DENVER – Today, Gov. Jared Polis, the Colorado Office of Economic Development and International Trade (OEDIT), and Colorado Housing and Finance Authority (CHFA) announced eleven recipients of voter-approved Proposition 123 Equity funds. This funding is intended to provide investment capital for an estimated 1,017 low- and middle-income multifamily affordable rental housing units in communities across the state including Buena Vista, Denver, Monte Vista and Trinidad.
“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 you choose, close to jobs, schools, in the communities we love,” said Gov. Jared Polis.
Among the recipients, the Fieldhouse Apartments in Idaho Springs plans to serve residents earning 70% - 100% of the Area Median Income (AMI), and will offer a preference to local school district employees. The proposed Holy Trinity Apartments is an adaptive reuse of the Historic Holy Trinity Convent and School, located in downtown Trinidad. The development of St. Louis Landing Phase I will include a purpose-built Early Childhood Learning Center and offer units for residents earning 30% - 120% AMI in Fraser. Denver’s Blue Room House plans to offer rental apartments between 30% - 80% AMI, using modular construction.
Five recipients plan to utilize modular and off-site construction, including Colorado manufacturers Vederra Modular, Aboda, and Fading West, all companies supported by the Innovative Housing Incentive Program (IHIP) and Proposition 123’s Modular and Factory-built Finance program as part of the state’s efforts to support and grow this industry.
“We're committed to strengthening economies across Colorado by ensuring everyone has a place to call home. These investments will strengthen communities while providing residents the opportunity to benefit directly from the success of these developments through the Tenant Equity Vehicle, expected to launch this year,” said Eve Lieberman, OEDIT Executive Director.
The Proposition 123 Equity program offers below-market-rate equity investments for developers focused on building low- and/or middle-income housing. The recipients announced today prioritized the State’s strategic land use goals including transit oriented development or walkability to a community job center, water and energy efficient or all electric design, plus demonstrating a readiness to proceed. In addition, residents will benefit from the Tenant Equity Vehicle (TEV), a program being designed to share Proposition 123 program earnings with tenants to assist with building up savings that can be used for down payment assistance or other important needs.
“These investments will support the development of quality affordable housing in communities located throughout Colorado,” said Thomas Bryan, Executive Director and Chief Executive Officer of CHFA. “In addition, the Tenant Equity Vehicle is an exciting innovation to further support housing stability and economic prosperity for residents supported by the Equity program."
A total of $67,500,074 has been preliminarily approved for the eleven recipients. Final award details will be determined during the underwriting process for each project. The AMIs proposed by the recipients range from 30% - 120% AMI. The awardees include:
- Alpine Valley Apartments - $3,700,00 - Monte Vista
- 26 units for tenants earning 80%-120% of the AMI
- Balsam Townhomes - $1,881,360 - Lakewood
- 20 units for tenants earning 90% of the AMI
- Blue Room House One - $3,800,000 - Denver
- 54 units for tenants earning 30%-80% of the AMI
- Cityline Station Phase II - $8,049,671 - Greeley
- 310 units for tenants earning 70%-90% of the AMI
- Exodus at Green Valley Ranch - $9,000,000 - Denver
- 205 units for tenants earning 70%-90% of the AMI
- Fieldhouse Apartments - $8,500,000 - Idaho Springs
- 120 units for tenants earning 70%-100% of the AMI
- Holy Trinity Apartments - $6,889,956 - Trinidad
- 46 units for tenants earning 80%-100% of the AMI
- St. Louis Landing Phase I - $12,900,000 - Fraser
- 129 units for tenants earning 30%-120% of the AMI
- Teller Street Apartments - $6,500,000 - Arvada
- 54 units for tenants earning 70%-90% of the AMI
- The Crossing Apartments - $4,279,087 - Buena Vista
- 33 units for tenants earning 90% of the AMI
- The Flour Mill - $2,000,000 - Salida
- 20 units for tenants earning 80%-100% of the AMI
The Equity program is funded by the Affordable Housing Financing Fund established by Proposition 123, which is managed by OEDIT and administered by CHFA to distribute 60% of Proposition 123 funding in support of land banking, equity and concessionary debt for affordable housing. With the projects announced today, approximately $252 million has been awarded through the Affordable Housing Financing Fund.
Ongoing updates on funding are available on the Colorado Affordable Housing Financing Fund website and by signing up to receive newsletter updates.