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
- Sunshine Home Share Colorado — A program that uses a thoughtful matching process to promote safety and compatibility while supporting a mutually beneficial relationship between the home provider and the home seeker.
- affordablehousingonline.com– Search Low-income Apartments and Waiting Lists
- research.ppld.org– Pikes Peak Library District’s source for research assistance, subject guides, and library resources.
- infoforseniorliving.com– Affordable senior living options.
- apartments.com– Helping renters find their perfect fit.
- lowincomehousing.us – Find affordable rentals & housing options for low-income families and individuals.
- section-8-apartments.org– Section 8 Housing Assistance.
Community Resources
Solid Rock Development Corporation – Serving and working together to revitalize the southeast community of Colorado Springs.
State Resources
- LiveAffordablyColorado.org — An advocacy and educational campaign by Housing Colorado includes a toolkit resource for members and community stakeholders to frame the conversation around Colorado’s housing crisis.
- Colorado Department of Local Affairs (DOLA) Stakeholder Engagement Report — This information is from the State’s listening sessions from 2019 engaging stakeholders on affordable housing policy in Colorado.
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
- Missing Middle Housing Types— Located in walkable neighborhoods, these needed, mid-size, often multifamily residences are compatible in scale and form with detached single-family homes.
- The ‘Missing’ Affordable Housing Solution— Historically-inspired mid-sized residences can provide needed housing options for people of all ages.
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)
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:
- Local governments
- Community Housing Development Organizations (CHDOs)
- Non-profit and for-profit housing developers
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
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.
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.
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 |