The Solid Rock CDC Affordable Housing program will establish relationships with property owners, developers, community organizations and the city of Colorado Springs to address the need for affordable housing in Southeast Colorado Springs. The SRCDC is a change agent, helping to support individuals and families who need affordable housing. The aim is to give residents a strong foundation to build productive and successful members of the Southeast Colorado Springs community
Solid Rock CDC recently broke ground on its first affordable housing project called “The Village at Solid Rock”. The CDC has joined with Commonwealth Development and Greccio Housing to secure funding commitments from the Colorado Housing and Finance Authority and has begin construction on a 77-unit multi-family property. There are more projects like this one in the works and the CDC is excited to serve the community in a way that will really affect change. The 77 unit multi-family property will be attainable and accessible housing will help families live and thrive in the Southeast. It will consist of 15 one bedroom units, 33 two bedroom units and 29 three bedroom units. Building amenities will include an active courtyard space barbecue areas, playground and community space. Construction is anticipated to last through January of 2023, with active leasing beginning in December 2022 – June 2023
A lack of affordable housing is a significant obstacle to citizens of Southeast Colorado Springs who are battling economic barriers. Financial, social status and other factors can put many people at a disadvantage when seeking housing. The extremely competitive housing market in our region is one of the highest in the state, and the average housing price of $382,000, represents a 16% increase from the year previous.
This means for a person over 25, with a high school diploma, earning the average salary of $30,581.50; being able to afford a mortgage for a $382,000 home is nearly statistically impossible. The first barrier is being able to save double their yearly salary for a down payment of 20% – $76,400. Next, they have to overcome financial and credit barriers to achieve the minimum credit score of 580-699. Then, they have to pay an estimated $2300 – 2400 a month towards their mortgage – while only bringing home a total of $2500 before taxes.