Denver Regional Council of Governments Honors Colorado Housing Preservation Network
DENVER, CO – The Colorado Housing Preservation Network received a 2018 Metro Vision Award from the Denver Regional Council of Governments (DRCOG). The award was presented at DRCOG’s annual awards celebration on April 25.
The Colorado Housing Preservation Network was formed to address the affordable housing crisis. With nearly 100,000 new residents each year, the state’s construction of affordable housing is far behind the demand. In addition, approximately 22,000 units of existing affordable housing funded through tax credits and other financial incentives to ensure affordability are in jeopardy over the next decade, as their initial contracts guaranteeing affordability expire.
In response to the crisis, stakeholders formed the Colorado Housing Preservation Network to preserve affordable rental housing. The network is a public-private partnership including Colorado Housing and Finance Authority, the Colorado Department of Local Affairs, the U.S. Department of Housing and Urban Development, as well as local governments and nonprofit entities.
The network’s top priority is development of a comprehensive database to identify, track and monitor properties most at risk of losing rental assistance or income and occupancy restrictions. The network developed standardized data and reporting protocols to allow all partners to proactively identify and protect existing affordable housing.
“We’ve all witnessed the crunch of affordable housing over the years as the Denver region continues to grow,” said Douglas Rex, executive director for DRCOG. “Colorado Housing Preservation Network is a wonderful example of how organizations are stepping in to protect the supply of and build more affordable housing.”
In just one year, the Colorado Housing Preservation Network preserved nearly 5,000 affordable rental housing units by supporting property improvements and extending rental assistance contracts. DRCOG’s Metro Vision Award program recognizes exemplary projects, plans and initiatives that significantly improve the quality of life in the Denver region and its communities. The regional council has been honoring outstanding achievements for more than 30 years.
CHFA strengthens Colorado by investing in affordable housing and community development. Created in 1973, CHFA invests in loans to low- and moderate-income homebuyers through our network of participating lenders, and makes loans to affordable multifamily rental housing developers and small and medium sized businesses. CHFA also provides education and technical assistance about affordable housing and economic development. CHFA is a self-sustaining public enterprise. CHFA issued debt is not the obligation of the state. For more information about CHFA please visit www.chfainfo.com, call its Denver office at 1.800.877.chfa (2432), or its Western Slope office at 1.800.877.8450.