HomeMy WebLinkAbout2023-34 A Resolution Establishing a Baseline of Affordable Housing for the Purposes of Filing a Commitment with the Colorado Department of Local Affairs Pursuant to the Requirements of Colorado Proposition 123RESOLUTION NO.34
Series of 2023
A RESOLUTION ESTABLISHING A BASELINE OF AFFORDABLE HOUSING FOR THE
PURPOSES OF FILING A COMMITMENT WITH THE COLORADO DEPARTMENT OF
LOCAL AFFAIRS PURSUANT TO THE REQUIREMENTS OF COLORADO PROPOSITION
123
WHEREAS, Colorado Proposition 123, or "Colorado's Affordable Housing Financing
Fund" was approved by Colorado voters in November, 2022, dedicating 0.1 % of state income
tax to fund housing programs and developments;
WHEREAS, organizations are only eligible for this funding if their program or
development takes place in cities or counties that have committed to increasing their affordable
housing stock above a baseline amount;
WHEREAS, the baseline commitment must be increased by 3% each year for a three-
year period ending on December 31, 2026 for the first round of funding;
WHEREAS, for the Town of Vail that baseline amount has been calculated at 284 units
(rental and for -sale);
WHEREAS, the town's 3% annual commitment equates to 9 homes per year for three
years, or 27 total homes by December 31, 2026, and
WHEREAS, the annual commitment is only required to be achieved if the town receives
Proposition 123 grant funding.
NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
VAIL, COLORADO THAT:
Section 1. The Town Council hereby approves the baseline commitment for an
increase in affordable deed -restricted housing for a total of 27 homes in the Town of Vail by
December 31, 2026 to be filed with the State of Colorado's Department of Local Affairs
Section 2. This Resolution shall take effect immediately upon its passage.
INTRODUCED, PASSED AND ADOPTED at a regular meeting of t Town Council of
the Town of Vail held this 5th day of September, 202 .
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ATTEST:
Town Clerk
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