Did you know that, in 2019, 162,557 households in Colorado were considered extremely low-income? However, there were only 49,447 rental units available. To break that down further, there are only 30 rentals available for every 100 extremely low-income households in Colorado.
Proposition 123 works to create affordable housing for those in need. But what exactly is Prop 123 and how does it impact multi-family new construction?
This article walks you through the ins and outs of this housing program. You’ll also learn about the best blinds in Denver than can furnish these new units, so be sure to keep reading.
What Is Proposition 123?
Proposition 123 aims to provide grants to local governments. It also provides loans to nonprofit organizations. These grants and loans will allow for the acquisition and maintenance of land so affordable housing can be developed.
An affordable housing equity program provides equitable investments in multi-family rentals. It ensures rent is never more than 30% of the household’s total income.
Prop 123 also works to create a concessionary debt program. This program offers debt financing to rental developments for low and middle-income multi-family rentals. It also offered debt financing to existing affordable housing projects.
The goal of Proposition 123 is to create affordable homeownership programs with assistance or down payments. This is for homebuyers who meet certain income-based requirements.
It also provides local governments with grant programs. They can increase the capacity to process the use of land, acquire permits, and apply for zoning applications for new housing projects.
Prop 123 also provides a program that assists with rental assistance and housing vouchers. It also helps with case management for anyone experiencing homelessness.
The percentage of state income tax revenue dedicated to these essential housing programs is 0.1%. Colorado Proposition 123 passed by 52.61% and was opposed by 47.39%.
Work for Contractors
Proposition 123 looks to reserve $300 million annually for new construction. It can provide jobs throughout the construction industry. It does this while creating affordable housing for those in need.
Seeing as Colorado’s construction industry has had labor issues dating back to the Great Recession, Prop 123 has the potential to fuel more work for laborers. From 2007 to 2011, Colorado State got rid of an estimated 59,000 construction jobs. The results were long-lasting, as many workers retired or simply left the industry.
Prop 123 has the potential to rebuild this industry and provide steady work while offering affordable housing to low-income families.
Work for Contractors
Proposition 123 looks to reserve $300 million annually for new construction. It can provide jobs throughout the construction industry. It does this while creating affordable housing for those in need.
Seeing as Colorado’s construction industry has had labor issues dating back to the Great Recession, Prop 123 has the potential to fuel more work for laborers. From 2007 to 2011, Colorado State got rid of an estimated 59,000 construction jobs. The results were long-lasting, as many workers retired or simply left the industry.
Prop 123 has the potential to rebuild this industry and provide steady work while offering affordable housing to low-income families.
Affordable Furnishings
Since some of the occupants of these low-income multi-family rental units may have experienced homelessness, they’ll need assistance with affordable furnishings. Occupants can shop at second hands stores such as Goodwill, where countless donations are made.
They can even find blinds in Denver, specifically energy-efficient blinds designed to reduce electric bills, by contacting window covering dealers such as Biggie Blinds.
ARC Thrift Stores and the Assistance League of Denver Thrift Shop can also help low-income families furnish their new homes from top to bottom, all while saving money.
Blinds in Denver
Now that you understand the importance of Proposition 123 and the need for affordable housing in Colorado, you can help those in need by donating to local thrift stores and other nonprofits that help low-income families.
If you know someone in need of blinds or other window coverings in Denver, or if you’’re looking to redo your interior space, Biggie Blinds has you covered. We have a large variety of blinds, shades, shutters, including motorized window coverings. So, be sure to contact us today. You can even apply now for blinds with 0% financing!