HomeCOS, Housing our Future
The City’s plan for affordable and attainable housing is laid out in HomeCOS, Housing Our Future. The plan was adopted in 2020, and serves as a blueprint for reaching Mayor John’s Suthers’ challenge to increase our city’s affordable housing inventory by 1,000 units each year. In 2022 the Mayor increased this ambitious goal to 1,500 units each year.
The City invests HUD grant funds and allocates private activity bonds for affordable housing through the following programs:
Community led efforts
The Community Development Division also supports the work of community-led efforts such as the Affordable Housing Collaborative.
Types of Housing
The Community Development Division manages the City’s strategic investments to increase the supply and preserve existing inventory of affordable housing.
What is Affordable Housing?
Affordable Housing generally has these characteristics:
- The cost of developing and managing the housing is usually subsidized so that tenants or homeowners pay no more than 30% of their income.
- Subsidized apartments and homes are typically reserved for a mix of residents whose incomes are at or below 30%, 50% or 80% of area median income (AMI).
- The housing is subject to affordability restrictions in the form of long-term rent limits or, in the case of affordable homeownership, re-sale to a subsequent low- to moderate-income household.
What is Attainable Housing?
In contrast, Attainable Housing may be priced to meet the needs of lower-income households in the region but is not typically subject to long-term rent restrictions or re-sale provisions.