PRICES

he was quickly denied. He was told his income, roughly $56,000 when he applied, exceeded the cap by less than $1,000.

Laney said he was actually making less than that, about $54,000, but because Habitat counted his “unrealized interest gains,” such as money held in stocks, Laney was over the threshold.

Habitat was also only looking at the income of recent months, Laney said, rather than his income over the past year. is made it look like he made more than he did because his month-to-month income would uctuate dramatically based on tips. He applied again and was denied again, this time for making just $300 more than the cut-o . But, a slow month at work turned out to be a good thing. His income dipped just enough that by the third time he applied he made it on the waitlist. at did not come with the guarantee of a home. Laney was in a line of people just like him and demand far outweighed supply. Number 10 was his position. Who knew how many more were behind him, he thought. en it happened. Laney was made an o er, a 1,275-square-foot programs were known as Section 8, but experts have widely replaced this language in an e ort to be more accurate about the type of rental assistance and to avoid the stigma the term carries with it.

Housing choice voucher programs, which are implemented by local authorities like Maiker, subsidize rent to help “very low-income families, the elderly and the disabled a ord decent, safe and sanitary housing,” according to HUD.

On one hand, vouchers make it possible for those without other options to have a roof over their heads.

But, according to housing experts, the program is not a fast-track to housing for many people in need, as it faces a range of issues from lack of funding to scarcity of units.

Eligibility

Within housing choice voucher programs, vouchers may be earmarked by local authorities for different types of rental assistance.

For example, some public housing authorities o er vouchers speci cally for veterans or for families whose lack of adequate housing is the primary cause of the separation of a child from their family.

Another type is what HUD calls “project-based” vouchers. ese o er rental assistance that can only be used for speci c properties approved by the public housing authority. is is the type of voucher Hernandez received.

Hernandez said the voucher helped him nancially, emotionally, physically and mentally, but being tied to one apartment complex has its downfalls. If he could choose, he said, he would rather live in a place with di erent management. In his complex, he feels like he and his neighbors are treated poorly, partially because they have low incomes. But the most common type of housing choice voucher allows a recipient to choose where they want to live among properties in the private market. A HUD senior o cial told Colorado Community Media in a call that after 12 months, participants in the project-based voucher program can typically request to have this type of voucher, which is more open-ended.

Properties for a typical housing choice voucher must meet standards of health and safety before a tenant can move forward with a lease. In addition, public housing authorities review rents to ensure they are reasonable for the speci c housing market, according to HUD. Families with vouchers generally pay 30%-40% of their monthly adjusted gross income for rent and utilities, according to HUD. e public housing authority covers the rest. In Colorado, landlords are re- the a ordability of homes even as property values rise elsewhere. e owners of these units will see some equity from their homes, Hilberg said, about 2% each year. But it won’t be enough to match the likes of homeowners who have used their growing property values to build decades of generational wealth. detached home near Ketring Park in central Littleton valued at $285,000, roughly a third of what similar properties sold for.

“A lot of families use this as a starter home option and they do gain enough equity and stability to turn that into a down payment on a home in the open market,” Hilberg said of homes under land trusts.

But fathoming a concept like equity is a luxury for those who still can’t buy a house on the market, Laney said.

“I can’t even express how happy I was,” Laney said. “I’ve been living and serving this community for 10 years and I want to live here.”

Still, the program has some drawbacks compared to traditional homeownership. Laney cannot build as much equity as many of his neighbors because he does not own the property the home sits on.

Instead, it is owned by something called a land trust — a collection of entities.

“ e beauty of the land trust is it removes the cost of the land from the equation from the cost of the home,” said Kate Hilberg, director of real estate development for Habitat for Humanity. “It allows the homeowners to pay on that mortgage for that home and improvements to that home but not the land.”

Land trusts are crucial tools organizations like Habitat use to lock in

While he’s thankful for what Habitat did for him, he fears the few dozen homes it manages in Littleton can only go so far to meet the demand of hundreds, if not thousands, of residents who have struggled as he has.

“ ere isn’t enough income-based housing for people … the people who live and work in this community can’t a ord a house,” Laney said.

“We can’t all win the lottery.”