Glossaryof Housing Terms
In 2021, voters in Leadville approved a 3% tax to build a Housing Fund, the first fund created to build housing and provide educational housing programs. The tax is paid for by guests of lodging enterprises for short term stays (less than 30 days).
Housing is “affordable” if the amount of money spent by a household on rent (including utilities) or mortgage payments (principal, interest, taxes, insurance, and any HOA dues) does not exceed 30% of the Household’s gross combined income.
Housing units available to residents for purchase without undue burden.
The middle number on a spectrum of incomes. By definition, half of an area’s incomes are below AMI, and half are above it. The default household size, unless otherwise stated, is 4.
The term that Lake County Housing Coalition uses to describe affordable, attainable, and workforce housing when advocating for housing issues
Organizations that work to develop and/or acquire affordable housing and preserve its affordability through a long-term land-lease. A person living in a CLT home owns the home itself and any improvements to the building, but the CLT owns the land underneath it, which it leases to the homeowners at a low rate. This allows homes to be less expensive–since the value of the land is not included in the purchase price–and allows the CLT to maintain an ownership interest in the property to ensure that it remains affordable for the next buyer. CLTs are usually managed by a board where at least 1/3 of members are local residents. CLTs are sometimes used to create and preserve community-serving commercial and retail development as well.
A document that governs the development of, admission to, and occupancy of deed-restricted Community Housing units for residents throughout Leadville/Lake County. This document is currently being reviewed and approved by Leadville City Council, and the Lake County Board of County Commissioners.
A household is cost-burdened if they spend more than 30% of their gross combined income on rent or mortgage payments. Utilities, taxes, insurance, HOA dues, etc. are included in the cost of rent/mortgage.
A legal document used to restrict the use of real estate, typically by defining who can own that home (eg. County employees, income qualified people). These specifications are listed in the deed. Refers to community guidelines for details and process guidance.
Housing that is restricted by land-use code, zoning regulations, deed restriction, or any other written method intended for a particular employment situation and/or income population.
Services which are necessary to maintain the health and welfare of the community. These include but are not limited to: executive governance, healthcare, fire and police protection, basic sanitation, including clean water, sewage, and garbage removal.
Personnel needed to maintain essential services. Elected officials will define what services they consider essential.
The difference in price between market rate and “affordable” housing. Often this gap is subsidized to developers to make housing units available to the community for below market rate.
The sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes.
The difference in health outcomes between groups within a population.
Ensuring that everyone has the chance to be as healthy as possible.
A household is housing insatiable if they are severely cost-burdened (%50 or more), overcrowding ( less than 165 square feet per person), frequent moving, poor housing conditions, and or experiencing homelessness.
One or more persons who intend to live together on a property as a single housekeeping unit.
A group of volunteers who work to advance Community Housing options in our community. Their mission is to enact strategies to eliminate barriers to quality, healthy housing for all Lake County residents. Their vision is to support a diverse Lake County community where all community members can access quality and healthy housing.
An organization created by the City of Leadville to perform housing program management and development on behalf of a municipality, county, or region. The Leadville Housing Authority has the legal ability to provide various housing services that benefit the citizens of Leadvile such as being exempt from paying state or local taxes on housing developments. The Leadville Housing Authority was created in 1981. They run the Mount Massive Manor, an affordable housing apartment complex for the elderly and disabled community. Currently, the Leadville Housing Authority can only serve community members who live within city limits.
Hotels, motels, hostels, campgrounds, residential properties rented for less than 30 days (including properties listed on Airbnb, VRBO, and with property managers),
A term used by many cities and counties to calculate the value of a property it will assess for taxes. 1 Mill = .0001 or 1/10th of 1 cent. 10 Mills translates to about a 1% tax rate.
A type of housing authority established between jurisdictions to provide housing authority programs for more than one jurisdiction.
A property where the occupants reside a minimum of nine (9) months per calendar year.
Volunteer advisory board with members who are appointed by elected officials. The commission reviews matters related to building and land use.
Housing created to serve local workforce employees.