[bouldercouncilhotline] Hotline: Follow-up information from the CC budget session - Affordable Housing- Sam Weaver

[cmosupport at bouldercolorado.gov]

Sender: Firnhaber, Kurt

Dear Sam,

Last night at the council session, discussing the budget, you requested clarification and further information on the actual housing expenses in 2015 and the correlation to that budgeted in 2017.

The Housing budget consist of "ring fenced" income from various sources, including CDBG, CHAP, payment of cash-in-lieu and fees.  The largest and most variable amount comes from cash-in-lieu.  This alone can vary from 2 million to over 12 million per year.  For budgeting purposes we took a somewhat conservative view of the income as result of uncertainty asto which developments would be approved in 2017 and uncertainty as to which developments would elect to create on-site units (or off-site units) as opposed to cash-in lieu.

For 2015, we collected over 4.7 million, but also had residual from previous years.  As a result, we were able to support affordable housing initiatives, primarily focused on preservation as well as new affordable housing development of nearly 12 million.  I have listed some of the key funded projects for 2015.

Project Name

2015 Expense

2012 AHF Depot Square

563,052.74

2014 BCHA Home Ownership Counseling

14,861.58

2015 AHF BCHA Housing/Community Education

60,000.00

2015 AHF BHP Orchard Grove

3,000,000.00

2015 AHF Element Thunderbird - Osage

8,250,000.00

2015 AHF - 2016 Solutions Grant

71,279.40

2013 AHF Thistle Pinewood

9,158.00

2011 AHF - Foothills United Way

4,000.00

2012 AHF - Foothills United Way

9,000.00

TOTAL

11,981,351.72


The total 2015 revenue the AHF collected was $4,707,822.35.

The reason we were able to spend more than we collected in 2015 was because we appropriated (through the ATB process) cash-in-lieu revenue (and $780k from linkage fees) that we collected in previous years. There was a fund balance of $15 million at the beginning of 2015.

For the year 2017, we will be monitoring the various income streams that support affordable housing and will be maximizing the impact of these resources as they are available to support targeted affordable housing initiatives.

Thank you for your insightful question.

Kurt


[https://work.bouldercolorado.gov/links/fetch/900]

Kurt Firnhaber
Deputy Director of Housing
Department of Planning, Housing & Sustainability
Office: 303-441-4424
Cell:    303-917-0914
The Atrium Building, 1300 Canyon
Boulder, CO 80302
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