Fall River Village in Estes Park First Prop 123 Funded Property to Join Program
ESTES PARK – Today, Gov. Jared Polis, the Business & Funding Incentives division of the Colorado Office of Economic Development and International Trade (OEDIT), and Colorado Housing and Finance Authority (CHFA) announced a first-of-its-kind state program for renters living in properties financed by the Proposition 123 Equity program. Colorado Renter Rewards will enable renters to earn cash back for on-time rent payments and share in the property’s equity as it grows over time.
“By helping renters save the money needed to make a down payment on a home, more Colorado families will be able to build wealth and security. Home ownership is a major pathway to financial security, and now more Coloradans will be able to realize the dream of owning a home. The Proposition 123 Colorado Renter Rewards initiative is the first statewide tenant equity strategy in the nation, helping create more opportunities for Coloradans to live close to jobs, schools, and in the communities we love while saving money and helping renters build equity,” said Gov. Jared Polis.
Known as a Tenant Equity Vehicle (TEV), Colorado Renter Rewards is an innovative program designed to provide renters with new opportunities to save money and increase financial stability simply by living in a property supported by the Proposition 123 Equity program and paying rent on time. The goal is to support participating renters in their efforts to build long-term savings and/or save funds to cover unforeseen expenses. This month, Fall River Village in Estes Park became the first property to join the program. Sixty-six individual and family renters can now earn cash back by paying rent on time. Tenants who remain in the building for one year or more will also be eligible for an annual savings match and equity distribution.
“The Colorado Renter Rewards program is a powerful example of how we are helping Coloradans build economic stability and opportunity. By pairing affordable housing with cash back and equity payments for renters, we are helping more people love where they live and save money. This is a smart investment in our workforce and families, supporting long-term economic growth and a Colorado economy that works for everyone,” said Eve Lieberman, OEDIT Executive Director.
No requirements will be placed on a renter’s use of cash back payments, however renters who elect to save their cash back payments will be eligible for a non-taxable annual savings match. Additionally, residents who remain in an eligible property for more than one year will be included in annual equity distributions based on returns from housing units across the state supported by the Proposition 123 Equity program.
“CHFA is proud to support the launch of Colorado Renter Rewards, an innovative model that will provide direct financial benefit to residents. We are excited to see this program introduced in developments throughout the state that have received investment from the Proposition 123 Equity program,” said Thomas Bryan, Executive Director and Chief Executive Officer of CHFA.
Colorado Renter Rewards is being implemented through a partnership between OEDIT, CHFA and powered by Stake, a financial technology company. Eligible Colorado renters will join the Stake Cash Back Network, which has a proven history of building renter wealth by turning rent payments into equity or cash back, offering financial relief and a share of property appreciation for more than 550,000 renters around the country.