LIVE Denver – Collaboration and partnership among City, business, foundations and organizations to address the affordable housing challenge in Denver
The LIVE Denver pilot program is a public private partnership involving the City, Denver Housing Authority, private employers, foundations, the Apartment Association of Metro Denver, apartment building owners and operators and the Downtown Denver Partnership.
How did we get here? What is the problem? Why is this the solution?
For 2 Years, Office of Economic Development (OED)’s JUMP Start Plan called for a partnership for expanding affordable housing with the Area Metro Denver Apartment Association. Denver’s business community and the Apartment Association of Metro Denver presented a proposal to the City. In 2017, the Office of HOPE (Housing & Opportunities for People Everywhere) built on this OED initiative by looking to open up more of the private rental market to Housing Choice Voucher holders in partnership with the Denver Housing Authority. Through a collaborative process of partners and stakeholders, the LIVE Denver program was established.
Current Rental Housing Landscape
Denver’s population grows an average rate of 1,000 people per month –since 2007 the population grew by 108,000 people
- Over 5,600 rental housing units came online in 2016 and over 2,000 more will come online by the end of 2017 –over 80% of these units are for high income families and individuals
- The highest rates of rental housing vacancy are in the Tier 2 premium units (Union Station, LoDo, Ball Park, etc.)
- Need – at a minimum, 21,000 affordable rental housing units for low-to-moderate income families and individuals
- Impact – our workforce in industries ranging from the customer service and hospitality industry, nurses, teachers and first-year tech employees are paying too much for housing – leads to difficulty in obtaining employees and high rates of employee turnover
LIVE Denver is one programmatic tool in Housing and Inclusive Denver, the City’s five-year housing plan. The Program creates immediate affordable housing options by connecting vacant market rate units with our workforce, bridging the gap in contract rent payment ability through funds provided by The City and County of Denver (“City”), foundations and employers.
- Working Families/Individuals from – Sourcing Partners & General Public – will signup on the LIVE Denver website (administered by DHA)
- LIVE Denver will issue a Conditional Award Letter (subject to unit application)
- LIVE Denver will grant family access to database of available units
Rental Unit Registration
- Property Owners and LIVE Denver will set Reasonable Market Rents
- Participating families will complete a property owner’s standard application
- Property owners will set their own lease plus a simple addendum recognizing the residents’ participation in LIVE Denver.
- LIVE Denver will invoice the partner fund
- LIVE Denver will issue Rent Buy-Down payments to Property Owners
- Property owners will receive bi-annual payments or monthly payments for leased apartments
- 2017 Affordable Housing Fund
- Up to $1 Million in Pilot Years
- Exploring scaled back multi-year commitment
- Multiple Funders
- Immediate outcomes for investments
- Funds provide both housing and builds wealth for residents through savings plan
- Mid-To-Large Size
- Reduce turnover by stabilizing housing
- Similar to ECO-Pass for transit