The Colorado Springs Urban Renewal Authority recognizes the need for available and affordable workforce housing on or near its projects. Any residential development of at least ten units within an urban renewal zone will be required to include at least 10% of the units as affordable housing, unless otherwise negotiated with the approval of the Colorado Springs Urban Renewal Authority. Affordable housing is defined as housing that is affordable to households at 80% or below of area median income.This minimum requirement applies to both rental and ownership units. The developer is responsible for formulating plans to achieve this minimum standard in cooperation/consultation with the URA.
The URA encourages any partnerships with public/private entities that will result in exceeding both the 10% minimum number of affordable units and the 80% level of affordability.
Recommendation: The above approved policies shall be included in all future urban renewal plans and all development agreements including those currently in progress.