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Prop 123
The objective of Proposition 123 is to increase the baseline of affordable housing by 3% annually by December 31, 2026 (9% total increase). Proposition 123 was enacted by Colorado voters in 2022 to establish a statewide affordable housing fund. Several hundred million dollars for affordable housing are available starting 2023 which will be overseen by the Department of Local Affairs (DOLA) and the office of Economic Development and International Trade (OEDIT). Funds may only be granted to non-profits, community land trusts, private entities and local governments.
Greeley has adopted into Prop 123 funding and will direct awarded funds towards:
- Affordable housing development,
- Programs serving persons experiencing homelessness,
- Planning capacity needs
Please reach out to housinginfo@greeleygov.com for available opportunities.
HUD Funding
The City of Greeley is an entitlement community that receives an allocation of Federal Community Development Block Grant (CDBG) and HOME Investment Partnership Funds on an annual basis from the U.S. Department of Housing and Urban Development (HUD). Outlined below is a summary of these programs and how funds are utilized to create impact within our community.
Community Development Block Grant Funds (CDBG)
CDBG funds are federal grants provided by HUD to support local community development activities aimed at addressing the needs of low– and moderate-income individuals and families. The CDBG program was established under Title I of the Housing and Community Development Act of 1974 and is one of the largest sources of federal assistance for state and local governments in promoting community development and affordable housing.
HOME Investment Partnership Funds
HOME is a federal grant program administered by the U.S. Department of Housing and Urban Development (HUD). Established in 1990, the HOME program is designed to provide funds to state and local governments to create affordable housing opportunities for low-income households. The program aims to expand the supply of decent, safe and affordable housing, particularly for individuals and families with low incomes.
HOME funds can be used for a variety of affordable housing activities, including:
- Construction, rehabilitation or acquisition of affordable rental housing
- Tenant-based rental assistance (TBRA) to help eligible households with rental costs
- Homeownership assistance such as down payment and closing costs assistance
- Housing-related services including credit counseling and homeownership training
Private Activity Bonds
Greeley has been allocated a total of $6,932,476 for FY 2024.
With the completion of the Housing Needs Assessment [Link?], we have specific, measurable goals over the next two years to meet the growing demand of market rate and affordable housing units. By outlining a clear plan for how to best leverage our allocation, we can ensure the city will be primed to stay on track to meet our rapid growth/demand of units. Private Activity Bonds can specifically be used to help finance new construction, rehabilitation and acquisition projects.
Projects will also encourage partnerships between public and private entities to leverage resources and expertise for affordable housing initiatives. Private Activity Bonds are typically tied to 4% low-income tax credit projects, administered by the Colorado Housing Finance Authority (CHFA). If you are looking to develop affordable housing units within the city of Greeley, Private Activity Bonds may be a useful tool to ensure our project cash-flows. Contact housinginfo@greeleygov.com for additional information.
Tax Abatement