DENVER – Today, Gov. Jared Polis, the Business Funding & Incentives division within the Colorado Office of Economic Development and International Trade (OEDIT), and Colorado Housing and Finance Authority (CHFA) announced funding to support the growth of seven modular housing manufacturers across Colorado.
“Colorado needs more housing now. Investing and partnering with innovative manufacturers are essential in our effort to significantly increase our state's housing supply, ensuring more Coloradans can live in communities they love and close to their jobs,” said Gov. Polis.
The awards announced today include low-cost loans and grants funded by the Innovative Housing Incentive Program (IHIP), as well as financing provided through the Proposition 123 Affordable Housing Financing Fund. Both programs are central to OEDIT’s work to support the development of more housing Coloradans can afford. To date, IHIP grants have supported the production of 1,028 houses. And collectively, off-site construction companies supported by IHIP and Proposition 123 factory loans are developing the capacity to produce up to 6,562 homes per year as demand grows.
“The off-site construction industry is developing innovative new ways to produce housing that save money and reduce the time to completion. By providing ongoing support for the growth of this important industry in Colorado, we are advancing our commitment to build more housing now that Coloradans can afford, and increasing jobs,” said Eve Lieberman, OEDIT Executive Director.
Loan recipients were selected based on evaluation criteria including the projected number of total units produced per year, estimated number of affordable units produced per year, size of the request, economic impact or jobs created, applicant experience and track record, financial preparedness, and readiness to proceed/estimated date to produce units.
“Investments in Colorado’s modular and factory-built housing manufacturers strengthen local economies and provide more opportunities for housing stability. CHFA is proud to play a role in supporting innovative approaches to addressing Colorado’s affordable housing needs,” said Thomas Bryan, Executive Director and Chief Executive Officer of CHFA. CHFA partners with OEDIT to administer financing provided through the Proposition 123 Affordable Housing Financing Fund and the IHIP loan program, including the factory loans announced today.
The seven recipients announced today include:
BYLD - Aurora, Brighton and Denver: BYLD produces innovative light gauge metal framing to support a wide range of building types, including single and multifamily homes, accessory dwelling units (ADUs), and volumetric modular and panelized systems. The Brighton location has been awarded a $3.75 million loan funded by Proposition 123.
BoulderMod - Boulder: Created by the nonprofit Flatirons Habitat for Humanity in 2023, BoulderMod is Colorado's first nonprofit modular housing factory. Flatirons Habitat for Humanity is dedicated to building affordable, high-quality, energy-efficient homes for low-to-moderate-income families in Boulder and Broomfield Counties. BoulderMOD supplies homes for Flatirons Habitat and serves as a hands-on workforce development site in partnership with local schools, training high school students in the building trades. BoulderMod has been awarded a $548,000 IHIP grant to support operating expenses and a performance-based, per-unit incentive.
Dreamwood Homes - Penrose: Dreamwood Homes is a modular manufacturer that specializes in factory-built, customizable homes designed for efficiency, affordability, and durability. Dreamwood Homes is partnering with the Cañon City School District to construct affordable, deed-restricted units for essential staff. The company has been approved for a $564,500 IHIP grant to support operations and a performance-based, per-unit incentive.
EcoMod - Hudson: New factory EcoMod will produce innovative modular homes by repurposing shipping containers. These homes will be energy efficient with a low carbon footprint and are estimated to cost 30% less than traditional construction. EcoMod has been awarded a $5 million loan funded through Proposition 123 and a performance-based per-unit incentive IHIP grant of up to $825,000 to produce up to 150 units within 18 months. If the company meets these projections, EcoMod will have the opportunity to increase the IHIP grant to a total of $1.35 million to support working capital expenses and additional per-unit incentives.
Fading West - Buena Vista: Fading West started producing energy efficient modular homes in 2021 and currently employs over 150 individuals in rural Colorado. The company has been awarded a $500,000 line of credit funded through Proposition 123.
Peaks Precast - Buena Vista: Peaks PreCast specializes in manufacturing precast structural solutions for residential and commercial building projects through an innovative offsite manufacturing process that intends to cut concrete use by up to 35% compared to a traditional foundation. Peaks Precast offers a needed solution to the delays often caused by foundation installation for modular and other offsite building technology in Colorado. The company has been approved for a $100,000 IHIP early-stage business pathway grant to begin production of prototypes and will be eligible for additional IHIP grants.
Vederra Modular - Aurora: In March 2025, Vederra started producing affordable, energy efficient net-zero modular construction. The company has been awarded a $1 million line of credit through Proposition 123 and a $1.8 million loan through IHIP to support the development of a movable pop-up factory pilot, which could be used to produce homes quickly in response to natural disasters or as an affordable solution to increase regional housing supply and increase jobs.
Today’s announcement includes a total of $12.05 million awarded as factory loans, with $10.25 million in funding from the Proposition 123 Affordable Housing Financing Fund and $1.8 million in financing from IHIP. Loan terms will be below market, with interest rates ranging from 1.5% to 1.75%. Additionally, today’s announcement reflects a total of $2,037,000 awarded through IHIP grants.