More Housing Now: Prop 123 Funds to Support 11 New Affordable Housing Developments Across Colorado

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 11 new housing developments that will receive funding from voter-approved Proposition 123 Concessionary Debt funds. Recipients are projected to create 728 multi-family rental units, including apartments and townhomes, for individuals and families earning low and moderate incomes in Clifton, Colorado Springs, Denver, Idaho Springs, Leadville, Sterling, and Wheat Ridge.

"We are delivering on housing Coloradans can afford. Proposition 123 awards expand housing options and grow stronger communities across the state, creating more opportunities for Coloradans to live close to jobs, schools, and in communities we love," said Gov. Jared Polis.

The funding announced today predominantly supports the development of low- to middle-income housing that qualifies for federal Housing Tax Credits. Among the recipients, the amenities and services provided include supportive housing and services for individuals and families transitioning out of homelessness, housing for older adults, trauma-informed design, proximity to early childhood education centers and larger units for families. All are transit oriented or walkable to jobs and community services. One will convert a vacant building historically used for dorms into housing with shared kitchens, and four developments intend to use Colorado-produced, factory-built construction.

"OEDIT is thrilled to support essential new housing that will provide safe, stable homes for low and middle income individuals and 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 Colorado economy and strengthening local communities across the state," said Eve Lieberman, OEDIT Executive Director.

"From supportive housing for those exiting homelessness to housing for older adults to homes for families, these developments reflect the diverse housing needs of Colorado communities. Together, they will expand opportunities for Coloradans with a wide range of incomes and needs," said Thomas Bryan, Executive Director and Chief Executive Officer of CHFA.

A total of $25,674,500 has been preliminarily approved, with final award details to be determined during the underwriting process. The proposed Area Median Incomes (AMI) supported by the recipients range from 30% to 120% AMI. Selected recipients include:

• 1139 Delaware, Denver - $3.5 million: Located in Denver's Golden Triangle neighborhood, 1139 Delaware will provide 80 supportive housing units for individuals and families at 30% AMI who are experiencing or at risk of homelessness. The development will incorporate trauma-informed design and provide on-site supportive services, and the site is located near public transit and jobs.
• Crawford Commons Apartments, Clifton - $2.4 million: This 60-unit community will serve households between 30% and 80% AMI. Developers intend to use Colorado-produced, factory-built construction for the mixed-income units, which are expected to help meet regional housing needs for individuals, families and older adults.
• Idaho Springs Affordable Senior Housing, Idaho Springs - $75,000: This proposed 64-unit rental community will be designed to serve Idaho Springs seniors with incomes ranging from 30% to 70% AMI.
• Legacy Terrace Apartments, Wheat Ridge - $750,000: A 50-unit community serving older adults proposed as part of the redevelopment of a larger mixed-use campus and intended to be built using Colorado-produced, factory-built construction. Will serve residents earning 30% to 80% AMI and provide access to nearby grocery, medical and pharmacy services.
• Montbello Townhomes Phase I, Denver - $1.45 million: Will provide 39 rental townhomes for residents earning 30% to 60% AMI, with an emphasis on serving larger households including multi-generational families and households at risk of displacement. The site is located across from a park and multiple schools with numerous community amenities, including an early childhood education center.
• Mountain View Apartments, Leadville - $700,000: This proposed 74-unit rental community will use Colorado-produced, factory-built construction. Will include 52 units serving 30% to 80% AMI and 22 middle-income units serving 100% to 120% AMI.
• Park Place Apartments, Denver - $4 million: An 80-unit rental community in Denver's Sun Valley neighborhood to be built using Colorado-produced, factory-built construction. These two- and three-bedroom apartments will serve families earning 80% to 120% AMI. Amenities include a fitness center, community room and children's room, pet wash, bike parking and family-focused indoor and outdoor gathering areas. This will be the first development to use Colorado's Middle Income Housing Tax Credits authorized by the state in 2023 and issued by CHFA.
• Silver Key Apartments at North Weber, Colorado Springs - $1 million: This 49-unit rental housing community will serve older adult residents earning between 30% and 60% AMI and include supportive senior services.
• Sugar Commons, Sterling - $2,299,500: A 54-unit rental housing community will serve individuals and families earning 30% to 70% AMI. This will be the first new family-oriented affordable housing community in Sterling in more than 25 years. Sugar Commons will include one-, two-, and three-bedroom homes, with 28% of the units offering three-bedroom units for larger families, and on-site resident services.
• The Commons at Mosaic, Denver - $6 million: Located on the historic Johnston & Wales University campus, renamed the Mosaic Community, this 58-unit rental community will serve individuals and families earning between 30% and 60% AMI and who are at risk of or transitioning out of homelessness. These Permanent Supportive Housing units will have access to shared kitchens and the Mosaic campus will offer gardens, childcare and family play areas, bike storage and indoor/outdoor common spaces.
• Townview Apartments, Denver - $3.5 million: Located in the Sloan's Lake and West Colfax neighborhoods, Townview will create a 160-unit community that includes a multifamily apartment building and townhomes serving residents earning 40% to 80% AMI. The developers intend for these units to help offset the loss of affordable housing in surrounding neighborhoods.

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 awards announced today, approximately $409.7 million has been awarded to support 10,118 units 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 Proposition 123 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 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.

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).

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