Colorado’s Governor Jared Polis, the Colorado Office of Economic Development and International Trade, and the Colorado Housing and Finance Authority have announced eleven Proposition 123 Equity funds recipients. These funds will support the development of approximately 1,017 affordable rental housing units for low- and middle-income residents in communities across Colorado, including Denver, Buena Vista, Monte Vista, and Trinidad.
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Statewide Housing Boost
The Proposition 123 Equity program has allocated $67.5 million in preliminary funding to eleven affordable housing projects throughout Colorado. These investments will create over 1,000 rental units serving residents with incomes ranging from 30% to 120% of the Area Median Income (AMI). Locations benefiting include Idaho Springs, Trinidad, Fraser, Denver, and more.
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Innovative Construction Methods
Five of the projects will incorporate modular and off-site construction techniques. Colorado manufacturers such as Vederra Modular, Aboda, and Fading West, supported by the Innovative Housing Incentive Program and Proposition 123’s Modular and Factory-built Finance program, are leading this effort to grow the local housing construction industry.
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Focus on Community and Sustainability
Projects selected prioritize strategic state goals, such as transit-oriented development, walkability to job centers, and environmentally efficient designs. Developments like St. Louis Landing Phase I in Fraser will feature community assets such as an Early Childhood Learning Center, while others emphasize water and energy efficiency or all-electric systems.
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Tenant Equity Vehicle Introduction
The program also plans to launch the Tenant Equity Vehicle (TEV) this year, a unique initiative to share program earnings with tenants. The TEV will help residents build savings that can be used for down payments or other financial needs, promoting long-term housing stability and economic prosperity.
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Official Endorsements
“We are focused on building more housing Coloradans can afford, and these funds are an important step in building more homes across the state so Coloradans can live where they choose, close to jobs, schools, in the communities we love,” said Governor Jared Polis. OEDIT Executive Director Eve Lieberman added, “We’re committed to strengthening economies across Colorado by ensuring everyone has a place to call home.”
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Project Breakdown and Funding
The awardees include Alpine Valley Apartments in Monte Vista ($3.7 million for 6 units at 80%-120% AMI), Blue Room House in Denver ($3.8 million for 54 units at 30%-80% AMI), and St. Louis Landing Phase I in Fraser ($12.9 million for 129 units at 30%-120% AMI), among others. The full list covers a variety of communities and income levels.
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Program Background and Administration
Proposition 123, passed in November 2022, created the Colorado Affordable Housing Fund, which directs 60% of funds to the Affordable Housing Financing Fund managed by OEDIT and administered by CHFA. To date, about $252 million has been awarded through this fund to support affordable housing development, preservation, and related financial programs across the state.
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