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Affordable Housing

Recognizing the need for housing solutions that help Golden achieve its vision as an inclusive, welcoming city, Golden is working on creating and maintaining attainable, healthy, and safe housing options for the community.

Preservation of Existing Affordable Housing

Existing Affordable Housing Options

Golden Terrace and Golden Hills Mobile Home parks:  Considered naturally occurring affordable housing.

Mobile Home Park Preservation

Golden is proud to host two mobile home parks–Golden Hills and Golden Terrace–historically offering over 500 affordable housing options. 

The Challenge

Recent years have seen rent hikes over 100% due to corporate ownership aligning lot rents with market rates. This shift, coupled with the end of the COVID-19 Emergency Rental Assistance Program (ERAP), has led to more rent delinquencies and evictions, hitting fixed-income residents hardest.

Solutions

In a positive turn, February 2023 saw the Golden Hills Resident Cooperative successfully bid to buy their park from Harmony Communities. With a $2 million forgivable loan from the City of Golden and Jefferson County, funded by the American Rescue Plan Act (ARPA), this purchase has helped to stabilize rents and safeguard our community members, many of whom have called the park home for years.

Moreover, the City is actively supporting Golden Terrace Mobile Home Park residents with resources, rental aid, and assistance through collaborations with local nonprofits in Golden and Jefferson County.

Creating New Affordable Housing Opportunities

Opting in to Proposition 123

  • The City of Golden has opted in to Proposition 123, which creates a state affordable housing fund to help address the housing crisis across Colorado.
  • Nearly 300 million dollars are available annually for communities to construct and preserve affordable housing and provide services to people experiencing homelessness. 
  • Funding is available to government entities, non-profit, and for-profit organizations who are seeking to build or provide services in communities who have opted in. 
  • To opt-in, communities must file a commitment with the state agreeing to increase their affordable housing stock by 9% over the next three years. For Golden, this is an increase of 78 units over by 2026.

Affordable Housing Committee (AHC)

Housing Trust Fund

  • Created by Council in late 2022, the Housing Trust Fund may be sourced by resources from developers, grants or sales tax revenue and could be used as gap financing for permanently affordable housing serving households at or below 120% AMI. Currently there is no funding in the trust fund yet. 
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