City and County of Denver Lower Income Voucher Equity (LIVE) Pilot Initiative Program Facts Current Rental Housing Landscape  Currently in Denver, the highest rental housing inventory exists for the highest income levels, while the lowest inventory exists for low-to moderate-income individuals and families.  This housing instability impacts people working in industries ranging from the customer service and hospitality industry, to nurses in our hospitals and care centers, to teachers and first year tech employees and leads to higher rates of employee turnover.   There are over 52,000 households in the targeted income range (40% to 80% AMI). Over 13,000 renter households in the targeted AMI range are severely cost burdened, spending more than 40% or more of their incomes on rent in Denver today. Lower Income Voucher Equity (LIVE) Denver Initiative (it’s a working title)  Goal: The goal of the initiative is to expand immediate housing affordability for our working families  A P3 Pilot: A new pilot public-private-partnership (P3) initiative among - the city, Denver Housing Authority, employers (currently in private discussions with Chipotle and Comcast), foundations (currently in private discussions with Anschutz Foundation and Colorado Health Foundation), the Apartment Association and apartment building owners and operators, and the Downtown Denver Partnership.  Rental Units: Open up to 400 existing vacant rental units for Denver’s lower-income working residents by buy-down market rate rents on 1, 2 and 3 bedroom units at participating sites across the city, increasing affordability for working families and individuals earning 40 to 80 percent of the area median income, or $33,560 to $67,120 in annual household income for a family of four.  Funding: The city will contribute local dollars (from the Revolving Loan Fund), Foundations and Employers will be additional contributors to the Fund (the goal is approximately $2 Million)  Working Individuals/Families: To participate in the program working families will pay up to 35% of their incomes for their contribution to the rent payment (the fund will pay the balance of rent per unit)  Escrowed Savings: Set aside 5% of rent payments to an escrow savings account families will receive upon exit from the program at the end of the 2 Year period  Examples of those working individuals/families who might qualify for this program include: o 40%: An individual making $23,520 or a family of four earning $33,560 annually o 60%: An individual making $35,280 or a family of four earning $50,340 annually o 80%: An individual making $47,040 or a family of four earning $$67,120 annually Next Steps: July 2017 City and County of Denver Lower Income Voucher Equity (LIVE) Pilot Initiative  Program Facts Issue an RFQ (via OED Housing Division in collaboration with the Downtown Denver Partnership) to determine Fair Market Rents for 1, 2 and 3 bedroom units from which the buy-down will apply – End of July  Identify eligible working families to participate – August, 2017  Establish the fund with our P3 participants – August, 2017  Select, through partnerships, up to 400 eligible currently vacant units – End of August, 2017  Finalize RFQ selection – End of August, 2017  Administrative Review and Approval (including Council Approval) – September, 2017  Launch Denver L.I.V.E. Pilot Program – October, 2017  First Round of Unit Occupancy – November, 2017 July 2017