The City of Durango has made a commitment to develop 184 additional affordable housing units over the next three years, thanks to the approval of state funding by Colorado’s voters through Proposition 123. Leading this initiative is the city’s Housing Innovation Division, which became eligible for the funding by establishing a baseline of affordable housing within Durango.

Eva Henson, the manager of the city’s housing innovation division, expressed her satisfaction with being eligible for the funding provided by Proposition 123. With the baseline now in place, they are determined to increase the local affordable housing stock by 3% annually for the years 2024, 2025, and 2026, resulting in the creation of 184 new units.

Proposition 123 established the State Affordable Housing Fund, allocating 40% of the funds to the Affordable Housing Support Fund managed by the Department of Local Affairs, and 60% to the Affordable Housing Financing Fund overseen by the Colorado Office of Economic Development and International Trade. These funds will be utilized by the Colorado Housing and Finance Authority, acting as a third-party administrator, to support various housing programs.

The program allows for the creation of new affordable housing units, which can be a combination of rental units with affordable gross rents at or below 60% of the area median income, and homeownership units deemed affordable if their value is at or below 100% of the area median income for La Plata County.