The (High) Cost of Home

The high cost of home has been a fact of life in Eagle County for years—and it’s just as much of a problem around the United States. Advocating for policies that will increase access to and supply of affordable homes in our community is one important strategy to create change. Habitat for Humanity (HFH) is committed to these efforts through our five-year Cost of Home Campaign that is focused on finding collaborative solutions and promoting policies improve access to affordable homes for 10 million individuals nationwide.  

Housing affordability has been identified as one of the biggest issues facing our state. According to Shift Research Labs, one in seven Colorado households spend more than half their income on housing. No matter the region––rural, resort, urban and suburban––between 2012 and 2019, Colorado fell from being one of the most affordable states to one of the least affordable states in the country based on median income to median pricing, according to Colorado Association of Realtors.While Covid further increased housing instability it has also increased creative thought and collaborative solutions to aid Coloradans struggling to find an affordable place to call home. 

Habitat for Humanity builds in 45 communities across the state. Together under the banner of Habitat for Humanity Colorado (HFHC) we advocate for policies that will increase supply and preservation of affordable homes, increase access to equitable credit and advance racial equity. Across the state and here in Eagle County, we are focused on advocating for a continuum of housing solutions that promote social and economic mobility. 

The 2021 Colorado Legislative Session kicked off in January, and so far, it has been a busy one for housing advocates. Together with State Legislators and housing stakeholders, HFHC has introduced a group of bills aimed at improving the states long-term homeownership opportunities and economic growth. The bills address a myriad of different barriers to homeownership including credit building and financial literacy, incentivizing local governments to utilize best practices to grow housing stock, and improved state reporting to track how housing funds are spent.      

   Highlights of the recently introduced bills include:   

HB21-1271 Establishment of Programs offering state assistance to local governments to promote the development of innovative affordable housing strategies in a manner that is compatible with best local land use practices,” sponsored by Rep. McCluskie, Rep. Jodeh and Sen. Gonzales. The bill was introduced as part of the six bill 2021 Colorado Stimulus Plan with a goal to speed recovery from the Corona virus pandemic and rebuild a more just and resilient Colorado. Interestingly, three of the six bills included in this package address housing affordability and homelessness – further highlighting the ripple effect of stable housing on families, communities and local economies. This bill will incentivize affordable housing development by encouraging local governments to integrate land use and zoning best practices to increase housing supply. It acknowledges the important role land use and zoning play in every Colorado community to spur or stunt affordable housing development.  

Currently Eagle County is working to update its land use and zoning regulations as well as the Eagle County Comprehensive planthis is an opportunity for you to be part of the conversation to increase affordable housing development locally—a dire need. 

HB21- 1271 – Department Of Local Affairs Innovative Affordable Housing Strategies Passed out of Senate Local Government. It is onto Appropriations.

HB21-1134 Report Tenant Rent Payment Information To Credit Agencies,” sponsored by Rep. Ricks, Rep. Bradfield and Sen. Bridges, establishes a statewide pilot program that will enable the reporting of positive rental payments to consumer credit bureaus. The bill will make the process of purchasing a home more equitable by enabling underserved communities to establish positive credit.Established positive credit allows prospective home buyersaccess to home loans; positive credit opens access to lower interest ratesand lessvariableloans.Lower rates allow people to afford more home––which is important here in Eagle County where housing at an affordable price point is in short supply. If approved, HB1134 will increase minority homeownership and close the racial wealth gapby helping familiesbuild,and better understand the importance of positive credit.     

HB21- 1134 – Report Tenant Rent Payment Information to Credit Agencies. Passed out of House Appropriations 9-1! We think it will be read again on the House Floor soon.

HB21-1028 Annual Public Report Affordable Housing, sponsored by Rep. Bird, Rep. Rich, Sen. Story and Sen. Woodward requires the Division of Housing (DOH) to provide an annual report on how their funds are spent; the total amount of money received from federal, state or other public or private sources, as well as the total amount expended for the provision of affordable housing. This bill is critical to our goal to create a continuum of housing solutions – it will offer insight into funding allocations between ownership and rental projects as well as how funding is allocated across the state.   HB21- 1028 – Annual Reporting Bill for Dept. of Housing. Passed out of Senate Local Government Committee unanimously! It is onto Appropriations. 

During this 2021 Legislative session, I am excited to see so many important discussions around housing affordability and stability happening at the State Capitol. I am grateful for the leadership of our legislators as they look for creative solutions to alleviate the high cost of home that is negatively impact so many Coloradoans. We are excited to be part of the solution to make homeownership a reality for thousands of families in Colorado.