Bob Pinnegar, NAA CEO meets LIVE Denver Partners
The President and CEO of the National Apartment Association, Bob Pinnegar, met with LIVE Denver partners this week, to discuss the first of its kind, affordable housing program.
LIVE Denver is a two-year pilot program built through public-private partnership. It creates immediate affordable housing options by connecting vacant market rate apartment units with workforce families and individuals through coordination with the Apartment Association of Metro Denver, Denver Housing Authority, the Office of Economic Development and employer partners. LIVE Denver bridges the gap in contract rent and participant ability to pay through funds provided by the City, foundations and employers.
Pinnegar visited with property managers that are taking community responsible measures by providing apartment units to the LIVE Denver program. During the visit, Bob also met with employer partners seeking housing for their employees, and the Denver Housing Authority partners who work with the property managers to determine reasonable market rent for each unit and provide pre-screened prospective employed tenants to fill those units.
LIVE Denver is an integrated and transitional program which provides housing opportunities to the 40-80% AMI spectrum of employed Denver citizens. In real terms this means an individual earning between $23,520 and $47,040 or a family of four earning between $33,560 and $67,120 annually. The renter pays 35% of rent and the program fund provides the remainder.
In this program, the housing provider receives two rent checks each month for the two year term, uses the same lease, credit check and intake process that is currently in place. The security deposit is a lien on the escrow and there are no inspections.
Through the Office of Economic Development, the program has an added a financial literacy component for the renter. At the end of the term, the renter is also provided a savings account of 5% of the monthly rent during their two year term, to assist them in future housing choices or education.
By connecting workforce individuals and families with vacant market rate apartment units, families and individuals are housed affordably, partner employers retain their employees, property managers have occupied units and are actively responding to address an affordable housing need in the community. LIVE Denver serves as a model for our industry in other markets to be proactive in addressing the housing challenges we face in our communities.