January 13, 2022

One in four Coloradans pay more than 30 percent of their income on housing costs, and some areas of the state struggle to fill jobs because of limited affordable housing . To address the housing crisis, a group of local government leaders, housing officials, advocates, and developers, have proposed using unspent American Rescue Plan Act funds create a 401(k)-type employee savings plan that provides a tax incentive for companies to match employee contributions toward the purchase of a home. “This is the first time at this scale that federal funds have come with not as many strings attached.  And so what do you see? You see innovation right now,” said Jenn Lopez, president of an affordable housing consulting firm.

CVS recently announced it is investing $11.6 million in housing for people experiencing or at risk of becoming homeless, people with physical, intellectual, and or developmental disabilities, and youth aging out of foster care. It plans to develop an apartment complex that will offer 171 units and provide supportive services, such as education, employment assistance, food, and mental and physical health resources, at no cost. “When people have access to high-quality, affordable housing, it puts them in a better position to take care of their health and manage chronic disease,” said David Casey, senior vice president and chief diversity officer at CVS Health.

This winter, Missoula, Montana, set up a Temporary Safe Outdoor Space—a legal, sanctioned outdoor homeless camp that provides tents with propane heaters, a warming shelter, a makeshift kitchen, and lockers for storage—to ensure residents experiencing homelessness have a place to sleep. Critics like the National Homelessness Law Center’s Eric Tars don’t believe it’s a permanent solution, and he instead suggests communities address their affordable housing deficits through funds from the Build Back Better legislation. In the meantime, site manager, Ashley Corbally, says, “We know this is just a band-aid to the problem, but it's something that we can do right now and affect real change in people's lives."

Many youth who age out of the foster care system have few supports. To help, a Minneapolis foundation funded the PERIS Project, which provides housing for youth ages 18 to 21 who are aging out of the foster care system and working adults who make 50 to 60 percent of the area median income. The program emphasizes youths’ autonomy by allowing them to decorate their own units, set their own personal goals, and make their own financial decisions. “We try to keep it really dry on our end because we want it to be youth-led,” said James Lewis, the housing and services division director for The Link — the project’s youth service provider.