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defining the issue
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From 1990 to 2000, Colorado was consistently near the top in leading the nation’s economic growth. As a result, the state’s population expanded 31%, amounting to over one million new residents. Most of the growth occurred along the Front Range, from Fort Collins to Pueblo.
Although the healthy economy benefited the state overall, the average cost of housing increased faster than wages, creating an ever-widening gap between household income and housing costs. After paying rent, many people cannot afford clothing, food, transportation, and medical care. They’re forced to choose between these necessities.
The federal minimum wage doesn’t provide enough income for workers to afford an average two bedroom apartment anywhere in Colorado. A minimum wage worker would have to be on the job 129 hours per week to pay for such housing.
As the state allocating agency for the Low Income Housing Tax Credit (LIHTC) program, as well as a lender to developers of affordable multifamily housing, CHFA helps preserve, create, and rehabilitate affordable rental units. CHFA targets low income residents in areas of Colorado with the greatest need for affordable rental housing
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| Western Slope Office - 1.800.877.8450 |
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