Page 30 — Multifamily Properties Quarterly — November 2023 B efore he became mayor of Denver, Mike Johnston was a state senator serving northeast Denver and then became chief executive officer of Gary Community Ven- tures, where he led the creation of a coalition of nearly 300 communi- ty and business leaders that helped get Proposition 123 passed by vot- ers in 2022. According to a database of ballot measures maintained by the National Conference of State Legislatures, Proposition 123 was the first statewide affordable hous- ing initiative on any ballot in any state for the 2022 elections. The Affordable Housing spotlight this quarter will shine on how Proposition 123’s estimated $300 million is being administered by the Colorado Department of Local Affairs Divi- sion of Housing and the Colorado Office of Economic Development and International Trade and its partner the Colorado Housing and Finance Authority. The magnitude of the need for more housing affordable to more people and the services that they need is such that $300 million won’t go far in meeting that need. It will, however, help leverage other resources so that the total impact will be far greater and begin to address some of the most critical needs. Public awareness and acknowl- edgement of the need for afford- able housing has grown in recent years, as the homeless encamp- ments on the streets of Denver and other major cities has raised the consciousness of elected offi- cials to the point where they now support efforts to increase the supply of affordable housing that they once would have rejected. Requirements for access to funds from Proposition 123 are such that elected officials have had to put up or shut up and take affirmative on- the-record action. The state of the world, the econ- omy and time will tell how effec- tive it will be – at the very least, it represents more resources than we have now. s From the desk of Rodger Hara: Fresh funding sources for affordable housing Rodger Hara Principal, Community Builder Realty Services AFFORDABLE HOUSING Founded in 1953, Gershman Investment Corp. is one of the nation’s longest running, family-owned lenders. As both a MAP and LEAN approved HUD lender, the company specializes in HUD/FHA insured financing for multifamily, senior housing and healthcare sectors. Gershman focuses on providing unparalleled expertise, execution and service for its clients. Gershman is a national leader in this niche type of financing and has the ability to offer financing in every state. • MULTIFAMILY • SENIOR HOUSING • ACUTE CARE HOSPITALS • NEW CONSTRUCTION • SUBSTANTIAL REHABILITATION • MODERATE REHAB • REFINANCE /ACQUSITION • MARKET RATE & AFFORDABLE SCOTT GRABER Senior Managing Director 206.276.4402 MICHAEL THOMAS Managing Director 303.810.5170 KEVIN MUESENFECHTER Managing Director 816.585.1963 Brandon Griggs The magnitude of the need for more housing affordable to more people and the services that they need is such that $300 million won’t go far in meeting that need. 31 Proposition 123: The role of the division of housing Chynna Cowart 31 Creating housing stability, economic prosperity Steve Johnson CONTENTS 32 Transforming lives, filling jobs, creating community Jared Miller