Informational Meeting for Current and Potential Owners of Homes Created Under Denver’s Inclusionary Housing Ordinance:
Revisions to Denver’s Inclusionary Housing Ordinance
Date: June 5th
Location: Blair Caldwell Library at 2401 Welton Street
(free parking and close to light rail)
RSVP: Click Here or 720-337-7712
Please contact the Office of Economic Development - Stephanie Inderwiesen if you have specific questions about your affordable housing unit: 720-913-1634
This meeting is for owners of a home that is subject to the Inclusionary Housing Ordinance, which means it has a deed restriction and can only be sold to income-eligible buyers, at a restricted price until the restriction expires.
For the past year I’ve led an effort to update Denver’s affordable housing policies to address issues brought forward both by those who build and buy affordable homes. As you may know, the economic downturn created challenges for many homeowners, including some challenges for those who needed to sell their covenant restricted homes. The goal of the update is to provide more options for home owners during these unique times, while still ensuring the availability of housing that is affordable to Denver’s Working Families.
I’d like to personally invite all current or potential deed restricted homeowners to a meeting on June 5th to learn about these potential updates to the Inclusionary Housing Ordinance (IHO), which are focused on homes that have already been built, like yours. Please Note: This meeting is only for homeowners who purchased their property under the IHO program. It does not pertain to owners who purchased homes in Green Valley Ranch, Lowry Redevelopment or Stapleton, which are under specific master development agreements. However, we welcome any and all input regarding any housing concerns you might have.
We will also take your input to inform the next phase of our work, which will take place in the 2nd half of 2013 and will update when and how the Ordinance creates new homes. Included with this letter you will find a chart outlining the current requirements and the proposed changes.
Some quick facts:
· The changes will not affect your current mortgage or financing.
· The proposed changes will expand your options for renting or selling your affordable home in the event of a demonstrated life necessity or if you make a good faith effort and still cannot sell your home.
· We will also add safeguards to lessen the risk of foreclosure, including advanced notice from banking institutions and education requirements for new owners.
· Covenants were updated in 2010 to ensure FHA compliance, if you have not yet converted your pre-2010 covenant you may do so after these changes go into effect, and all current owners are encouraged to do so.
WHAT IF I HAVE OTHER QUESTIONS OR PROBLEMS WITH MY AFFORDABLE HOME
Although the purpose of the meeting is not to discuss individual challenges you may be having paying for, selling, or seeking required approval for temporarily renting your home due to a hardship, we will have several experts on hand to answer individual questions after the meeting:
· City of Denver staff will answer questions about the current program
· Private lenders will be available to answer basic questions you may have about financing/re-financing
· Officials from the US Department of Housing and Urban Development will be available to answer questions about whether your home is eligible for FHA financing (many condominiums, regardless of their affordable status, have been impacted by FHA rules and requirements limiting certification of condominiums – few if any of these problems are caused by your affordable covenant, and HUD can clarify any questions you may have)
Your input is important to Denver and I encourage you to join at this meeting to learn more about how the proposed updates will enhance your ownership experience. Please rsvp at 720-337-7712 or online at www.denvergov.org/robinkniech. If you have questions about this meeting please contact Ursla Null at 720-337-7712. If you have questions about your specific affordable housing situation as it pertains to the IHO you can speak with Stephanie Inderwiesen at 720-913-1634.
For more information about the Inclusionary Housing program:
View the IHO Proposed Changes Chart Final (2013 05-13).pdf