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The Middle Income Housing Authority (MIHA) was established by Colorado SB22-232 and amended by SB23-035 . MIHA is a special purpose authority independent from the state whose purpose is to promote affordable rental housing projects for the middle-income workforce throughout Colorado.MIHA is governed by a Board of Directors composed of appointees by the Governor, the OEDIT Executive Director, and DOLA’s Division of Housing Director. MIHA will support middle-income workforce housing by providing financing opportunities for rental units between 80% and 120% AMI, or 140% AMI for rural resort areas. The primary tools offered by MIHA include issuing bonds and entering into public-private partnerships. The MIHA Board of Directors makes all decisions for the Authority. MIHA is currently administered by the Colorado Office of Economic Development and International Trade (OEDIT). MIHA has partnered with Sierra Management Group as the financial advisor for application review. Sierra Management Group provides financial advisory services.MIHA has the power to issue bonds to finance affordable rental housing projects or to accomplish any of its powers or duties relating to affordable rental housing projects. The bonds may be payable from any the revenues or assets of MIHA and may be secured by any of MIHA’s revenues, assets or property. MIHA’s income, property, bonds and interest on MIHA’s bonds are exempt from state and local taxation and assessments and its purchase and use of property are exempt from state and local sales and use taxes. MIHA may make payments in lieu of taxes to the state or local governments.MIHA is currently administered as a pilot program with the goal to select up to 3,500 proposed middle-income units for bond financing. Eighty percent of the units must be new build construction. A report on the pilot program will be submitted to the legislature as this goal nears completion.
A family poses for a photo in their new home.
Middle-income workers in Colorado face a rising shortage of affordable housing—a gap that is unfilled by private market development and most existing affordable housing programs. Many state and federal affordable housing programs, including low-income housing tax credits (LIHTC), serve individuals and households at 80% AMI and below. MIHA is uniquely positioned to serve households between 80% and 120% AMI, or 140% AMI in rural resort communities. Creating housing at these AMI levels helps renters including nurses, teachers, firefighters, and other members of communities who earn too much to qualify for governmental housing subsidies and for whom the market is not building new housing.
According to data reported by the Rocky Mountain Institute, Colorado needs approximately 325,000 housing units to stabilize housing prices.
Powers of the Authority
MIHA has the power to acquire, own, operate, and finance affordable rental housing projects.
MIHA has the power to issue bonds to finance affordable rental housing projects or to accomplish any of its powers or duties relating to affordable rental housing projects. The bonds may be payable from any the revenues or assets of MIHA and may be secured by any of MIHA’s revenues, assets, or property.
MIHA is authorized to enter into public-private partnerships and to contract with experienced real estate professionals to develop and operate affordable rental housing projects.
MIHA may provide housing assistance to tenants in its affordable rental housing projects to help them purchase homes, but the assistance may only be provided from funds not needed for developing projects.
In March 2023 MIHA launched the initial project selection process and conditionally selected six projects. MIHA will reopen the selection process in the Spring of 2024, sign up for MIHA emails to stay informed. MIHA is seeking new units in addition to acquisition projects and is required to maintain at least 80% of its portfolio as new units.MIHA is authorized to issue tax exempt bonds to finance affordable rental housing projects. The bonds will be payable from the project revenues. Once MIHA establishes a portfolio of projects, the bonds may be secured by MIHA’s revenues, assets or property.Developers are expected to submit a complete list of funding sources in addition to the MIHA bonds. Private sector developers fees are limited to an amount less than the customarily used for LIHTC projects as of June 3, 2022.
A family moves into their new home.
The Authority shall give preference to proposed Affordable Rental Housing Projects that promote one or more of the following goals and objectives:
Increase the supply of affordable workforce housing in urban, rural, and rural resort communities across the state that responds to each community's demonstrated need for middle-income projects in which at least 60% of units within a particular development are available to rent or are actively rented to middle-income individuals and families.
Create opportunities to build intergenerational wealth for families.
Meaningfully contribute to the alleviation of housing pressures the local workforce faces.
Provide for the long-term affordability of rental units.
Have minimal negative impact on existing or planned affordable housing projects in the state, which impacts shall be evaluated by the Authority in consultation with other housing authorities, nonprofits, local governments, or any other applicable entity.
Target a diverse range of income levels within the income restricted housing component for middle-income individuals and families and proposes at least 30% of the rental units for individuals and families with annual income of the household at 80% of the AMI of households of that size in the county in which the housing is located or demonstrably targets the lowest possible AMI for middle-income individuals and families given the proposed scope of the development.
Promote mixed-income development where a percentage of units, proportional to the local demonstrated housing needs within a particular development, have restricted availability to households at the income levels for middle-income individuals and families. The percentage of restricted units and affordability levels must comply with any local laws promoting the development of new affordable housing units.
This list of criteria can be found in See Section 29-4-1107(1)(c)(I-VII) of SB22-232.
A key for a housing unit is featured.
New housing is being built in front of a sunny backdrop.
MIHA in the News
Denver Voice: Gov. Polis proposes plan to build more housing as units for low-income Coloradans disappearOEDIT Press Release: OEDIT Announces Former San Miguel County Commissioner as Head of New Innovative Housing Programs
Links & Resources
Colorado SB22-232: Creation Of Colorado Workforce Housing Trust Authority
ColoradoSB23-035: Concerning the operation of the Middle-Income Housing AuthorityHousing in Colorado
Colorado Housing and Finance Authority: Area Median Incomes By County and Household Size - 2023
Bell Policy Center: Colorado Housing Primer
Colorado Newsline: Gov. Jared Polis Delivers Housing-Centric State of the State Speech to Colorado Lawmakers
Roadmap to Colorado's Future: 2026:Community Need & Support
Urban Institute: Seven Ways to Improve Community Involvement in Local Policymaking
Colorado Health Institute: Making a Home for HealthOffice of Economic Development and International Trade Newsletter
Sign up for the newsletter at the bottom of OEDIT's homepage.
Additional Middle-Income Funding Resources:Colorado Housing and Finance Authority (CHFA) Middle-Income Access ProgramColorado Energy Office
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Accepting Applications for MIHA Board Member
MIHA is accepting applications to fill a vacancy on the Board. If you are interested in applying, please submit an application here. Applications are due by May 15, 2024.
|Coming Soon! Updated webinars on MIHA - background and how to apply. Exact dates TBD.
|Regularly scheduled Board meetings
|Regularly scheduled Board meetings
|MIHA Overview Event - Virtual - View the slides and the recording.
|Stakeholder Event (In-Person) Location: Gary Community Ventures, 1705 17th St #200, Denver, CO, 80202
|Stakeholder Event (Virtual) Location: Virtual - View the slides and the recording.
The Middle Income Housing Authority is required to submit quarterly reports, annual reports, and annual budget documents. MIHA must also publish a pilot program report once the goal of creating or preserving 3,500 middle-income units is near completion. Links to these reports can be found below or are available upon request.
Frequently Asked Questions
Please check back soon for an updated list of FAQs.
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