Housing Development Resources

The Department of Housing Stability (HOST) provides low cost financing to facilitate the development of new and preservation of existing affordable housing through products designed to meet the City's priorities for affordable housing.

Rental developments may serve households earning up to 80% of the Area Median Income (AMI). However, projects serving households at or below 30% AMI or formerly homeless households will receive priority consideration. Any rental development receiving HOST funding will be subject to a 60-year affordability period.

Homeownership developments may serve households up to 100% AMI, but projects serving households at or below 80% AMI and/or providing affordability periods over 60 years will receive priority consideration.

Financing Application, Term Sheets, and Other Resources

Financing for the development and preservation of income-restricted housing is invested according to the Term Sheet below. Each financing product is designed to be responsive to gaps in market financing available for different types of affordable housing projects.

Applications for financing products are reviewed as received and prioritized according to a) HOST’s funding priorities and b) funding availability of varying fund sources.

2018-2019 Term Sheets



  • HOST Underwriting Standards (PDF) - Underwriting maximums, maximums, and considerations for evaluating housing financing applications
  • Financing Products FAQ (PDF)  – Questions and answers regarding how the city invests its housing financing
  • Form of Subordination (PDF) – Your senior lender may request that junior lenders, including the city, sign a Subordination Agreement expressly subordinating junior liens and payment priority
  • 2020 Maximum Sale Prices (PDF)- Limits on Income, Maximum Rents, and Maximum Sale Prices
  • 2019 Maximum Sale Prices (PDF)- Limits on Income, Maximum Rents, and Maximum Sale Prices

Please note
: If you have any issues reading any portion of the above documents, please contact us at housingstability@denvergov.org for assistance.

Financing Priorities

The city prioritizes investment in projects that meet key affordable housing policy priorities. These priorities relate to a) the location of the proposed project, b) the characteristics of the project itself, and c) funding and underwriting for the project.

Our housing loan application requires applicants to respond to questions about how the proposed project meets specific city priorities. Prior to being accepted for underwriting, applications for city financing will be evaluated according to how well they meet the following priorities. The HOST Application Templage includes a checklist of funding priorities and the HOST Housing Financing Application Instructions include a request for additional description in the narrative.

Once and application is accepted by the city, all requests for financing are subject to underwriting approval by the Loan Review Committee and approval by City Council  where applicable.

Location-specific priorities include:

  • Affordable housing in neighborhoods with access to transportation
  • Housing that supports our anti-displacement efforts in neighborhoods vulnerable to gentrification 
  • Affordable housing in neighborhoods with high “access to opportunity” factors such as high quality education, proximity to good paying jobs, and other services and amenities such as parks, libraries, recreation centers, child care, health care, and grocery stores

Project-specific qualifications include:

  • Affordable housing within mixed-income developments
  • Affordable housing for very low income (30% AMI) households
  • Affordable housing for special populations and accompanying amenities or services as needed
  • High quality, sustainable housing development
  • Development that includes services or amenities that support economic mobility of residents

Funding priorities include:

  • Leverage of other funding sources to minimize the request for HOST gap funding 
  • Availability and allowable uses of HOST fund sources

Projects applying for city financing must also meet minimum readiness to proceed criteria, including:

  • Site control
  • Completed environmental assessment
  • Correct zoning designation
  • Conditional commitments from other financing sources

Timing and What to Expect

HOST staff will work with your team through all City processes, beginning with negotiation, environmental review, when appropriate, and underwriting upon receipt of an application. It is important to note that while HOST staff can help identify appropriate funding levels based on policy and underwriting, and funding availability, all funding decisions are made by the Loan Review Committee (LRC) and no agreement is final until approved by Council and Mayor.  

Once a conditional approval is issued HOST staff works with the City Attorney’s Office (CAO) to draft loan documents. After a Loan Agreement is executed by borrower, all loans over $500,000 must proceed through the legislative process to obtain a final Council decision.  The process may be lengthy (3-6 months) depending on the transaction, and the number of agenda items before the Council for consideration.  This timeline assumes no significant negotiation issues and minimal borrower comments to City template documents.

Loan modifications and Subordination requests may require a Loan Agreement amendment, and may also require a review process as referenced above.

Additionally, affordable housing linkage fee exemptions are handled through Community Planning and Development in collaboration with HOST and require a fully-executed instrument of affordability document to qualify. The linkage fee exemption for affordable housing projects is different from the linkage fee waiver for projects that voluntarily include mixed-income affordable units.