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
The target is based on the best known data of proposed housing projects in development. With the exception of Homebuyer's Assistance, housing units are resourced twice a year through recommendations by the CDBG Commission. Because of the large amount of subsidy required to build affordable housing, housing projects often come in for multiple rounds of funding. They are only reported as new units resourced at the time of initial funding. Generally, Homebuyer's Assistance is projected to keep on pace with 2012 levels, while new units resourced in 2013 will be significantly less than 2012. This is in part because 2012 was an exceptional year with over $1,000,000 being allocated to the preservation of existing housing, and the expectation that many units that were previously funded will receive additional subsidy. The Q3 Homebuyer's Assistance number includes down payment assistance for one first time buyer and 10 units of home ownership assistance approved in the delayed Spring Competitive process. The 66 new rental housing units resourced in this quarter were also approved in the delayed Spring Competitive process.
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 City's Affordable Housing Program are highly specific to Fort Collins. Other cities' programs are so significantly different that there would be little validity in any comparisons.