DENVER – Today, Gov. Jared Polis, the Colorado Office of Economic Development and International Trade (OEDIT), and Colorado Housing and Finance Authority (CHFA) announced the selection of nine new housing developments that will receive funding from voter-approved Proposition 123 Concessionary Debt funds. With support from this funding, the recipients are projected to create 911 multi-family rental units for individuals and families earning low and moderate incomes in Colorado Springs, Denver, Glenwood Springs, Granby, and Grand Junction.
“Colorado is focused on delivering housing Coloradans can afford. These awards will expand housing options and grow stronger communities across the state, creating more opportunities for Coloradans to live close to jobs, schools, and in communities they love,” said Gov. Jared Polis.
Funding provided through the Concessionary Debt program will help affordable housing developers to offset shortfalls created by market uncertainty, including increased construction costs and/or rising interest rates.
“OEDIT is thrilled to support essential new housing that will provide safe, stable homes for low-income Colorado families along with new community amenities that improve quality of life. Delivering this much-needed housing now is a critical step in supporting a thriving economy and strengthening local economies across the state,” said Eve Lieberman, OEDIT Executive Director.
The recipients announced today will also provide these developments and their surrounding communities with early childhood educational centers, playgrounds, and a co-working and business center with a library. Additionally, at least two intend to use Colorado produced innovative off-site construction technologies, the growth of which Colorado has been cultivating and can help achieve lower construction costs.
“The developments supported through the Proposition 123 Concessionary Debt program represent new opportunities for housing stability for hundreds of Colorado families. This financing helps ensure that affordable housing developers have the resources they need to strengthen communities as they bring these homes to fruition,” said Thomas Bryan, Executive Director and Chief Executive Officer of CHFA.
A total of $19,654,417 has been preliminarily approved for the nine recipients. Final award details will be determined during the underwriting process for each project. The AMIs proposed by the recipients range from 20% - 110% Area Median Income (AMI). The selected developments include:
- 2455 S York Apartments - $3,734,417 - Denver - A proposed 56-unit multifamily development serving residents with incomes from 60% - 110% AMI, to include studio and one-bedroom units in Denver’s University neighborhood. The project team is exploring potential partnerships with Colorado-based panelized construction companies to enhance cost efficiency and sustainability.
- Ascent at Salt Flats - $1.95 million - Grand Junction - A proposed 144-unit affordable housing development serving residents with incomes from 30% - 70% AMI, to include studio, one-, two-, three- and four-bedroom units in Grand Junction. Part of the 22-acre Salt Flats community, plans include a 3,100-square-foot onsite Early Childhood Education (ECE) center with an adjacent 3,000-square-foot playground, a fitness center, co-working and business center with library, community room, dog run, BBQ/picnic spaces, and bike storage.
- Canyon Vista - $1.3 million - Glenwood Springs - A proposed 80-unit affordable housing development serving residents with incomes from 20% - 80% AMI, to include studio, one-, two- and three-bedroom units in Glenwood Springs.
- Central Park Station - $3.5 million - Denver - a proposed 156-unit affordable housing development serving residents with incomes between 30% - 70% AMI, to include one-, two-, three- and four-bedroom units in Denver’s Central Park neighborhood. Plans include a 5,000-square-foot onsite Early Childhood Education (ECE) center.
- Ford Apartments - $2.8 million - Denver - A proposed 60-unit affordable housing development serving residents with incomes between 30% - 80% AMI, to include one-, two- and three-bedroom units in Denver’s Baker neighborhood. Resident amenities will include a community room, fitness center, co-working space, children’s playroom, and secure bike storage.
- Green Valley Vistas $3 million - Denver - A proposed 156-unit affordable housing development serving residents with incomes from 30% - 80% AMI, to include studio, one-, two-, three- and four-bedroom units in Denver’s Green Valley Ranch neighborhood. Plans include a 5,700-square-foot onsite Early Childhood Education (ECE) center with an adjacent 3,520-square-foot playground. The property will also have a community room, co-working space, garden, BBQ/picnic areas, and dog run.
- Sugarbowl Grove $385,000 - Colorado Springs - A predevelopment loan to support a proposed 117-unit affordable housing development serving older adults with incomes at 60% AMI and below in Colorado Springs. The project plans to utilize a Colorado-based modular manufacturer.
- Summit at Granby $2.5 million - Granby - A proposed 67-unit affordable housing development serving 30% - 80% AMI, to include studio, one-, two- and three-bedroom units in Granby. The project plans to utilize a Colorado-based modular manufacturer.
- Trinity Apartments $485,000 - Colorado Springs - A predevelopment loan to support a proposed 75-unit affordable housing development for seniors, serving 60% AMI and below in Colorado Springs.
The Concessionary Debt 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 $341.6 million has been awarded to support 8,464 units 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.