What is the definition of Affordable Housing? 

Housing is considered affordable if the household spends no more than 30% of their income on housing expenses. Households who spend 30%-50% of their income on housing expenses are considered “housing burdened”, and households spending over 50% if their income on housing expenses are considered “extremely housing burdened.”

Currently in Chaffee County, about 64% of households in Chaffee County are considered extremely housing burdened. 75% of renters are considered extremely housing- burdened;

• 37% of people over age 65 are extremely housing-burdened;

• 84% of single persons between ages 18-64 are extremely housing burdened.

 

What is considered “Very Low-Income,” “Low- Income,” and “Moderate-Income” ?

Income is typically referred to as a percentage of our Area Median Income, which in Chaffee County is currently $51,500 for a single person (it increases as household size increases).

Very Low-Income households earn less than 50% AMI;

Low-income households earn between 50 – 60% AMI;

Moderate-Income households earn between 60% - 80% AMI.

Updated data can be found here.

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What is Jane’s Place?

Jane’s Place is a proposed mixed-use development that will bring 17 housing units and a commercial, non-profit development center to the corner of 3rd Street and Highway 291 in Salida, Colorado. The project was designed in response to a series of community conversations with area non-profits and employers, with a focus of meeting their workforce and customer needs. The Chaffee County Community Foundation is under contract to purchase the land.

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What Role will the CHA play in Jane’s Place?

The Chaffee Housing Authority is envisioned to be the public entity that owns and operates the project.  The operating income from the project will pay a land lease to the CCCF, allows a tenant to build or use a piece of land, and in return pay rent on the land which will hold the funds in an affordable housing account to be use to support future projects in Chaffee County.

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The Director of Housing has obtained a Technical Assistance grant through the Colorado Housing Finance Authority’s (CHFA’s) Small-scall Housing Innovation Program (SHIP).  This technical assistance will focus on stress-testing the construction and operation proforma’s, establishing the single purpose entity ownership structure for the project, and assist in identify gap funding.  This assistance will also assist the CHA Board of Directors in evaluating the role that CHA will ultimately play in the project.

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For more information, visit https://www.housinghealthchaffee.org/janesplace