Affordable Housing Inventory
Desired Result: Above Target
Analysis of Performance
- The City’s inventory increased by 3 income restricted for-sale homes.
- Labor issues, supply chain issues, and materials pricing continue to be challenges and are adding time to project completions.
- Increased interest rates are adding additional barriers.
- At year’s end, 55 apartment homes and 3 for sale homes were added to the restricted inventory for a total of 58 units for 2022. This year’s production did not come close to achieving the City’s goals.
The City passed a Land Development Code to update the existing Land Use Code and support more housing development. However, in response to a successful resident petition effort, City Council repealed the LDC. After more engagement, this will return for further Council consideration.
Affordable housing units house the City's lowest wage earners and are important to the sustainability of our community. Through policy and funding, the City would like to at least maintain and preferably increase the number of units available to consumers requiring this type of housing. Low income housing in Fort Collins is for people who earn 80% or less Area Median Income.
Why Is This Important?
We project population growth at all income levels as we look to the foreseeable future. In order to allow consumers of affordable housing to live and work in the City, additional affordable housing units must be added to our current inventory to keep pace with this anticipated growth.
City Organization Impact on Performance
Low – The City does not build affordable housing units. Through policy and grants provided by the Competitive Process, the City often invests in new housing units or preservation of units for lower-income residents. The City responds to development proposals. These metric reports on completed units that will immediately affect existing inventory numbers.
As of the end of 2014, Fort Collins has 3075 total units which include units categorized as affordable rental units, ownership units, transitory units and assisted living properties. This will be the benchmark to measure growth from.