The nation’s affordable housing bucket is leaking. In many cases the expiration of typical rental affordability restrictions lasting only 15-30 years or the eventual sale of existing affordable single family homes at market rates, are projected to far outpace the creation of new affordable units.

John Davis, partner and co-founder of Burlington Associates in Community Development, explains in his recent Shelterforce article “Plugging the Leaky Bucket: It’s About Time,” the solution to our affordable housing shortage is not just about building new homes, but building homes with long-term affordability.

He states, “As fast as money flows into the system, subsidizing production and consumption, dollars and homes gush out the bottom.”

Evans Station Lofts by Medici Communities

As the entire Denver region considers ways to preserve affordability, while also increasing our affordable housing supply, we must consider alternative policies. Denver faces an affordable housing crisis, and simply building more new units is not the best answer.

ULC and Colorado’s community land trust sector are addressing this issue through the use of long-term ground leases and deed covenants. ULC’s 99 year ground leases for affordable housing and other community benefit uses (including the Jack Vickers Boys & Girls Club) protects these investments for generations, and creates permanent affordability.

Park Hill Station Apartments by Delwest

ULC’s President & CEO Aaron Miripol states, “Plugging the leaky bucket will require new policies; supporting long-term affordability linked to a dedicated revenue stream that prioritizes the use renewable long term ground leases and deed covenants to extend affordability benefits in perpetuity. Only then can we collectively begin to solve our affordable housing shortage.”

As the Denver region continues to wrestle with the issues of displacement and limited affordability the question is, are you ready to be part of the solution?

ULC’s Dahlia Apartments