Last November, Colorado voters approved Proposition 123 which is aimed at increasing the supply of affordable housing, and support the creation of programs to help the homeless.
Parker town council has agreed to join the Douglas County Housing Partnership’s regional approach to the proposition.
At an Oct. 3 meeting, the council unanimously approved a resolution authorizing the town manager to file a commitment with the Colorado Department of Local Affairs pursuant to Proposition 123 acknowledging the town’s commitment to a regional partnership with Douglas County jurisdiction.
The Colorado Division of Local Affairs has begun the implementation of Proposition 123, which has been amended to allow the implementation of affordable housing activities and funding through a regional and multi-jurisdiction approach.
Proposition 123 also created the State Affordable Housing Fund, which dedicates 40% of the new funding to the Affordable Housing Support Fund and 60% of the new funding to the Affordable Housing Financing Fund.
The division recently revised its guidance on the implementation of the proposition which allows local municipalities to work together to meet their affordable housing goals.
The Douglas County Housing Partnership has proposed a regional approach to Proposition 123 that includes all local government members of the housing partnership, including the Town of Parker.
The State Affordable Housing Fund local requirements to be eligible and receive funding are to certify the baseline number of affordable for-sale and rental units in the community and commit to increasing affordable units by 3% a year for the next three years, said Bryce Matthews, assistant director of the planning division.
If the town does not meet the 3% increase, they will not be eligible to participate in the program for one year.
According to documents provided to the town, the benefits of participating in the Douglas County Housing Partnership approach would include:
- Funding would stay local and available to the housing partnership to support affordable and workable housing in the county.
- The town has a representation on the housing partnership board and a say in the how the funding is used.
- There will be increased downpayment assistance availability to homebuyers in the Town up to 100% of area median income.
- There will be an increase in funds for affordable home ownership options.
- There will be an increase in funding to support homelessness prevention programs.
The town must prepare and file a Proposition 123 Commitment with the Colorado Division of Local Affairs by Nov. 1 in order to participate in Douglas County’s Housing Partnership initiative.
Additionally, the town is working with other Douglas County jurisdictions to prepare an Intergovernmental Agreement to establish a method of distributing affordable housing credits.
The benefit of the regional approach, said Matthews, is each community is expected to meet the 3% increase; if one community does not meet the threshold and another community has excess, the intergovernmental agreement would allow the excess funds to be distributed to the community to meet the threshold.
“We are taking a regional approach and kind of share the credits, so it’s not going to be all on one jurisdiction,” said Councilmember Anne Barrington.
If the council did not approve the resolution, residents’ tax dollars would still be paying into Proposition 123. By approving the resolution, it allows for funds to be distributed back into the community, said Matthews.
“The only way to hopefully, even possibly get some money back into our community is to participate in this,” said Councilmember Joshua Rivero. “I do find that this could be beneficial to our community.”