241E17B89A58BC4E87258757005388FE Hearing Summary CLICS/CLICS2021A/commsumm.nsf PUBLICBILL SUMMARY For OVERVIEW OF SUBPANEL WORKINTERIM COMMITTEE AFFORDABLE HOUSING TRANSFORMATIONAL TASK FORCEDate Sep 21, 2021 Location Old Supreme Court Overview of Subpanel Work - Committee Discussion Only Attachment Tag File Name http://www2.leg.state.co.us/CLICS/CLICS2021A/commsumm.nsf/0/F4120918CEC1...$File/subpanel_letter_to_ah_transformational_tfAttachmentA.pdf?OpenElement subpanel_letter_to_ah_transformational_tfAttachmentA.pdf 09:12:29 AM Brian Rossbert and Cathy Alderman, representing the Subpanel of the Affordable Housing Transformational Task Force, talked about their work. Ms. Alderman introduced the subpanel members. A presentation was provided (Attachment A). 09:17:03 AM Mr. Rossbert talked about the pillars or areas of focus established by the subpanel. 09:19:45 AM Ms. Alderman discussed four big questions that the task force will need to answer. 09:20:13 AM The task force discussed requirements related to federal funds and COVID-19. 09:21:54 AM Ms. Alderman provided a definition of affordable housing. 09:24:50 AM The task force discussed gaps in affordable housing, including supply, funding, infrastructure, tenancy support, and systems and administrative agencies. 09:28:24 AM Ms. Alderman talked about groups disproportionately impacted by the COVID-19 pandemic. She suggested that when considering programs the task force may need information about the impact of programs, including economic impact, since funding may not address every impact. 09:30:34 AM The task force discussed the American Rescue Plan Act regulations surrounding various populations, including those with a lower income, people of color, and tribal communities. Other communities may be eligible, as long as impacts to the community are specific and known. 09:31:38 AM Ms. Alderman talked about the information that the subpanel needs: how the Behavioral Health Task Force is proceeding and how funds may be leveraged between the two task forces; the Low Income Housing Tax Credit (LIHTC), including state and federal guidelines; and county and local housing needs, including best practices, models, and other information. A member suggested that LIHTC information may be available through CHFA. 09:33:43 AM The task force discussed easing state requirements and accessing resources; and other information needs, including homeownership gaps and how to fill those gaps, and the unique needs of communities. 09:35:22 AM Ms. Alderman will provide a list of subpanel information needs to the task force. 09:35:50 AM The task force discussed the use of 30 percent of area median income (AMI) as a standard to identify families cost burdened by housing. The discussion included the elements of housing costs, incluing utilities and mortgage or rent. Several members talkeda about hom the AMI is used to access subsidies and vouchers, and other federal assistance programs. Subpanel members indicated this measure is used to determine if families can continue to pay for other costs, such as food. 09:39:29 AM Task force members discussed a comparison between median income and AMI and cross referencing these measurements to communities. Subpanel members expressed an interest in exploring this subject. 09:41:31 AM Choices by individuals related to employment and housing were discussed by members. 09:43:31 AM Task force and supbanel members discussed the percentage of need for types of housing along the housing continuum. Members discussed information about the geographic concentration of need for housing. 09:48:53 AM Alison George, representing the Department of Local Affairs (DOLA), Division of Housing, indicated that her presentation will provide more information about AMI and local communities. 09:49:20 AM There was a discussion about the origin and history of AMI and housing costs. 09:50:44 AM There was a discussion about stabilizing existing affordable housing and the impact of short term rentals. Subpanel members indicated that they had no specific recommendations at this time. Some members expressed an interest in state guidelines for this issue. A task force member suggested that conversations should include a balance between rentals and ownership. Subpanel members indicated that they are discussing needs along the housing continuum and would benfit from additional information. The conversation turned to home ownership funding and policy issues. Task force members expressed an interest in investing in long term solutions, including home ownership and building generational wealth. The task force talked about land banks, including land trust representation on the subpanel. A member discussed placement of land in a trust as a possible federal fund expenditure. 09:55:30 AM The task force discussed a definition of land banking. 09:55:47 AM Task force members discussed homeownership and first-time buyers, including barriers to ownership such as supply, systems, program funding, and the availability of different types of homes. 09:57:43 AM The conversation turned to state and local guidelines related to affordable housing, especially the interplay between the levels, as well as zoning regulations. 09:59:38 AM Ms. Alderman indicated that the subpanel also needs information about the LIHTC and state and federal housing tax credits, including competitiveness and number of housing units built. 10:01:13 AM Cris White, respresenting the Colorado Housing and Finance Authority (CHFA), shared that the LIHTC is over subscribed and the number of units built varies. CHFA will provide this information to the subpanel. 10:01:48 AM Task force members asked if there were points of debate for the subpanel. Ms. Alderman responded that there has been some debate about the responsibility of the market to provide affordable housing. She mentioned that there has also been some discussion about where to use limited government funding to fix issues, for example in the areas of programming or supply. 10:03:56 AM The task force discussed weighting the priority of each proposed solution and measuring success. 10:05:59 AM The committee took a break.