To: Board of County Commissioners
Through: Bryan Weimer, Director, Public Works and Development
Prepared By:
prepared
Jason Reynolds, Current Planning Program Manager, Public Works and Development
end
presenter
Presenter: Jason Reynolds, Current Planning Program Manager, Public Works and Development; Linda Haley, Housing Resources Division Manager, Community Resources
end
Subject:
title
2:00 PM *Affordable Housing in Arapahoe County
end
Purpose and Request:
recommended action
Staff will present an overview of both challenges and programs related to affordable housing in Arapahoe County. While no specific direction is sought at this time, this could serve as the basis for future discussions and action.
end
Background and Discussion: Affordable housing has long been an issue in Colorado’s resort communities. Over the past decade, Front Range housing prices and rent increases have significantly outpaced wage increases. Currently, Arapahoe County’s median wage is $73, 925. That median income cannot easily afford the median home value of $327,800. The same is true for Denver Metro Area as a whole - the median home price in the region is $419,600.
Fiscal Impact: While there is not a direct fiscal impact on Arapahoe County, per the Colorado Housing Affordability Project, unaffordable housing can create a drag on the economy, slowing employment growth by 1-2% per year.
Alternatives: The purpose of this study session is to provide background on some of the housing affordability issues in Arapahoe County, some programs we have to address the problem, and some potential tools that could help increase the supply of affordable housing. Staff is not seeking specific direction; however, if some tools are of interest, staff can schedule a future study session to discuss specific action.
Alignment with Strategic Plan:
☒Be fiscally sustainable
☐Provide essential and mandated service
☒Be community focused
Staff Recommendation: Staff is not recommending any specific action at this time.
Concurrence: Staff from Human Services and Public Works and Development collaborated on this presentation.