• 2024 Update

    3-Year Workforce Housing Investment strategy

WORKFORCE HOUSING INVESTMENT STRATEGY 2024 UPDATES

Originally published in 2022, the La Plata County 3-Year Workforce Housing Investment Strategy was updated in 2024 to reflect changes in the funding environment. It continues to prioritize essential steps to maximize affordable housing creation for the local workforce across La Plata County.

Overview Handout

Key Objectives of the Strategy

The 2024 Workforce Housing Investment Strategy for La Plata County is designed to enhance access to below-market housing and stabilize housing for local workers. Through targeted actions, partnerships, and state-level resources like Proposition 123, the strategy focuses on:

  • Expanding Below-Market Housing Options: Creating housing priced affordably for the local workforce.
  • Strategic Funding Alignment: Leveraging local, state, and federal resources for maximum impact.
  • Collaborative Development: Engaging local governments and private partners in coordinated efforts.

Since 2022, La Plata County has made strides in meeting affordable housing goals. Notably:

  • Housing Catalyst Fund: The La Plata Economic Development Alliance launched the Housing Catalyst Fund to support predevelopment efforts for housing projects, preparing them for competitive state and federal funding rounds.
  • Proposition 123: With local governments opting in, La Plata County can now access the Affordable Housing Fund created by Colorado’s Proposition 123, committing to increase affordable housing stock by 9% over three years.

These efforts have positioned La Plata County to better meet workforce housing needs despite rising costs in the housing market.

Proposition 123 Funding Breakdown

Under Proposition 123, La Plata County gains access to two main funding branches, each supporting specific affordable housing needs:

  1. Affordable Housing Financing Fund (CHFA – 60% of Prop 123 funding): Grants for land banking, equity investments for rental housing, and loans for affordable rentals.
  2. Affordable Housing Support Fund (DOH – 40% of Prop 123 funding): Programs for homeownership, supporting persons experiencing homelessness, and local planning capacity development.

These funding streams will be instrumental in supporting new housing projects across the county.

Overarching Recommendations

La Plata County’s workforce housing strategy emphasizes collaboration and targeted investment. Key recommendations include:

  • Increasing Housing Density and Affordability: Utilizing higher-density and creative housing solutions to maximize workforce housing options.
  • Subsidy and Financial Support: For-sale housing will likely require $200,000 per unit, with rental housing needing $75,000 per unit to meet affordability goals.
  • Mobile Home Park Redevelopment: Early-stage redevelopment projects, projected to require $20 million over the next decade, are vital for preserving affordable housing options.

Together, these actions will help to create and sustain a housing market that supports local workers and community stability.

Affordable Housing Financing Fund
CHFA – 60% of Prop 123 funding		Affordable Housing Support Fund
DOH – 40% of Prop 123 funding
Land Banking Program:
Grants and forgivable loans to acquire and preserve land for affordable housing development		Affordable Homeownership Program:
Down payment assistance and grants and loans for homeownership
Equity Program:
Equity investment to support the creation or preservation of low and middle-income multifamily rental development		Serving Persons Experiencing Homelessness:
Funding for people experiencing or at risk of homelessness
Concessionary Debt Program:
Loans to support the creation and preservation of affordable rental housing		Local Planning Capacity Development Program:
Grants to local governments to increase capacity of local government planning departments

2024 Affordable Housing Project Totals

Total New Units/Mortgages
(Goal of 715 for all jurisdictions)		603
Total Units Preserved
(Goal of 120 for all jurisdictions)		192

Next Steps

La Plata County is taking bold steps to expand affordable housing through proactive investment, partnerships, and community collaboration. For a detailed view of our goals, strategies, and project updates, read the full report here.

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