent debt); and 2) Short term loan guarantees for new construction and rehabilitation. The CHIF funds will revolve back into the CHIF fund allowing Division of Housing to make more loans, as the short term loans are repaid or loan guarantees are released. Please see the attached term sheets for criteria guiding funding decisions: 1) LOAN POOL or 2) LOAN GUARANTY.

At this time, applications are accepted on the first of every month. However, please contact your Housing Development Specialist prior to submitting an application for CHIF to confirm availability of funds

Eligible Borrowers:

  • Non-profit developers
  • For-profit developers
  • Housing authorities

Eligible Activities (see term sheet – activities restricted by funding mechanism):

  • Acquisition
  • Bridge loans
  • New construction
  • Rehabilitation

National Housing Trust Fund (HTF)

The HTF is a new affordable housing production program administered by the U.S. Department of Housing and Urban development and capitalized through Fannie Mae and Freddie Mac. The program increases and preserves the supply of decent, safe, and sanitary affordable housing for extremely low-income households, those earning at or below 30% of the area median income (AMI).

Colorado Housing Finance Authority (CHFA)

Low Income Housing Tax Credits (LIHTC)

The Low Income Housing Tax Credit program, which can be used only for rental housing, has been the federal government’s primary program to produce affordable rental housing since the late 1980s. Rather than providing direct funding, it spurs equity investments in affordable developments by giving investors a dollar-for-dollar credit against their federal tax liability over 10 years. These are generally used for projects  of 20 units or more because of the cost of selling the credits.

There are two types of credits: 9 percent and 4 percent.

The 9 percent credits are more valuable because they raise more equity but they can’t be used with projects that use tax-exempt bonds or certain other federal subsidies. Like all states, Colorado publishes an annual Qualified Allocation Plan (QAP) that outlines how much credit will be available, along with planned uses.

The annual availability of 9 percent credits is limited. These are awarded competitively. States receive a new allocation each year based on population and use the competition to award amounts to individual projects. Developers sell the credits to investors and use the proceeds as equity. Because the credits are granted for 10 years, a $100 credit award is worth $1,000. Investors pay 65 to 95 cents per dollar of credit, depending on demand.  A $100 credit award raises $650 to $950 in equity.

At least 40 percent of the units in a tax credit development must be reserved for households at or below 60 percent of AMI (or at least 20 percent for households with incomes at or below 50 percent of AMI) for at least 30 years. However, because funds are awarded competitively, most developments using 9 percent credits are close to 100 percent affordable and have restrictions up to 99 years. Most set aside at least 10 percent of the tax credit units for extremely low income households (at or below 30 percent AMI).

4 percent credits are mainly used for projects financed with tax-exempt bonds or for preservation projects (older federally subsidized developments). Some developers use them instead of 9 percent credits to avoid a long wait.

Tax-Exempt Private Activity Bonds

Private Activity Bonds (PAB) are the building blocks of communities, leveraging public and private investment to create housing and jobs.  CHFA is not alone in deploying PAB to support statewide needs.  DOLA allocates PAB support to local city and county issuers.

County Funding Sources: El Paso County

Opportunity Zones

Created as part of the Tax Cuts and Jobs Act of 2017, Opportunity Zones (OZ) are a federal tax incentive designed to incentivize investors to reinvest capital gains in economically distressed communities, thereby stimulating economic development and job creation. There are eight federally designated Opportunity Zones in the Pikes Peak region. Investors will be able to defer, reduce and potentially eliminate certain federal capital gains taxes by investing their capital gains into Qualified Opportunity Funds.  Both the County and City offers assistance in maximizing this investment opportunity.

Tax Benefits:

  • Deferral– No up-front tax bill on the rolled-over capital gain and investors can defer their original tax bill until the earlier of a) December 31, 2026, or b) The sale of the Opportunity Zone investment.
  • Reduction of tax on the rolled-over capital gain investment for long-term holding. A 5-year holding increases the rolled-over capital gains basis by 10%, and a 7-year holding increases the rolled-over capital gain investment basis 5%, for a total of 15%.
  • Tax-free appreciation– If an Opportunity Fund investment is held for ten years, the taxpayer pays no capital gains tax on the appreciation.

Housing Trust Fund

The El Paso County Housing Authority was established in 1993 by the Board of County Commissioners to promote suitable living environments for all persons and families. Funding is available through the finite resources of the Housing Trust Fund. No local, state or federal tax dollars are utilized. Funding is available in the form of loans or the direct purchase of services for which no repayment is required, but loans are preferred. Because the Housing Trust Fund is internally self-sustained, it is imperative to revolve the funds so that more residents are assisted in the future.

Eligibility

The El Paso County Housing Authority provides funding to agencies with experience in the design and administration of innovative programs that address the housing needs in El Paso County.

Programs/projects may include, but would not be limited to, the following:

  • Development of new, affordable, accessible housing units (high priority)
  • Preservation of existing, affordable, accessible housing units (high priority)
  • Initial homeownership
  • Homelessness
  • Special needs housing
  • Housing rehabilitation
  • Rental assistance/ Retention of homeownership

City Funding Sources: City of Colorado Springs

Emergency Solutions Grant (ESG) Program

The Emergency Solutions Grant (ESG) provides federal funds to assist individuals and families to quickly regain stability in permanent housing after experiencing a housing crisis or homelessness. ESG funds five program components:

  • Street outreach
  • Emergency shelter
  • Homelessness prevention
  • Rapid re-housing assistance
  • Data collection via Homeless Management Information System (HMIS)

Community Development Block Grant (CDBG)

The Community Development Division provides funding to local 501(c)(3) and 509(a) non-profit agencies for the provision of public services to low and moderate-income persons in the community.  These activities are governed by the federal regulations for the Community Development Block Grant.

Community Development Block Grant (CDBG) funds are provided by the U.S. Department of Housing and Urban Development (HUD) in order to improve local communities by providing decent housing, improved infrastructure, public facilities and services, and improved economic opportunities. Federal law requires that these housing and community development grant funds primarily benefit low- and moderate-income persons; funds may also be used for activities that help prevent or eliminate slums or blight or for projects that meet urgent community needs such as:

  • Housing Stability: Provide programs that serve households with vital services related to obtaining and keeping safe and stable housing. They include but are not limited to housing counseling or navigation services, eviction prevention, and childcare.
  • Services for key populations: Provide services that meet any of the above outlined eligible services while primarily serving families with children, seniors or households making 30% or below area median income.

Operating Zones

Created as part of the Tax Cuts and Jobs Act of 2017, Opportunity Zones (OZ) are a federal tax incentive designed to incentivize investors to reinvest capital gains in economically distressed communities, thereby stimulating economic development and job creation. There are eight federally designated Opportunity Zones in the Pikes Peak region. Investors will be able to defer, reduce and potentially eliminate certain federal capital gains taxes by investing their capital gains into Qualified Opportunity Funds.  Both the County and City offers assistance in maximizing this investment opportunity.

Tax Benefits:

  • Deferral– No up-front tax bill on the rolled-over capital gain and investors can defer their original tax bill until the earlier of a) December 31, 2026, or b) The sale of the Opportunity Zone investment.
  • Reduction of tax on the rolled-over capital gain investment for long-term holding. A 5-year holding increases the rolled-over capital gains basis by 10%, and a 7-year holding increases the rolled-over capital gain investment basis 5%, for a total of 15%.
  • Tax-free appreciation– If an Opportunity Fund investment is held for ten years, the taxpayer pays no capital gains tax on the appreciation.

Community Development Developer Portal 

The purpose of the Affordable Rental Housing Program and Underwriting Guidelines is to identify the city’s affordable rental housing policy objectives, describe the activities available to advance the objectives, and describe the manner in which the activities will be evaluated, underwritten and selected for funding.  The guidelines are intended to achieve compliance with federal, state and local regulations and set the standards for all affordable rental housing projects funded by the City of Colorado Springs, regardless of funding source.

 

 

Existing Affordable Housing Units

This list is provided for information purposes only and may not be fully comprehensive. Please contact resources listed to inquire regarding current status and availability.

Apartment Address Phone #
ALTA MIRA APTS 2210 Sky View Lane (719) 578-8073
ARBOR POINTE 2503 Hancock Expressway (719) 632-7708
AVIATOR APTS 1670 N Murray (719) 400-6777
BIRCHWOOD VILLAGE APTS 3618 E Uintah (719) 596-2156
BRISTOL SQUARE APTS 1506 Yuma St (719) 633-8495
CHESTNUT GLEN TOWNHOMES 6490 Yvonne Way (719) 592-9717
CONSTITUTION SQUARE APTS 7230 Constitution Sq. Hts 573-1600 (719) 573-1600
COPPER CREEK APTS 4980 Copper Springs View (719) 473-4000
COTTONWOOD TERRACE 2864 Dublin Blvd (719) 599-9133
CREEKSIDE AT NORWOOD 7219 Little Timber Grove (719) 590-7400
EAGLEVIEW APTS 1803 Prairie Rd (719) 471-7863
FIR TREE APTS 3835 Radiant Dr (719) 596-3232
FOUNTAIN SPRINGS APTS 4325 Fountain Springs Grove (719) 591-4600
GALLEY MANOR APTS 3005 # Galley Rd (719) 465-1439
GARDEN PINES 4424 N Chestnut St (719) 272-4220
GREENTREE VILLAGE APTS 3562 N Carefree Cir (719) 597-3554
GRECCIO HOUSING 1808 West Colorado Ave (719) 475-1422
HAMPTON VILLAGE 1605 Hampton South (719) 540-0639
HEATHERWOOD CLUB APTS 3741 Oro Blanco (719) 597-4521
HILLSIDE POINTE APTS 905 Hillside Ridge Pt (719) 471-9200
LAURA SINE REALTOR RENTALS Must call for address (719) 667-4343 
LINCOLN SPRINGS APTS 1170 So Chelton Rd (719) 636-1641
LYNMAR APTS 2750 Vickers Dr (719) 266-0262
MALLARD MEADOWS 3040 Mallard Dr (719) 630-8045
MAYFAIR APTS 120 E Platt (719) 475-0129
PALO VERDE APTS 175 North Murray Blvd (719) 592-9717
ROSEMONT AT SHADOW MTN 220 Shadow Ridge Grove (719) 575-0005
SHADOW WOOD CHALET APTS 6491 Yvonne Way (719) 592-9717
STETSON MEADOWS APTS 6205 Mustang Meadow Pt (719) 591-4700
SUMMIT CREEK APTS 1960 South Chelton (719) 597-5972
THE LELARAY APTS 2115 Lelaray St (719) 630-7075
TOWNHOUSE APTS 3125 Fountain Blvd (719) 630-1128
WHITNEY YOUNG MANOR APTS 2129 Delta Dr (719) 591-0826
WIND RIVERS PLACE 919 N 19th St (719) 632-3440
WINFIELD APTS 6134 Romley Pt (719) 380-1580
YUMA COURT TOWNHOMES 825 Yuma St (719) 272-4220
SENIOR HOUSING
LAKE VIEW APTS 610 & 710 S Union (719) 475-0129
LAUREL GARDEN APTS 3140 Mallard Dr (719) 227-7162
PIKES PEAK TOWERS 1912 East Lake Blvd (719) 632-1556
SILVERCREST I & II 824 Yuma St & 904 Yuma St (719) 389-0329 / (719) 475-2045
VILLAS AT SOUTHGATE 1810 S Corona Ave (719) 632-7444

upcoming affordable housing projects

This list may not be inclusive of all affordable housing projects. For additional information about each project reach out to the contact name provided.

Project Site Location # Units Unit Size Target Pop. Contact Info
Atrium at Austin Bluffs 4291 Templeton Gap 54 1BR/2BR Seniors Greccio Housing
Barnes Apartments Barnes and Tutt 242 Multi-family Tirol
Creek at Cottonwood Powers and Woodmen  258 Multi-family Pedcor
Draper Commons Fountain and Wahsatch Ave. 280 Studio/1BR/2BR/3BR Seniors, Multi-Family BCR Management
Freedom Springs 734 Western Dr. 50 1BR/ 2BR/ 3BR Homeless Veterans Vecino
Mosaica 2155 Hancock Exressway 240 1BR/2BR/3BR/4BR Multi-Family DHN Planning and Development
Rocky Mountain Bijou and Circle 18 1BR/2BR Multi-Family, ADA units Greccio Housing
Shooks Run 502 E. Fountain Blvd. 40 1BR/2BR/3BR Multi-Family Colorado Springs Housing Authority
The Commons 3770 E. Uintah Ave. 50 1BR/2BR/3BR Transitional Homeward Pikes Peak
The Cottages at Pike View N. Cascade 168 1BR/2BR Multi-Family Goodwin Knight
The Cottages at Sand Creek 4046 Mallette Heights 84 Cottages Studio/1BR/2BR Multi-Family Goodwin Knight/Griffis Blessing
The Ridge Hwy 115 & S. Academy 60 1BR/2BR/3BR Multi-Family Greccio Housing
Villas at Mesa Ridge SE of Mesa Ridge Parkway & Fountain Mesa Rd. 60 1BR/2BR Multi-Family Zimmerman Properties
Working Fusion At Mill Street The corner of S. Sierra Madre St. and W. Fountain Blvd. 18 Tiny Homes 1BR Young Adult Shelley Jensen-Shelley@wefortify.org