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Proposition 123 Equity Program to Support 1,017 Affordable Housing Units Across Colorado

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DENVER ~ In a recent announcement, Gov. Jared Polis, along with the Colorado Office of Economic Development and International Trade (OEDIT) and the Colorado Housing and Finance Authority (CHFA), revealed the eleven recipients of Proposition 123 Equity funds. These funds, approved by voters, will provide investment capital for approximately 1,017 affordable rental housing units for low- and middle-income individuals in various communities across the state.

According to Gov. Polis, this funding is a crucial step towards creating more affordable housing options for Coloradans. He stated, "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."

Among the recipients is Fieldhouse Apartments in Idaho Springs, which plans to serve residents earning 70% - 100% of the Area Median Income (AMI) and will give preference to local school district employees. Another project is Holy Trinity Apartments in Trinidad, which will be an adaptive reuse of the Historic Holy Trinity Convent and School located in downtown Trinidad. Additionally, St. Louis Landing Phase I in Fraser will include a purpose-built Early Childhood Learning Center and offer units for residents earning 30% - 120% AMI.

Modular and off-site construction will be utilized by five of the recipients 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.

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Eve Lieberman, Executive Director of OEDIT expressed her commitment to providing everyone with a place to call home while strengthening economies across Colorado. She said, "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."

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 have 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, and demonstrating 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.

Thomas Bryan, Executive Director and Chief Executive Officer of CHFA, also expressed his excitement about these investments and the Tenant Equity Vehicle. He said, "These investments will support the development of quality affordable housing in communities located throughout Colorado. 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."

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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

20 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 and 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 these projects announced today, approximately $252 million has been awarded through the Affordable Housing Financing Fund.

Updates on funding can be found at coloradoaffordablehousingfinancingfund.com and by signing up to receive newsletter updates.

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