City of Pueblo approves major funding for affordable housing

During a recent government meeting, the City of Pueblo's council voted on significant financial measures aimed at supporting local housing initiatives. The council voted 6-1 against an amendment related to the Community Development Block Grant (CDBG), with Councilor Sarah Martinez casting the sole dissenting vote. Council members expressed confidence in the CDBG committee's thorough review process and opted to proceed with the vote that evening.

Following this decision, the council moved on to discuss an ordinance that authorizes the assignment of a substantial private activity bond allocation to the Colorado Housing and Finance Authority (CHFA). This allocation, amounting to $7,064,348, is part of the Colorado Private Activity Bond Ceiling Allocation Act and is intended to finance mortgage loans for low and moderate-income families in Pueblo County and across the state.

The funds will specifically support the Compass Point apartment project, a proposed 192-unit multifamily development located off Berkshire Lane. This project was the only one to submit an application to CHFA during this allocation round, prompting the city to commit its bond allocation to ensure its advancement.

The meeting underscored the council's commitment to addressing housing needs within the community, reflecting ongoing efforts to enhance affordable housing options for residents.