With the unprecedented growth in the Denver metro area over the past couple years, it was only a matter of time before home prices in the Mile High City jumped over the $500,000 mark. According to
Audit Reveals Denver Needs More Affordable Housing
A shortage of an estimated 26,300 affordable housing units in Denver could lead to a host of issues, the audit said, including household budgeting woes, problems with educational achievement by children, traffic congestion, and difficulties attracting trained workers and relocating businesses. The shortage includes both rentals and for-sale housing. The federal government defines housing as affordable when housing costs such as mortgage, rent, and utilities do not consume more than 30 percent of household income. However, Denver and many other cities across the United States do not have an ample supply of housing that meets this criterion for low-income households.
The audit compared the Denver Office of Economic Development's spending of CDBG funds for affordable housing to benchmark cities including Austin, Texas; Baltimore; Orlando, Fla.; Portland, Ore.; San Diego; Washington, D.C.; and Minneapolis.
Those cities "consistently dedicate CDBG funding to housing rather than economic development," the audit report stated.
While the spending disparity has been notable since 2004, according to the report, auditors did give city officials credit for a recently announced five-year housing plan that places more emphasis on affordability.
Ken Blevins, Chief Executive Officer of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 23 years of experience in collections, foreclosure/bankruptcy, los....
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