Larimer County, CO Affordable Housing

Larimer County, CO, US

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Type: Resolution

Status: Adopted on 8/31/99

Source File: http://www.co.larimer.co.us/policies/affordable_housing.htm

Text:

Adopting An Affordable Housing Policy
To establish a uniform procedure addressing affordable housing needs in Larimer County.

WHEREAS, Larimer County, Colorado, recognizes there is an insufficient supply of housing attainable, affordable and sustainable to low and moderate income, senior and special needs households in our communities:

WHEREAS, Larimer County endeavors to participate in the accessibility, provision and retention of housing attainable, affordable and sustainable to all residents in our communities:

WHEREAS, Larimer County endeavors to encourage all sectors, public and private, in our communities to participate in the development and retention of said housing;

WHEREAS, Larimer County recognizes that it must clearly define the terms 'affordable housing' and 'affordable housing project' to provide clarity and uniformity when considering issues relative to affordable housing and housing affordability;

WHEREAS, Larimer County affirms its commitment to addressing the housing needs of all residents in our communities:

POLICY:

I. INTRODUCTION: Larimer County recognizes the need for development of a full range of housing that will be available to all members of our communities. Development of affordable housing is seen as a regional issue and the County will partner with other government entities to address the problem. Larimer County government shall, as outlined and explained in the document 'Report to the Board of County Commissioners 20 August 1999,' encourage the development of affordable housing through support and incentives to other public, nonprofit and private sector developers, rather than developing, owning and operating housing units.

II. DEFINITIONS:

A. AFFORDABLE HOUSING: Larimer County defines 'affordable housing' in a manner consistent with the U.S. Department of Housing and Urban Development (HUD):

1. Sales or rental costs serves persons with incomes less than or equal to 80% of the Area Median Income (AMI), as determined annually by the US Department of Commerce and adjusted by HUD. Housing is affordable if at this income level, residents spend no more than 30% of gross annual income on rent and utilities or monthly housing payments, interest, taxes, and insurance (PITI).

B. AFFORDABLE HOUSING DEVELOPMENT OR PROJECTS: Larimer County defines 'affordable housing development or projects' in the same manner:

1. Single family or multi-family units that are developed for the purpose of sale or rental or existing units that are purchased for the purpose of retaining affordability will serve persons with incomes less than or equal to 80% of the Area Median Income (AMI), as determined annually by the US Department of Commerce and adjusted by HUD. Projects will be considered affordable if at this income level, residents spend no more than 30% of gross annual income on rent and utilities or monthly housing payments, interest, taxes, and insurance (PITI).

III. INCENTIVES: Larimer County will, within its resources, make incentives available for the development of affordable housing to qualifying projects. These incentives will include but not be limited to those outlined in the document 'Report to the Board of County Commissioners on Affordable Housing Policy, 20 August 1999.'

IV. COOPERATION: Larimer County will participate in local efforts to address the full continuum of affordable housing and housing affordability from homelessness to homeownership by engaging in activities such as those recommended in the report 20 August 1999, referenced above.