Creating affordable housing through development
One of CCHO’s most crucial mission is promoting affordable urban and suburban housing through development and preservation of affordable housing units throughout the state of Colorado. We are in the process of acquiring pockets of land within urban areas and acquiring acres of land in and near suburban areas to develop affordable, modern, ecofriendly and energy efficient container homes. We also intend to acquire distressed property, rehab them, and return them to the market as affordable, modern, energy efficient, & ecofriendly homes.
Our overall strategy to accomplish our goals in this arena are as follows:
Purchase Distressed Property for rehabilitation
Purchase small pockets of land in urban settings
Acquisition large Parcels of land in suburban areas for development
Multi-Family Housing Development
Purchase Apartment complexes for condo conversions
Purchase office space for condo conversions
Purchase Hotel and Motel space for condo conversions
Purchase Rehab Projects:
CCHOI intends to purchase distressed properties which will primarily consist of bank owned or government owned properties. Due our non-profit status, we can purchase these homes at a discount and pass the savings onto our clients.
We will invest in these properties to convert them into high quality, sustainable, more modern, energy efficient and ecofriendly homes. Once completed the properties will be put back onto the market as affordable homes. Future owners of these properties will know that they are moving into a structurally sound, safe, sustainable home that will also help them save on short and long energy and maintenance costs.
Purchase Small Pockets of land in urban areas:
CCHOI intends to purchase small pockets of land within urban areas to create affordable housing within the inner city. We will develop from 4 to 50 units within these land pockets and utilize the space to its maximum potential, to create a safe, attractive, affordable, energy efficient and ecofriendly environment for its future residents.
Affordable Multifamily Development:
Affordable housing is, unfortunately, a topic that’s largely misunderstood by the public. Myths and misconceptions about affordable housing developments are based on fear around negative stereotypes, property values, and the change it brings to neighborhoods—all of which are common arguments in opposition of a new affordable housing community.
In reality, the lack of safe, affordable housing is costing U.S. cities in several dramatic ways. Cities that fail to step up with affordable housing solutions drive out residents, lose potential workers, and discourage growth in their local economies.
While those who already have safe and stable housing may not feel the true cost of poverty, the effects are real and can have a serious detriment on our communities.
High housing prices can slow down a local economy, leaving jobs unfilled and less spending power in a community. But, when affordable housing is readily available, more opportunities become available for people at all income levels. More money is available for spending in a community, and long-term change can begin to take root. Author: Common Bond Communities Posted: September 29, 2020
CCHOI recognizes that one of the most obvious economic benefits to affordable housing is the ability for the community to increase in discretionary spending. For most, rent is the largest and most important expense of the month. CCHOI also recognizes that Approximately 108 million Americans live in a rental home or apartment, and one-fourth of these renters spend more than half of their monthly income on rent payments. That means millions of people are one small, unexpected expense away from losing their housing. The sacrifices folks were already making—medicine, childcare, groceries, education—to make rent have only intensified since the US unemployment rate rose to 10 percent during the COVID-19 pandemic. The threat of evictions has always loomed for workers making just enough to pay their landlords every month. Now it’s quickly becoming a reality for many more individuals. These repercussions will likely have long-lasting effects that impact generations in a family.
However, when residents of affordable housing communities can make their rent payments, they’re able to spend more on local purchases—and go beyond the bare necessities to buy healthy food, have better access to healthcare, and spend more at their nearby businesses. When these communities are provided a pathway to homeownership, all the benefits within that community drastically increases in a positive way.
In part, this identifies the reason that CCHOI is dedicated to developing Multi-Family Affordable housing within urban areas. Our focus will be to establish a model for success in the Denver Metro Area and replicate the model throughout Colorado and eventually in major metropolitan areas all across the US.
CCHOI Acknowledges the Social Return on Investing in Affordable Housing combined with ownership
Some of (SROI) Social Return on Investing include the following:
More money spent within the community
Fewer evictions and foreclosures due to sustainable ownership
Healthier population means a healthier economy
More affordable housing creates more job opportunities
Improved government infrastructure
Better opportunities for investing in the future
CCHOI Addressing housing needs in Colorado
through Affordable Housing Development
According to the Colorado Division of Housing
“In general, there is a housing shortage, with very limited housing stock across the state, and much of existing housing stock is aging or otherwise of poor quality, especially mobile homes. Stakeholders were also vocal that the price of housing has ‘skyrocketed’ and is ‘astronomical.’ The high costs of land, labor, and construction materials makes new development very difficult, especially in remote rural regions where contractors are far away and developing infrastructure is costly. Stakeholders demonstrated need for a diverse housing stock, including single family, multifamily, townhome, duplex, four-plex, supportive housing, accessory dwelling units, and more…numerous stakeholders also expressed that housing needs cover a wide spectrum of individuals—from those experiencing homeless to households at 200 percent of the Area Median Income (or AMI; the median income for a household of three ranges from roughly $50,000 to $100,000 depending upon the county of residency). Finally, many stakeholders discussed that limited staff capacity, especially in rural areas, makes it difficult to adequately respond to the situation.”
CCHOI, Partnering with Avenue 1 Development, intend to address this shortage though large-scale affordable housing development using shipping containers. We have done the research and development and are seeking a 10,000 square foot facility to pre-fabricate the containers, which in turn will cut down home productivity from the typical builder 8 – 12-month standard, to roughly 90 days for each home built from start to finish. Cutting down on build time, also translates to lees man hours therefore creates a significant drop in labor cost, of which allows us the ability to pass those savings on to the consumer, thereby creating an affordable home.
Advantages of CCHOI / AVENUE 1 DEVELOPMENT Container Homes
Design Flexibility of Container Housing
Speed of Container Construction, Modifications & Reduced Building Time
Container Homes are made of Steel & are simply Better Quality Construction
Container Housing: Inspection & Regulation are simplified and surpass industry standards
Container Homes can meet Stringent Building Codes
The Energy Efficiency & Eco friendliness of Container Homes is limitless due their modification flexibility
Learn how you can support CCHOIS’S
efforts to create affordable housing
Supporting affordable housing initiatives means investing in your community’s well-being. CCHOI is dedicated to providing families with an opportunity to own safe and stable housing. We believe that homeownership is the foundation for creating generational wealth and everything in life. We also know that helping to improve the lives of others helps everyone in our communities — if you think so, too, consider supporting our mission.