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Colorado's housing supply has not kept pace with population growth. The state has current unmet housing needs of tens of thousands of units and will continue to grow — it is estimated the state will add 1.72 million people by 2050. Nearly one-third of Colorado households spend more than 30% of their income on housing and people are forced to live further away from where they work, leading to increased traffic and decreased access to job opportunities. In order to help address this ongoing challenge, Colorado Governor Jared Polis took action signing a new executive order (EO) on August 21.
The Division of Housing (DOH), as the housing agency within the executive branch Department of Local Affairs, was specifically detailed in the EO. DOH is embracing this challenge. As we are working on continuous improvement, DOH has many plans for streamlining both our application and contracting processes. We will continue to assess what pivots we need to expedite our progress.
Together with the Governor’s Office and our stakeholders, we aim to develop more housing faster. The EO elevates the work we are collectively trying to achieve. DOH is developing our stakeholder engagement plan as we plan out our immediate actions to meet the directives in the EO.
Immediate Actions
Looking back and the path forward: To measure our work and progress, DOH will measure contracts prior to July 1, 2023 separately from applications approved after July 1. This will allow DOH to report on our progress and measure the advancements we make as we implement changes.
Application Holiday - September and October: DOH will not be accepting new housing development gap funding applications through our standard monthly application process in September or October. During this time, DOH’s Office of Housing Finance and Sustainability will be assessing:
- Per Unit Subsidy Cap
- Per Project Subsidy Cap
- Application Cycles
- Existing Rolling Monthly, or
- Periodic (quarterly, semi-annual, etc) - competitive
- Application Completeness/Readiness Thresholds
- Required items for initial application
- Required items for State Housing Board Approval
- Handoff process and required items
- Revised or Specialized Underwriting Models
- Rental, Homeownership, Shelter, etc.
- Supplemental funding request policy
- Grant vs. Loan determination policy
Loan Contract Template Initiative: Introducing the Loan Contract Template Project! Calling all stakeholders who have actively participated in the DOH Loan Contract Process! We are thrilled to unveil an initiative dedicated to revolutionizing the landscape of DOH Loan Contract Templates. If you are enthusiastic about molding the future of DOH Loan Contracts, we extend an invitation to join us and contribute your invaluable insights.
- This endeavor specifically targets loans, and not grants, through our Office of Housing Finance and Sustainability. The result of this effort will impact streamlining across DOH offices and programs.
- Feedback sessions with stakeholders will be scheduled within the next 60 days and will be followed by the pilot phase of these templates, which is slated for launch this upcoming fall.
- While participation does not guarantee selection in the formal feedback sessions and project meetings, we enthusiastically encourage all interested parties to engage.
- Your proficiency and input will shape the trajectory of contracts for years to come.
- To express your interest in providing feedback, please fill out this Stakeholder Feedback form by September 6.
Together, let's pave the path towards a contract ecosystem that is both more efficient and effective!
