As Colorado Springs City Council members on Tuesday consider approving the spending plan for incoming federal Housing and Urban Development funding, a new map shows property values have not decreased in any city neighborhood because of affordable housing projects.
The information refutes what’s often the leading cause of neighborhood opposition to such development.
“According to the data we have, there is not a single place in the city of Colorado Springs where a low-income project has brought down property values in the last five years,” said Steve Posey, HUD program manager.
That’s also not the case in other states, said Daryn Murphy, vice president of development for Wisconsin-based Commonwealth Development Corp.
“We hear that argument quite often, but we haven’t seen where it actually plays out,” he said.
At least six sections of the city where tax-credited affordable-housing projects have been built are among the neighborhoods that have seen property values increase the most in recent years, Posey noted.
City officials expect to receive an estimated $5 million in HUD funding to address priorities for affordable housing, homelessness prevention, economic development, nonprofit assistance and improvements in low-income neighborhoods. The funding starts April 1 and covers the second year of a