Challenge: The COVID-19 pandemic and associated real estate market boom coupled with the economic downturn exposed a growing challenge facing the state: affordable housing. Soaring home prices and lack of market availability were having a dramatic impact on communities that could no longer house teachers, firefighters, nurses and other middle-income workers. Existing programs and government subsidies were available to support families making below 60-80% of Area Median Income (AMI), but market-rate housing focused almost exclusively on high-priced developments, leaving middle-income individuals out of the market. 

Strategy: The Capstone Group alongside strong legislative sponsors spearheaded intense work in the final month of the legislative session to negotiate and pass SB22-232, Creation Of Colorado Workforce Housing Trust Authority. Working with local partners, the newly minted state authority will leverage access to tax-free bonds and social impact investors to create market-based incentives that will drive the development of affordable rental housing for families making 80-120% AMI and up to 140% AMI in resort areas. 

Outcome: With many traditional stakeholders apprehensive about a public private partnership model, The Capstone Group worked diligently to bridge gaps in understanding and negotiate amendments with stakeholders, the Governor’s office, and individual legislators, to refine the policy and build the support needed to secure passage. Our team also created opportunities and support for community members and industry experts to meet with lawmakers to make their case directly, cutting through the overwhelming crush of bills working their way through the process in the legislature’s final days. Ultimately, SB22-232 passed with solid bi-partisan support and was signed into law by the Governor at an event in Denver’s Five Points neighborhood.