Durango, CO: Durango's City Council is expected to decide on Tuesday whether to allocate $5.2 million toward affordable housing efforts. This funding package includes $1 million from the city's remaining American Rescue Plan Act funding, $3.2 million from the General Fund Opportunity Reserve, and $1 million from a recently awarded grant through the Department of Local Affairs Innovative Housing Incentive Grant Program.
If approved by council, the money will go into the Housing Innovation Fund, which aims to catalyze and accelerate the production of diverse types of housing units and price points, ensuring long-term affordability for the workforce and local residents. The program is adaptable to various scales and types of housing, including rental and ownership.
Housing was one of council's top priorities identified at their annual retreat in February. Staff on Tuesday is scheduled to share in greater detail how these funds will support the expansion of housing efforts which have been proven to be effective in their short existence.
The Housing Innovation Fund aligns with the city's strategic plan, which aims to increase affordability and economic opportunity and support the production of a variety of housing types through incentives, partnerships, efficient review processes, and other mechanisms.
If approved, the city would have $359,000 remaining in American Rescue Plan Act Funds that must be utilized by the end of 2024. The city's recently awarded $1 million from the state will be used toward the Residences at Durango, the Best Western Motel Conversion project that will create 120 affordable units.
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Public Information Officer - Spokesman
Phone: (970) 375-5090