Colorado is ranked among the worst in the country for housing affordability for first-time homebuyers. Our state came in 43rd out of 50, based on home prices relative to income, job prospects for young adults, market tightness, credit availability and homeownership rates among adults under 35.
– Information from Bankrate, 2017
In 2017, Westminster established a task force to address specific affordable housing needs identified for our community. Below are some findings from the Affordable Housing Needs Assessment:
The task force has taken the findings of the final report and has created a housing strategy and plan. The group is focused on removing barriers to the development of new units, as well as preserving existing units.Affordable and Workforce Housing Strategic Plan
As work progresses on the plan, the city is still actively working with developers to bring units online, and has been assisting largely through tax and fee rebates, as well as HOME funds. Alto, a mixed-use development that includes 70 units of affordable apartments, broke ground in summer 2016. Alto is the first of several buildings planned by Adams County Housing Authority in the area around Westminster Station. Gorman & Company is the developer for Alto, which is located on a 6.5-acre parcel at the northwest corner of 71st Avenue and Federal Boulevard.
Affordable housing impacts the overall prosperity of our entire community. It can provide a substantial economic development benefit by:
In short, affordable housing affects all of us in Westminster, and without a sufficient supply, an entire region can be at a competitive disadvantage.