Loveland opts in to state affordable-housing program
LOVELAND – Loveland will opt in to a state fund that reserves 0.1% of annual sales-tax revenue for investment in affordable housing, following a unanimous vote Tuesday night by the City Council.
According to the Loveland Reporter-Herald, the funding comes from Proposition 123, which Colorado voters approved last November and which includes grants and low-cost loans to developers, municipalities, builders or nonprofits. Staffers in the city manager’s office told the council that the state funding could help Loveland address gaps in its housing inventory, especially in its supply of units available for purchase to those earning 60% to 80% of area median income.
To become eligible, however, local governments have to fast-track approval of such developments and commit to increasing their supply of local affordable units by 9% over three years; for Loveland, that means 246 new units by December 2026.
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LOVELAND – Loveland will opt in to a state fund that reserves 0.1% of annual sales-tax revenue for investment in affordable housing, following a unanimous vote Tuesday night by the City Council.
According to the Loveland Reporter-Herald, the funding comes from Proposition 123, which Colorado voters approved last November and which includes grants and low-cost loans to developers, municipalities, builders or nonprofits. Staffers in the city manager’s office told the council that the state funding could help Loveland address gaps in its housing inventory, especially in its supply of units available for purchase to those earning 60% to 80% of area…
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