Colorado-Real-Estate-Journal

Page 26 — Multifamily Properties Quarterly — February 2024 www.crej.com A ccording to the “Roadmap to Colorado’s Future: 2026” released by Colorado Gov. Jared Polis in December, Colorado is the 12th most expensive rental market and sixth most expensive homeownership market in the United States. And according to research from the Intercontinental Exchange, “It now takes nearly 41% of the median household’s monthly income to cover the principal and interest pay- ments on a median-priced home,” making this the least affordable market since 1984. At lunch with a friend who just returned from living in Pittsburgh, I learned the gap between the ceiling of affordable housing rents and the floor of market rate rents is consid- erably lower there than here (which, according to Scott Rathbun, presi- dent of Apartment Appraisers and Consultants, is now 34.4% in the Denver metropolitan statistical area) and the problems of homelessness not as readily apparent or as great. Data from the annual Point in Time surveys conducted in both cities show that the homeless population increased 19.4% in Pittsburgh and 31.76% in Denver from 2022 to 2023. The presence of the homeless on the streets of Denver and suburbs has become much more visible than in years past, and the efforts of Den- ver Mayor Mike Johnston to address that presence was the hallmark of his first few months in office. While the obvi- ous presence of the unhoused on the streets of Denver has been resolved through the pro- vision of hotel rooms converted into shelters, the increase in the supply of perma- nent accommoda- tions and delivery of the supportive services for the residents of that housing remain major challenges. This Affordable Housing Spotlight will spotlight how those challenges are being met by different organiza- tions. There is no one-size-fits-all solution as the problem can be defined most closely in terms of the fable involving the six blind men and the elephant. Look it up. In this issue, you will hear from the Colorado Housing and Finance Authority about how the resources it makes available are being used to develop permanent supportive housing around the state. Different organizations describe how they are creating incremental solutions as they are able, given the limited resources available. We will shine a light on an effort by Starbucks to support its baristas in serving the unhoused. And you will read about other aspects of the residential care being provided for the home- less as they emerge from hospitals in need of respite care and begin the final exit from life with more comfort instead of meeting their ends on the streets. Finally, you will find a review of a book that seeks to humanize the way we see the homeless. Awareness and concern over the problems of homelessness have given rise to a greater level of political will to try to address the issues and solve them as well as possible, given the limitations of time, dollars and other demands for their use. Read on and be thankful that you are able to do so and not on the street in the cold of Stock Show weather. s rodger.hara@comcast.net From the desk of Rodger Hara Homelessness in metro Denver: Searching for solutions 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 sgraber@gershman.com MICHAEL THOMAS Managing Director 303.810.5170 mthomas@gershman.com KEVIN MUESENFECHTER Managing Director 816.585.1963 kmuesenfechter@gershman.com 27 Investing in permanent supportive housing Kathryn Grosscup 27 Starbucks & St. Francis team to help unhoused Nancy Burke 28 Resolving homelessness: Supportive services Cathy Alderman CONTENTS 28 RecoveryWorks: Respite care for Jeffco homeless James Ginsburg 29 Providing refuge: Hospice care for the unhoused Brother James Patrick Hall 29 A powerful new book humanizes the homeless Kate Greuel

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