S.T.E.E.R. Committee (Stakeholder Taskforce for Evaluation and Endorsement of Revenue-streams)
RHA's Role in Housing Solutions
Established in 2004 under a 2003 statute, the RHA was created as a multi-jurisdictional housing authority, empowering local governments to collaboratively levy public funds or facilitate bond financing for housing initiatives. One of RHA’s foundational purposes is to create and manage a local housing fund.
In May 2022, the RHA reaffirmed its commitment to assessing potential sustainable revenue sources and presenting recommendations to a broader community stakeholder group. According to the La Plata County Three-Year Workforce Housing Investment Strategy, commissioned by the Economic Development Alliance, RHA is uniquely positioned to:
- Coordinate local government technical assistance.
- Track countywide project pipelines and manage requests requiring interagency collaboration or local resource matching for competitive state and federal programs.
- Implement and oversee a long-term funding source for housing initiatives in La Plata County.
Funds generated through public revenue streams would be administered by the RHA Board of Directors, representing four local governments. These funds would support innovative housing solutions, predevelopment costs, staffing, capacity building, land acquisition, infrastructure, policy and research initiatives, public-private partnerships, and gap or match funding to enhance regional housing inventory.
By exploring and establishing sustainable funding mechanisms, the RHA aims to strengthen La Plata County’s ability to address its workforce housing needs, ensuring long-term housing stability and community resilience.
2025 - S.T.E.E.R. Evaluation and Endorsement Process
Meeting #1 (March 3, 2025) - Overview of new La Plata Housing Needs Assessment, review of current housing challenges, introduce narrowed list of potential revenue streams, and set expectations for upcoming meetings.
Meeting #2 (late March) - Dive deeper into specifics of potential revenue streams, discuss feasibility, and begin evaluating pros and cons. Review early findings from legal and financial assessments.
Meeting #3 (late April) - Finalize revenue stream options, refine pros and cons, and prepare recommendations. Review final legal review and financial analysis on potential revenue streams and funding mechanisms.
Meeting #4 (May) - Convene to finalize the committee's findings on whether a local funding source is feasible and make a final recommendation to present to RHA Board.
Frequently Asked Questions (FAQ)
1. Why do we need a local housing fund; I thought the state just passed Proposition 123 and there are millions of dollars available for housing?
Although the state did just pass a new measure that created hundreds of millions in new resources the demand for these resources is significant. The first few application rounds were oversubscribed 10 to 1. As a result, communities are recognizing the need to provide funding for projects at the local level to make their state applications for funding more competitive.
2. What would local housing resources be used for?
Funds generated through public revenue streams would be dedicated to implementing the Three-Year Workforce Housing Investment Strategy (updated April 2024), which outlines the critical steps needed to expand affordable housing for the local workforce across La Plata County. This strategy encompasses rental housing, homeownership opportunities, initiating new housing developments, preserving existing affordable units, and establishing a local housing trust fund.
The strategic plan aims to create 715 new units or mortgages and preserve 120 existing units, addressing the county’s most pressing housing needs. Administered by the RHA Board of Directors — representing four local governments — these funds would support a range of initiatives, including:
- Staffing and Capacity Building: Strengthening local housing efforts through dedicated personnel and expertise.
- Innovative Housing Solutions: Exploring unique and creative approaches to below-market housing.
- Predevelopment Costs: Catalyst Fund e.g. Covering feasibility studies, site assessments, and planning expenses.
- Creative Financing: Catalyst Revolving Loan Fund program.
- Land Acquisition and Infrastructure: Securing sites and essential utilities for housing projects.
- Policy and Research Initiatives: Informing future housing strategies through data collection and analysis e.g. Housing Needs Assessments and Housing Action Plans.
- Public-Private Partnerships: Leveraging funds to attract private investment and accelerate development.
- Gap or Match Funding: Bridging financial shortfalls to make projects viable and competitive for state and federal programs.
By aligning resources with the Workforce Housing Investment Strategy, the RHA aims to build a more sustainable and attainable housing landscape, ensuring La Plata County remains a thriving, inclusive community for years to come.
3. What is the Housing Catalyst Fund?
The Economic Development Alliance launched a Catalyst Fund–a grant program dedicated to funding predevelopment activities and to spark development in the region.
4. What is the Housing Catalyst Revolving Loan Fund?
The RHA received nearly $1 million from the Durango Industrial Development Foundation (DIDF) that was used to to create low-interest Catalyst Revolving Loan Fund program to stimulate workforce housing affordable and attainable housing projects already permitted and in the construction financing stage of a project.
5. Who would administer the fund?
RHA is requesting that the STEER Committee provide feedback on questions such as this one. There are a few options for fund administration and transparency in the funding decision process will be essential.
6. What is the timeline for this initiative?
The STEER committee is reconvening in February 2025 as exploration of sustainable funding sources for housing continues. They are tasked with deciding if a public funding source is viable; answering what source, when, and how it would be pursued. They would also identify education opportunities and provide some feedback on how the fund could be administered.
