colorado

From the CHFA Website – “CHFA received 23 Letters of Intent from developers planning to apply for Low Income Housing Tax Credits (LIHTC) in the second allocation round of 2011. Intending applicants indicated requests for more than $22 million in credit. CHFA has set aside $1,050,000 in credit for the Denver Housing Authority’s HOPE VI project, South Lincoln Park Phase II. Approximately $5.6 million in credit remains available for allocation in Round Two”:

LIHTC_LOI_Round2_2011

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COLORADO DEPARTMENT OF LOCAL AFFAIRS
DIVISION OF HOUSING (DOH)
REQUEST FOR PROPOSALS

The Colorado Department of Local Affairs, Division of Housing (DOH) is requesting proposals for Neighborhood Stabilization Program III (NSP3) funding for the purchase and rehabilitation or redevelopment of foreclosed and abandoned homes in the State of Colorado. $6,518,947 in grant funds will be available for program and administrative costs to be expended by March 11, 2014, including up to $1,420,638 for projects in Colorado Springs, and up to $5,098,309 for projects in the balance of the State. Attached is the full text of the RFP.

Application materials will be available online March 21, 2011 athttps://dola.colorado.gov/app_uploads/docs/CO_NSP3_RFP.pdf. All applications and copies will be due to DOH by Friday, May 20, 2011.

The NSP3 Action Plan (Substantial Amendment) and supporting materials are available online athttp://dola.colorado.gov/cdh/NSP3SubstantialAmend.htm. For all questions about the program, applications, guidelines and to be referred to a Housing Development Specialist, please contact Alison O’Kelly at 303-866-3409 or alison.okelly@state.co.us.

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The Colorado Housing and Finance Authority (CHFA) just released a list of the round 1 applicants for 2011 Low Income Housing Tax Credits. 22 applicants applied for a total of $23,134,735 for the construction of 1,411 units:

2011_status

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A blog post form the Colorado Division of Housing shows that both rents and incomes declined over the period from 2001 to 2011. According to the post, average rents did not keep pace with inflation, as the Denver-Boulder-Greeley CPI increased 17.6 percent from the third quarter of 2001 to the third quarter of 2010, while rent for single-family homes and rental condos in the metro area increased only 8.9 percent:

If we adjust for inflation, we see that from the third quarter of 2001 to the third quarter of 2010, real rents declined from $955 to $884, a change of -7.3 percent. The decline in real rents was especially severe from 2003 to 2006 as large amounts of new home construction continually added new housing stock to the market. It was also unusually easy to finance a new home purchase during this period, so overall demand for rental housing declined and pushed down real rents.

Meanwhile, median renter incomes dropped 20 percent from 2001 to 2010, while homeowner median incomes dropped 6 percent.

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