The U.S. Department of Housing and Urban Development defines affordable housing as household members spending no more than 30% of their income on housing costs, including rent or mortgage payments, utilities, taxes, and Homeowners Association fees.

The final text of Proposition 123 defines affordable housing as when people can afford to spend 30% or less of their monthly income on housing costs, if they earn up to 60% of the Area Median Income (for renters) or up to 100% of the Area Median Income (for homeowners). Statewide, the threshold will increase from 100% of AMI to 120% of AMI in 2027 if the governor signs Senate Bill 26-040.

A development that proposes housing for rent or for sale, and a percentage of the total proposed units are affordable to households earning a percentage of qualified income, as determined by the Loveland City Council. An affordable development project must be designated as such by the Loveland City Council in accordance with Title 17 of the City’s Municipal Code.

The typical income earned by people living in a county or municipality. AMI is used for some applications related to housing assistance and varies by household size (for example, the AMI for a person living alone is lower than the AMI for a family of four).

When a household pays more than 30% of the income earned by the people who live there toward housing costs. A household paying more than half of its income toward housing costs is considered severely cost-burdened.

For Sale Housing is sold one unit at a time from one owner to the next owner.

For Rent Housing is housing for people who pay a monthly amount to a person or business that owns the property in exchange for living in the housing unit.

Multifamily housing is attached housing units, such as apartments, condominiums, townhomes, or duplexes.

Single-family housing is a standalone/detached housing unit.

Voters approved this measure to amend Colorado State Statutes and create a Statewide Affordable Housing Fund (SAHF). Local governments, nonprofit agencies, community land trusts, and developers can qualify for SAHF funding to support affordable housing if they are in a jurisdiction that has committed to:

• Increasing the number of affordable housing units in the community between 2023 and 2026 (the required percent increase depends on the size of the community and is 9% for the City of Loveland, which amounts to an increase of 246 units)

• Creating a 90-day review process for affordable housing development projects