SolidGround Solutions (SGS) is a nonprofit organization that exists to positively impact individual lives and communities with an emphasis on providing quality, safe, and affordable housing solutions. SGS plans to strategically support and partner with other qualified nonprofit organizations that are working towards the same goal.
SolidGround Solutions will develop opportunities to create affordable housing through ground-up constructions, converting existing structures to apartments, or acquiring existing apartments. Our goal is to help provide relief for the poor and distressed by placing a range of deed restrictions on properties that include restriction levels for very-low-income to low-income residents to achieve housing stability for a particular community (*see deed restrictions below).
Types of housing activities SolidGround Solutions will own and manage:
Data has shown that Colorado has a shortage of nearly 121,000 affordable rental units. The Colorado Housing and Finance Authority (CHFA) reports that nearly half of all Colorado renters are considered cost-burdened, spending more than 30% percent of their household's monthly income on housing. An additional 24% are severely cost-burdened, spending more than 50% of their household's monthly income on housing.
The average home price in the state increased 130% from 2011 to 2021. Statewide, the median price increased an additional 7% from January to February 2022 and the median price is now $555,540, a 90% increase over March 2021. The townhouse and condominium market also reached a new pricing level in February 2022 and now stands at $402,390, which is an increase of 17% from February 2021. In 2024 the average per-unit cost to develop is $433,964 (Data). Six out of ten Colorado households are unable to afford the average-priced home. See the chart below for expanded details specific to Colorado Springs.
*Deed restrictions on a property limit the maximum rent level in alignment with lower-income families. This is measured using Income Limit and Maximum Rent Tables provided by CHFA annually. Rents will be based on the Adjusted Median Income (AMI) of a particular county and number of persons per household.
In summary, the lack of affordable housing has:
SolidGround Solutions will raise funds and apply for federal, state, and private grants to fund these activities. SGS will utilize any excess funds from donations, grants, or property operations to support the acquisition of additional affordable housing and partner with other qualified nonprofit organizations.
solidgroundnp.org