Prosper CO is the Denver Metro Chamber of Commerce’s initiative to make Colorado the best place to live, work and do business no matter your race, ethnicity or gender. We recognize that policy is incredibly influential to that goal, and we are working to support that vision at the Capitol. Our policy team has engaged in legislation to expand workforce housing, remove barriers to gainful employment, upskill and reskill the workforce and help women and people of color in business.
A Prosper CO priority for this session is fair chance hiring, which helps eliminate unnecessary employment barriers for people with criminal histories. One fair chance hiring bill currently working its way through the legislature is House Bill 1098, which requires an investigation into what barriers exist for licensing, certification and registration of individuals with a criminal history, and it limits the ability for a regulator to deny a certification due to someone's criminal history if it isn’t relevant to the certification they are pursuing. The Chamber and Prosper CO believe that people with criminal histories deserve a fair and transparent process when applying for jobs and certifications related to their career goals, and we support this bill.
One of the most significant obstacles to the success and competitiveness of our region is the dearth of workforce housing. Prosper CO is working to creatively address the imbalance between supply and demand for workforce housing, so that people who want to work in Colorado can afford to live here. House Bill 1051 aids this priority by extending the affordable housing tax credit for another ten years and increasing the credit’s funding. The affordable housing tax credit is a proven, effective program, and the Chamber and Prosper CO support the expansion and continuation of this program.
Prosper CO's efforts to build Colorado's economy and workforce are an integral part of the Chamber's approach to policy. We also support the following legislation aligning with our Prosper CO initiative:
While Prosper CO advocates for legislation that supports Colorado's workforce, housing efforts and business community, this initiative is also taking advantage of opportunities to equitably grow our economy. Prosper CO and the Metro Denver Economic Development Corporation (EDC) are a part of the Colorado Coalition, led by Innosphere Ventures, which has been named a finalist for the Economic Development Administration's Build Back Better grant program.
The Colorado Coalition is one of 60 semifinalists competing to win $100 million from this grant to grow Colorado's bioscience and cleantech industries. They are proposing more than $510 million in non-construction and construction projects, resulting in 8,000 new direct jobs and 3,200 additional indirect jobs in bioscience and clean teach with a 75% increase in research and development output and total investments. Prosper CO was an integral and competitive piece of the grant application, ensuring that as we develop these sectors, they have a foundation for equity, diversity and inclusion and are prepared to support diverse workplaces.
This proposal will accelerate innovation, promote economic growth and ensure equitable job creation in two of Colorado's leading industries. This grant funding has the potential to protect Colorado against future economic shocks and position the United States as an international leader in biosciences and cleantech. We are grateful to have been invited to join the Colorado Coalition's funding bid and are eager to scale up Prosper CO in our advanced industries sector.
To read bill summaries and justifications, visit our current legislation page.
Here are the bills we took a stance on this week.
Support
Oppose
Read our justifications for these positions and more on our current legislation page.
Have questions or concerns about policy? Contact our Government Affairs team.
The economy is looking better every day. Colorado’s labor force participation is third strongest in the nation at 68.5%. Our Metro Denver Economic Development Corporation’s active prospect list contains more qualified leads for companies considering expansion or relocation to metro Denver than in any of the past six years. And new business filings posted record gains in the second quarter, increasing 25.7% year over year.
But we know there’s more behind those numbers through our work with Prosper CO. We want to know whether everybody is able to access the opportunities available through our growing economy. Prosper CO has the most comprehensive data on the disparities for women and people of color in our region and we are using that information to drive our strategies and break down barriers. Here’s a recap of some of what we’ve been up to the past few months.
In partnership with our Denver Metro Small Business Development Center, we are creating a procurement database that will connect employers who want to diversify their vendors with businesses owned by women and people of color. Soon, we’ll have this database in place so our members can easily invite more diverse businesses to bid on work with their companies. (If you want to be included in this database, contact Denver Metro SBDC Director China Califf with our SBDC.)
Many of our members have been working to diversify their supply chains and relationships for some time. Pinnacol Assurance, Colorado’s largest workers’ compensation insurance carrier and longtime Chamber investor, has been working with Prosper CO and the SBDC to make sure the company’s 11,000 vendors with $200 million in business are more representative of the region’s demographics. Read the case study on the Pinnacol’s work.
Our members are committed to ensuring the success of these small businesses as well. Comcast through its Comcast RISE program has awarded 62 Colorado small businesses owned by people of color with the opportunity to receive marketing, creative, media and technology services. Recipients are announced at the end of each quarter. The current deadline to apply is Oct. 16.
Building Wealth Through Homeownership
Home equity is the most common way families begin to build wealth, and while we’re happy that so many people want to move to our region, we know it comes with a cost, literally – rising home prices. In July, the median housing price hit $544,400.
Earlier this year, the Milken Institute ranked Denver as the 11th best-performing large city in 2021. But housing affordability is one of the things keeping us from being higher. Denver ranks 141 out of the largest 200 metro areas in the nation when it comes to housing affordability. That reality hurts our workforce and that workforce means everything to our economic success.
We all know that people of color have long been left out of homeownership opportunities. In 2017, Black and Latinx people accounted for 25% of the metro region’s population, but only 12% of workers earning the regional average wage of $63,080. Fewer than half of Black Coloradans and 54% of Latinx Coloradans own their homes, compared to nearly three-quarters of white Coloradans. And, our members are committed to changing this reality.
It’s why we’re advocating for key policy changes with our lawmakers. This last legislative session, we supported three bills that will help address housing affordability.
We also hosted an event with Minneapolis Mayor Jacob Frey and are continuing a conversation with 14 Denver metro area mayors to talk about ways we can update zoning codes to allow for accessory dwelling units and more duplexes and triplexes, which reduces land costs helping lower the final cost of a home.
Once again, our members are stepping up in this area, too. FirstBank recently launched the PATH (Providing Access to Homeownership) grant program, which strives to remove barriers to homeownership for the Black and African American community in Colorado through down payment assistance of up to $20,000. FirstBank is also partnering with The Dearfield Fund to further assist with down payments for Black and African American first-time homebuyers. While FirstBank’s PATH program is a true grant with no required repayment, the Dearfield Fund is an equity share program. Both are great resources for borrowers who need down payment assistance. FirstBank recently shared more about their diversity work in a Prosper CO case study.
This fall, Prosper CO will continue to share strategies that employers can implement to ensure we are building an economy that works for everybody. Don’t miss the latest news. Subscribe to the Prosper CO newsletter and learn more about getting involved by reaching out to Lorena Zimmer.
Stay well everybody.
Kelly Brough is the president and CEO of the Denver Metro Chamber.
Denver Metro Chamber of Commerce, Prosper CO and JP Morgan Chase Convened Local Mayors, Housing Experts and Business Leaders to Discuss Housing Strategies
DENVER – The Denver Metro Chamber of Commerce, Prosper CO and JP Morgan Chase hosted Minneapolis Mayor Jacob Frey and Community Planning Manager Paul Mogush in a virtual event to share their insights on how changes in zoning can increase housing affordability. Denver Metro Chamber President and CEO Kelly Brough moderated the discussion.
Prosper CO, an affiliate of the Denver Metro Chamber of Commerce, is committed to researching and developing strategies to remove barriers to economic mobility in the Denver metro area. The organization surveyed and interviewed hundreds of community members, business leaders and public officials, and 94% of employers identified the cost of housing as the greatest challenge to our region’s workforce. A recent survey from Magellan found 73% of Colorado voters surveyed say the cost of housing is unaffordable. Homeownership is also one of the key avenues to build wealth in the United States.
“In our research, it was clear that the cost of land is the main driver of high housing prices in our region,” said Brough. “Fewer than 50% of Black Coloradans and 54% of Hispanics or Latinx own their homes, compared to 75% of white Coloradans. This is a huge concern when you are trying to retain the most talented workforce in the nation.”
Changes to single-family zoning may be one tool in the toolkit to increase housing affordability. In 2018, Minneapolis made the decision to allow duplexes and triplexes in areas previously zoned for single-family construction, Mayor Frey and Mogush told attendees. Initially, Minneapolis had not set out with the goal of eliminating single-family zoning and were completing a legally mandated update to their city’s comprehensive plan with a focus on racial equity. Previously, over 50% of Minneapolis had been zoned for single-family housing.
“Just like in cities all across Colorado and the rest of the United States, a whole lot of people want to live in Minneapolis right now,” said Mayor Frey. “We’re proud of that. But we don’t have the supply to accommodate that demand. When you have demand that is sky-high, and you don’t have the supply to keep up with it, rents rise, people are displaced, and these impacts are disproportionately felt by our neighbors of color.”
The city of Minneapolis engaged the community over two years to learn about the difficulties residents experienced in finding affordable housing, understand what they want to see from housing in the city and incorporate suggestions into policy.
“The community engagement aspect of our efforts was key,” added Mogush. “Individuals shared personal stories about their inability to locate affordable housing. I would not have believed it if five years ago you had told me that this type of personal connection and engagement would have taken place.”
Permitting duplexes and triplexes in single-family zoning has increased housing throughout the city. However, Minneapolis has not seen drastic changes to neighborhoods. Instead, the changes have created a diversity of housing options and a diversity of residents throughout the city.
Housing is just one of the strategies that Prosper CO has identified to remove barriers to economic mobility in our region. Advancing housing affordability will require a multi-faceted approach, and Prosper CO is dedicated to continuing to facilitate the conversation and identify solutions for how elected officials, business leaders and housing experts can collaborate to address this issue.
Habitat for Humanity of Metro Denver, Otten Johnson Robinson Neff + Ragonetti PC, Zillow and the Colorado Association of REALTORS sponsored the event.
Kendee Ruark, senior lending manager at JP Morgan Chase, and Heather Lafferty, CEO and executive director of Habitat for Humanity of Metro Denver, both offered opening remarks. Brian Connolly, land use planner and attorney with Otten Johnson Robinson Neff + Ragonetti PC, also spoke at the event.
Last month, we shared a few things that employers can do to create an economy that works for all Coloradans – no matter your race, ethnicity or gender. We are so grateful to our investors in Prosper CO who are helping drive changes that will ensure we truly have the best economy in the nation.
Just last week, the Milken Institute ranked Denver as the 11th best-performing large city in 2021 but noted our housing affordability is preventing higher rankings. The City of Denver ranks 141 out of the largest 200 metro areas in the nation when it comes to housing affordability. That reality hurts our workforce and that workforce means everything to our economic success.
In addition to the long-term work we’re doing with employers and policymakers, we’ve also identified 10 things employers can do today that will support our teams and help address racial and gender disparities.
Jobs
Implement a diversity scorecard that would allow you to compare against other employers, set goals and track progress.
Take steps to increase the diversity of your applicant pools.
Small Business Support
8. Diversify your supply chains and contracts by engaging more women- and minority-owned companies to bid on work with your organization.
9. Volunteer to mentor and support small business owners and entrepreneurs.
Housing
10. Help your employees address their housing needs by educating yourself and teammates. Engage in conversations with elected and appointed public officials and neighbors to build more housing that is affordable.
These 10 steps are just a start. And, many of you have likely begun some of them, but we hope all our members will use this list to begin the work. Through Prosper CO, we will offer resources at prosperco.org and invite you to reach out for guidance if we can be of further assistance.
We also hope you’ll join the Chamber and Bank of America next Wednesday, March 3 for a virtual event, Prosper CO: Convening for Opportunity, Confronting Economic Disparities, with Harvard economist Dr. Raj Chetty. We’ll learn about the real disparities that exist in workforce, entrepreneurship and housing in our region. We’ll also discuss very specific actionable steps employers can take to increase equity and opportunity. Register today.
Unemployment Fraud Claims in Colorado Top 1 Million
Last week, during our webinar on unemployment fraud in Colorado, we learned that the Colorado Department of Labor and Employment (CDLE) has received over 1 million fraudulent unemployment claims in the last year. To give context – there were less than 100 claims in 2019. The crime is hitting every industry, sector and every state in the nation. At the Chamber, 20% of our staff, including myself, have been victims.
The question is, “What should we do about it?”
The CDLE team told us that employers are often the first to learn about fraud, because the department doesn’t always have the correct contact information for the employee. If you are notified of a fraudulent claim, let your employee know immediately and both you and the employee – especially the employee – should file a fraud claim on ColoradoUI.gov through the secure, online form. (It’s critical that the employee file.)
The Colorado Attorney General’s Office also stressed that people should be wary of scams upon the original fraud scam. For instance, if you receive a call stating you must repay any claims. That is also fraud. Neither the CDLE nor the IRS will ask you to repay money from a fraudulent claim filed under your name. (Another reason why it is so important you file a claim of fraud.) If you receive a phone call, email or other communication asking for you to wire money somewhere, don’t do it.
We’ve compiled unemployment fraud information and resources, including a recording of last week’s webinar, on our website. Learn more about what to do if you and your business is a victim.
Stay well,
Kelly Brough is the president and CEO of the Denver Metro Chamber.
