Number of Affordable Housing Units Resourced
- Analysis of Performance
- Metric Definition
- Why Is This Important?
- City Organization Impact on Performance
- Benchmark Information
Analysis of Performance
Home BuyerÃ†s Assistance is provided throughout the year. Three homeowners were assisted this quarter. While the target is 16 in a year, the timing of the applications is driven by when people find a home and is not a steady pace. Home sales prices increased this quarter making it difficult for low income buyers requiring assistance to compete with cash investors who can pay over asking price or appraised value.
Note: There are only two cycles for the competitive process that funds acquiring, preserving or developing housing units. We have been reporting units as soon as they are funded.
The total number of housing units receiving affordable housing funding through the City's Affordable Housing Program
Why Is This Important?
The lack of affordable housing is a significant hardship for low-income households, preventing them from meeting their other basic needs, such as nutrition and healthcare, or saving for their future and that of their families. Investing in affordable housing helps preserve family stability, increases neighborhood diversity and quality.
City Organization Impact on Performance
High - The City's Competitive Process provides funding for projects in the four priority Strategic Plan goals: 1) Increase the inventory of affordable rental units; 2) Preserve existing affordable housing units; 3) Increase housing and facilities for people with special needs; and 4) Provide financial assistance for first-time homebuyers. Without City funding, many of these types of project could not be completed by the private sector and non-profit agencies.
This metric contains no benchmark data because the processes and priorities that define the operation of the CityÃ†s Affordable Housing Program are highly specific to Fort Collins. Other citiesÃ† programs are so significantly different that there would be little validity in any comparisons.