The Lower Income Voucher Equity Program (LIVE Denver) is a 2-year pilot program built through public-private partnership. It creates immediate affordable housing options by connecting vacant market rate units with workforce families and individuals. LIVE bridges the gap in contract rent and participant ability to pay through funds provided by The City, foundations and employers. LIVE Denver is one programmatic tool to address affordable housing needs as part of the City’s 5 Year Housing Strategy.
Renter Payment: Participants in LIVE will contribute 35% of their income towards their rent payment.
Rent Buy-Down: The rent buy-down will pay the balance of rent and is funded by the City of Denver, Private Employers, and Foundations.
Participant Qualification: To qualify as a LIVE Denver participant:
- One person in the household must be working full time; and
- Household income levels must be within the targeted 40 to 80% AMI (Area Media Income).
Primary goals of program:
- Expand immediate housing affordability for working families.
- Access vacant rental units to provide quality housing for workforce families and individuals.
The cost of housing in Denver has increased 9% this year alone and over 30% over the past five years. On average, an employer can afford to increase employee wages 2-3% annually. There is a disconnect when housing costs across the city are increasing at a more rapid pace than an employer’s ability to increase wages. The City cannot dictate wages to employers, but we can work with others to create opportunities for employers to directly invest in providing housing affordability for its employees.
WHAT IS A REASONABLE MARKET RATE AND HOW IS IT EVALUATED?
- Reasonable Market Rate (“RMR”) is simple, clear, and publicly defensible
- Calculated by a comparing each unit offered to three comparable units
- Determined by a third party
HOW IS THE RENT PAID?
- Property Owners or Managers have the option of receiving traditional monthly payments or up to six (6) months of upfront payments as agreed to with DHA.