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Five New Proposition 123 Equity Program Selections to Support Housing Coloradans Can Afford Across Colorado

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DENVER – Today, Gov. Jared Polis, the Colorado Office of Economic Development and International Trade (OEDIT), and Colorado Housing and Finance Authority (CHFA) announced five new recipients of voter-approved Proposition 123 Equity funds. These selections are intended to provide investment capital for low- and middle-income multifamily affordable rental housing in communities across the state, including Colorado Springs, Grand Junction, and Pueblo.

"We are building more housing Coloradans can afford so you can live where you choose, close to jobs, schools, in the communities we love. These funds are an important step in building more homes across the state and saving Coloradans money," said Gov. Jared Polis.

The Proposition 123 Equity program offers below-market-rate equity investments for developers focused on building low- and/or middle-income rental housing. The recipients announced today were able to demonstrate that they will be ready to close in March 2026 and start construction soon after. In addition, they will meet the State's strategic land use goals, including transit-oriented development or walkability to a community job center, water and energy efficiency, and all-electric design.

"This Proposition 123 funding is supporting much needed new housing in communities across the state, from Colorado Springs to Grand Junction. These investments will strengthen communities and our economy—when Coloradans have access to quality housing, employers can fill jobs," said Eve Lieberman, OEDIT Executive Director.

"The Equity program is an innovative financing tool that is supporting affordable rental housing development. These investments help ensure that more Coloradans have the opportunity for housing stability in communities across the state," said Thomas Bryan, Executive Director and Chief Executive Officer of CHFA.

A total of $52,052,141 has been preliminarily approved for the five recipients. Final award details will be determined during the underwriting process for each project. The Area Median Incomes (AMIs) proposed by the recipients range from 30% - 120% AMI. These include:
  • 121 Main Street - Longmont - $15 million: A 198-unit mixed-use rental development located in downtown Longmont. It will provide one- and two-bedroom units for households earning up to 50%, 70%, and 80% AMI. The project will be all-electric and anticipates achieving National Green Building Standard (NGBS) Silver certification.
  • 1600 Pearl Street - Denver - $6.2 million: A 158-unit residential rental development in the North Capitol Hill neighborhood of Denver that will provide studio, one-, two-, and three-bedroom units for households earning 30% to 120% AMI. The project will be all electric, pursue an NGBS sustainability certification, and will provide community-centric resources, such as an early-childhood care and tutoring program.
  • Bristow House – Colorado Springs - $12,818,096: A 185-unit residential rental development will provide studio, one-, and two-bedroom units for households earning 70% to 100% AMI. The project will be all-electric and anticipates achieving NGBS Silver certification. The design of the community has been guided by the Quad Innovation Partnership and will incorporate intergenerational housing design concepts.
  • Ingraham Wright – Pueblo - $10,036,571: A proposed 41-unit modular residential rental development situated in the Belmont neighborhood on the northeast side of Pueblo. It will provide one- and two-bedroom units to households earning 80% - 100% AMI. The site is home to a historic, architecturally significant church, which was designed by Elizabeth Wright Ingraham, the granddaughter of Frank Lloyd Wright, and her husband, Gordon Ingraham. The church building will be preserved and serve as the community center for the property. The modular manufacturer will be Colorado-based Vederra.
  • Liberty Apartments – Grand Junction - $7,997,474: The initial 72 rental units being supported are the first phase of a 192-unit, net-zero, residential development. It will provide one- and two-bedroom units to households earning 60% - 100% AMI. The modular constructed buildings will be equipped with rooftop solar panels and designed to generate sufficient electricity to fully offset year-round energy consumption, helping the project achieve Zero-energy Ready Homes certification and net-zero status, preventing up to 240 tons of CO2 emissions annually.

Additionally, residents will benefit from the Tenant Equity Vehicle (TEV), a program launching in January 2026 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.

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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 investments and concessionary debt for affordable housing. With the projects announced today, approximately $340 million has been awarded through the Affordable Housing Financing Fund.

Ongoing updates on funding are available at coloradoaffordablehousingfinancingfund.com and by signing up to receive newsletter updates.

About the Colorado Affordable Housing Financing Fund

Passed by voters in November 2022, Proposition 123 established the State Affordable Housing Fund to advance the development and preservation of affordable housing in Colorado. The measure directs 40% of those funds to the Colorado Affordable Housing Support Fund administered by the state Department of Local Affairs (DOLA) and 60% of funds to the Colorado Affordable Housing Financing Fund managed by OEDIT. OEDIT selected Colorado Housing and Finance Authority (CHFA) to serve as the Affordable Housing Financing Fund third-party administrator. The Affordable Housing Financing Fund consists of three programs: Land Banking, Equity and Concessionary Debt. About Colorado Housing and Finance Authority (CHFA)

For more than 50 years, CHFA has strengthened Colorado by investing in affordable housing and community development. CHFA invests in affordable homeownership, the development and preservation of affordable rental housing, helps small- and medium-sized businesses access capital, offers technical assistance and financial support to strengthen local communities, and supports mission-aligned nonprofits through philanthropic investment. CHFA is not a state agency. CHFA is a self-sustaining public enterprise. For more information about CHFA, please visit chfainfo.com or call 1.800.877.chfa (2432).

About the Colorado Office of Economic Development and International Trade (OEDIT)

The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado's economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT.

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