Housing Information

April 4, 2022

As the state of Colorado has grown in population and become more dense, housing challenges have evolved in many different cities. Colorado has an overall housing crisis, in that it is lacking enough housing for folks, especially in some smaller Colorado towns. Smaller towns have to work much harder to attract Developers to build housing, because Developers build apartments/houses where a town's infrastructure can support those developments with adequate water, sewage, stormwater, sanitation, roads, repair of roads etc. and a decent working population in that area.

Parker Colorado is about 75% buildout, as far as housing is concerned and it is expected full build out by around 2050 or so. There are many housing projects for single family homes, townhomes, condos and apartments in progress, right now, providing for the housing needs of future residents in Parker.

https://www.cpr.org/2021/10/11/colorado-affordable-housing-crisis-explained/

https://www.douglas.co.us/community-services/housing-affordable-housing-properties/

Colorado's housing costs have risen dramatically as the state's population has increased and most notably since 2021. The of why this has occurred is rather complex and includes the repeal of the Gallagher Amendment in 2020, (which contribute to much higher property taxes), shifting real estate market, land costs, infrastructure costs, developer profit margins, labor supply, and regulations. Encouraging and promoting local solutions to the housing issues is the key to solving these issues in Colorado, overall.

Housing is a Regional Matter: In Douglas County, Colorado affordable housing is a Regional matter, and is supported by various County and Federal programs. The Town of Parker, (along with the City of Lone Tree, Town of Castle Rock, Town of Castle Pines and Douglas County, Colorado) have entered into a governmental agreement with the Douglas County Housing Authority, (a multijurisdictional housing authority) on April 2, 2003 by Intergovernmental Agreement. In addition, the Town of Parker, and Douglas County have opted to to receive funds by Proposition 123, (as voted in by residents in the November 2022 election), in late summer 2023.

https://www.douglas.co.us/community-services/services/housing/housing-affordable-housing/

https://www.douglas.co.us/community-services/housing-affordable-housing-properties/

Proposition 123 - Colorado voters approved this proposition as part of a statewide election in November 2022. This proposition directs State funding to programs that include "helping essential workers" such as teachers, firefighters, nurses, police officers, etc, buy homes. The measure sets aside a portion of annual income tax revenue in Colorado (up to 0.1%) each year, for affordable housing (including homeownership and addressing homelessness issues). To qualify for this funding, The Town of Parker has committed to increasing the # of housing units that are considered "affordable" in three year housing goals.

If the Town did not opt in, they would be leaving funds for other towns in Douglas County and not receiving any funding for housing options for any new construction. The state has estimated that Proposition 123 generated $135 million in additional funding to support affordable housing activities in 2023, which was the first year the initiative was in operation. Proposition 123 has generated greater than $9 million in additional funding to support affordable housing activities throughout Douglas County since the Town of Parker, Douglas County and other municipalities are members of the Douglas County Housing Partnership.

https://www.cpr.org/2022/11/14/colorado-votes-to-dedicate-300-million-annually-to-housing/

This Douglas County Housing Partnership provides the citizens of Douglas County with a variety of housing programs. Please see the website for information on all programs, including Rental Assistance, Home Ownership Program, Homebuyer education, Foreclosure Mitigation Counseling, Reverse Mortgage Counseling, Rental Real Estate and where the DCHP has affordable apartments, throughout the Douglas County community. Click on the website below for more information on all programs.

https://douglascountyhousingpartnership.org/properties

Types of Housing: There are three different categories of housing: "Attainable Housing(Market rate)," "Affordable Housing", and "Income aligned/Workforce Housing"

Attainable Housing/Market Rate: The industry definition of attainable, (market rate) or for-sale housing is unsubsidized, profitable housing developments that meet the needs of those with incomes between 80% and 120% of the Area Median Income. This is a family that can afford to live in the community with a mortgage payment and typically a two income household. Attainable housing can be afforded by people earning around the Area Median Income (AMI).

Affordable Housing: Affordable housing is subsidized to allow people earning much less than the average income in the county, to buy or rent a home. To qualify for this program, your median income must be at or below the 60% threshold. For example, in Douglas County, income level for one person is $54,780.00, for two people it is $62, 640.00 and for a family of four it is $78, 240.00 maximum income per year. The 60% area median income level for one person is about the threshold level for what they call affordable housing, although it can range from 40% to 80%.

Proof of qualification for program:

Also, to qualify for this program, you must be able to show proof of the following during your interview with an housing agent. W-2 and W-4, proof of bank statements (self employed), tax returns for 3 years, a criminal background check, a credit check. Failure to provide these documents would exclude you from the qualification from the affordable housing program. Each housing director is the person that qualifies you for the program thru other agencies.

Types of folks applying for these programs: As an example, a housecleaner with her own cleaning/dogsitting/errands business may fall into this category, where the majority of her clients are in a particular area and she needs to live in the county. Other examples include: pilots, teachers, pastors, nurses, medical residents, construction workers, mechanics, managers, etc.

https://douglascountyhousingpartnership.org/properties/

https://douglascountyhousingpartnership.org/additional-properties/

https://www.douglas.co.us/community-services/services/housing/housing-affordable-housing/

Good Neighbor Program - Law enforcement officers, teachers (pre-Kindergarten through 12th grade) firefighters and emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return, an eligible buyer must commit to live in the property for 36 months as his/her principal residence.

How the Program Works

Eligible Single Family homes located in revitalization areas are listed exclusively for sale through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for seven days.

How to Participate in Good Neighbor Next Door

Check the listings for your state. Follow the instructions to submit your interest in purchasing a specific home. If more than one person submits an offer on a single home a selection will be made by random lottery. You must meet the requirements for a law enforcement officer, teacher, firefighter or emergency medical technician and comply with HUD's regulations for the program.

HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this "silent second" provided that you fulfill the three-year occupancy requirement.

The number of properties available is limited and the list of available properties changes weekly.

To learn more, please visit our FHA Frequently Asked Question page.

https://www.hud.gov/program_offices/housing/sfh/reo/goodn/gnndabot

Colorado Housing and Finance Authority ("CHFA") - CHFA is a state agency that invests in affordable housing and community development in Colorado. Learn about its programs, services, news, events, and 50th anniversary celebration.

CHFA strengthens Colorado by investing in affordable housing and community development. They offer financial resources to strengthen homeownership, affordable rental housing, and businesses. Participating lenders and community partners help us deploy our resources statewide. Together with our partners, CHFA has invested more than $35.3 billion in Colorado's economy. CHFA is Colorado’s established and trusted partner for affordable homeownership. Since 1974, we have been helping Colorado lenders and real estate agents across the state reach more customers with our competitive home mortgage programs. Our fixed-rate loans, CHFA Down Payment Assistance (DPA) Grant and CHFA DPA Second Mortgages for down payment assistance and/or closing cost assistance, and homebuyer education give your borrowers the confidence to pursue homeownership.

https://www.chfainfo.com/

Income Aligned/Workforce Housing: As published by the Colorado Housing and Finance Authority for Douglas County, the 30% area median income level for one person is $26,070 and $29,790 for two people annually. As an example a new teacher in Douglas County living in an apartment, may fall into this category, and needs to live in the are she works due to transportation issues, etc. This could be an example of Income Aligned/workforce housing. It is important to understand that these individuals have jobs, have income but may not be able to afford to live where they actually work. Workforce housing is not deeply subsidized housing, for low-income tenants, nor is it market-rate. It’s the upper echelon of subsidized housing—which is housing built with the help from some sort of government incentive—for people making somewhere at or below 80% of the area median income, or AMI.

Copper Steppe Apartments is right outside of Parker and has programs that help individuals that qualify. (303) 840-2574

www.coppersteppesapts.com

Stone Canyon Apartments

www.stonecanyon.biz

(720) 851-1900

Rental Assistance - Housing Choice Voucher Program Information- (formerly section 8)

The Housing Choice Voucher Program is both affordable and workforce housing category. The program provides a voucher to a family in the same way that most housing authorities issue vouchers. They have waiting lists of families that need help with housing through government programs. It's really a Housing and Urban Development (HUD) program that allocates vouchers through the local housing authority and whatever market that project is in or where the tenant may want to live.

The tenant can go into any unit at all that accepts a voucher – this is the key. If you qualify based on economic status, you can get rental assistance through this program, see website below for how to apply. This is for very low income families, the elderly and disabled to afford decent, safe, and sanitary housing. Families with vouchers can generally pay 30-40% of their monthly adjusted gross income for rent and utilities, according to HUD and the program would cover the rest. This is a limited funding program as designated by HUD, that received federal funding each year. Only 1 in 4 households eligible for a housing voucher receive any federal rental assistance and must find their own housing within Douglas County's jurisdiction. To be eligible for this program, clients must be U.S. citizens or non citizen with eligible status, meet the income guidelines established by HUD and pass a criminal background check. Some housing choices that allow for these vouchers are listed below.

https://www.hud.gov/topics/housing_choice_voucher_program_section_8

https://www.hud.gov/topics/rental_assistance/phprog

Parker Hill Top Apartments-

https://www.parkerhilltopapartmetns.com

833-213-5528

South Range Crossings

https://www.southrangecrossings.com

833-593-1685

https://douglascountyhousing.com

https://hellosection8.com/all-low-income-apartment-for-rent-in-co_parker-1.html

https://www.stonecanyon.biz/

Senior housing in Castle Rock (not available in Parker) - this apartment complex in Castle Rock allows for Housing Choice Voucher Program vouchers. Its an over

https://www.apartments.com/reyn-rock-plaza-senior-housing-castle-rock-co/yvg88ps/

Emergency Services – HUD website

The U.S. Department of Housing and Urban Development’s (HUD) Find Shelter tool provides information about housing, shelter, health care, and clothing resources in communities across the country.

https://www.hud.gov/findshelter

Senior Citizen information - if you are over 65, see my blog on "Senior Citizens Resources" page for more information on how to save money with tax credits, etc.

https://www.douglas.co.us/community-services/services/housing/housing-affordable-housing/

https://www.seniorguidance.org/senior-housing/colorado/douglas-county.html

Find resources at Parker and Douglas County!

https://www.parkerco.gov/

https://www.letstalkparker.org/

https://www.douglas.co.us/