March 2007 - Interest Notes
In this issue:The value of sustainable, affordable housing: highlights from the 2007 Housing Conference
By Charlotte O’DonnellCommunity Resource Director, CMLA
The Franklin L. Burns School of Real Estate and Construction Management Research Center and The Colorado District Council of the Urban Land Institute hosted the 4th annual Affordable Housing Conference February 16 at the Belmar Center in Lakewood.
Featured speakers included Mayor Hickenlooper; Kathi Williams, Director, Colorado Division of Housing; Mike Rinner, Genesis Group; James Fitzpatrick, Executive Vice President, Corum Real Estate Group; Gene Myers, CEO, New Town Builders, and several others. Each presentation focused on the value, development and funding of sustainable and successful affordable housing projects.
Mike Renner, VP of The Genesis Group in Englewood shared some findings about the current “for purchase” housing market. The average market-priced home sits on the market for approximately 6.675 months before being sold. Three or four years ago a home sat on the market approximately 1.3 – 2 months.
Susan Kirkpatrick, Executive Director of the Colorado Department of Local Affairs, encouraged the State’s housing groups to commit to creating innovative planning - not just for urban areas, but also for surrounding “mini” metropolitan areas such as Ft. Collins and Grand Junction.
Kathi Williams, Director of the Colorado Division of Housing, showed a table comparing Colorado renter’s average median income vs. HUD’s AMI. Ms. Williams noted that the disparity between the two categories is 50% and that renters struggle to find affordable rental units (per HUD’s table). They also were finding it very difficult to purchase affordable housing and meet the 30% LTI ratio. Teachers with an average starting salary could afford an average sales price of $155,000; police officers would qualify for a home around the $206,000 mark.
Each presenter consistently noted that education, transportation and economic development equally benefited from quality sustainable housing. These points of discussion as well as other impressive information was presented to an audience of over 200 private builders, nonprofit agencies, government entities, and both real estate and lending professionals.
If you are interested in attaining any of the presentations, please contact Charlotte O’Donnell, Community Resource Director by phone at 303-773-9565 x4 or by email at help@cmla.com.
