to Affordable Housing
Due: December 2021
Principle: Improves access to quality housing that is affordable to a broad range of income levels and provides resources, housing, and neighborhood assistance services to Arvada residents, neighborhoods, property owners, and stakeholders.
The strong economy in the State of Colorado plays a key role in rising housing costs. In December 2019, the median home value in Arvada was $440,589. Arvada home values have gone up 2.2% over the past year and Zillow predicts they will rise 1.0% within the next year.
The median list price per square foot in Arvada is $272, which is higher than the Denver-Aurora-Lakewood Metro average of $267. The median price of homes currently listed in Arvada is $459,900 while the median price of homes that sold is $421,500.
The median rent price in Arvada is $2,150, which is higher than the Denver-Aurora-Lakewood Metro median of $2,100. A household would need to make $85,000 per year to manage a monthly rental rate of $2,100.
The 2020 CDBG Consolidated Plan and Annual Action Plan was presented to City Council on 10/21/19 and included the following internal departments and external agencies for preparation and implementation:
US Department of Housing and Urban Development, City Council for the City of Arvada, Planning Commission for the City of Arvada, City of Arvada City Manager’s Office City of Arvada Community Development Team, Housing and Neighborhood Revitalization Team, Arvada Housing Authority, Finance, Public Works, The Metropolitan Denver Homeless Initiative & The Colorado Department of Human Services, Metropolitan Denver Homeless Initiative (MDHI), Jefferson County Housing Authority and Housing Colorado among others.
Arvada's ability to attract and retain residents and businesses rely on the ability for individuals and families to afford housing.
Regional Homeless Strategy
Despite a strong economy, homelessness in the U.S. inched up in 2017 and 2018, reversing a previous downward trend. Homelessness in the United States primarily affects urban communities, with about 82 percent of the homeless population in urban areas. Finally, homelessness isn’t distributed evenly. Los Angeles and New York, for example, accounted for 23 percent of all homeless people in the nation in 2018.
Homelessness can be a result of wage stagnation, mental illness, lack of affordable housing, various forms of discrimination, lack of economic opportunities, addiction, and other such factors that have been explained in a Deloitte article The homelessness paradox: Why do advanced economies still have people who live on the streets? Tackling homelessness in its entirety requires taking into account the three stages of homelessness:
- Stage 1: People at risk of homelessness.
- Stage 2: People who are currently homeless.
- Stage 3: People who have found a home but may need help to keep it.
Most efforts to fight homelessness are focused on stage 2, given its urgency, but the other stages also should be addressed. Traditionally, entities combating homelessness—governments, nonprofits, and community service organizations—have applied a variety of policy and economic approaches to address homelessness.
The overall number of individuals experiencing homelessness in Arvada continues to increase. This is true for our surrounding neighbors as well. The City of Arvada recognizes the magnitude and complexity of this issue and understands that partnering at a regional level will ensure the best use of resources.
Affordable Housing Assessment
This new Strategic Result milestone is in the development stage. Root Policy Research has completed the initial draft of the Housing Strategy and that was provided to the city advisory committee for review by March 6 and the comments are being compiled for return to the consultant prior to a presentation of the draft report to City staff.