Colorado: Housing Coloradans Can Afford: Proposition 123 Concessionary Debt Funds to Support the Creation of 728 Rental Units

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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 six recipients of voter-approved Proposition 123 Concessionary Debt funds. With the support of this funding, the recipients will collectively create 728 multi-family rental units serving individuals and families earning low and moderate incomes.

"In Colorado, we are focused on building more housing Coloradans can afford where Coloradans want to live. Funding housing initiatives that expand housing options creates more opportunities for Colordans to live, and close to jobs, schools, and in the communities we love," said Gov. Jared Polis.

Without support from the Concessionary Debt program, the projects announced today were at risk of not being completed due to funding shortfalls created by market uncertainty, including federal funding and policy changes, increased construction costs, reductions in tax credit equity pricing, and/or rising interest rates.

"The projects announced today will provide much-needed housing for Colorado families along with amenities that improve quality of life. Providing safe and stable housing for low income Colorado residents is a critical need for a thriving economy. OEDIT is thrilled to help finalize the funding to get these much needed homes across the finish line so we can build more housing now and strengthen local economies," said Eve Lieberman, OEDIT Executive Director.

The recipients announced today will also provide surrounding communities with a new library, access to parks and open space, and community programming focused on mental and physical well-being, childcare and financial literacy.

"The developments supported through the Proposition 123 Concessionary Debt program represent new homes and new opportunities for hundreds of Colorado households. This financing helps ensure that developers have the necessary resources required to continue to address our state's affordable housing needs," said Thomas Bryan, Executive Director and Chief Executive Officer of CHFA.

A total of $27,053,646 has been preliminarily approved for the six recipients. Final award details will be determined during the underwriting process for each project. The AMIs proposed by the recipients range from 30% - 80% Area Median Income (AMI). The awardees include:

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4965 Washington Street - $6 million - Denver
  • A proposed 170-unit development in the heart of Denver's Globeville neighborhood to serve tenants earning 30% - 80% AMI. Includes a new Denver Public Library on the ground floor. The Concessionary Debt funding announced today will help fill a $16 million gap in funding.

Creekside Flats - $4,975,000 - Denver
  • A proposed Transit-Oriented Development that will deliver 150 affordable housing units for tenants earning 30% - 80% AMI. Creekside Flats will also offer services designed to improve the well-being of residents and the surrounding community, including health and wellness programs, mental health support, childcare, financial literacy programs and other community-building activities.

Ponderosa Pines - $6 million - Parker
  • The proposed Ponderosa Pines will create 204 affordable housing units in unincorporated Douglas County for tenants earning 60% AMI. The site will feature a three-acre regional park and over 20 acres of open space to promote recreational access and preserve green space.

Spine Road Apartments - $2.5 million - Boulder
  • Spine Road Apartments will consist of 65 units of affordable family housing in Boulder serving tenants earning 60% - 70% AMI. The site will include retail space and a community art space, and is also part of a larger development that includes a shared central park, playground areas, recreation areas, sitting areas and public art.

The Current - $4,078,646 - Grand Junction
  • The Current is the first phase of the 15-acre, 360-unit Confluence Subdivision and will provide 54 affordable units for tenants earning 30% - 60% AMI. The new subdivision is within walking and biking distance of jobs, restaurants, medical services, shopping, a large regional park and a new early childhood education center. It will provide the only affordable housing in this rapidly growing region of Grand Junction.

The Stables - $3.5 million - Aurora

The Stables is a proposed 85-unit affordable development serving individuals and families in Aurora's Expo Park neighborhood who earn 30% - 80% AMI. This is phase one of a two-phased intergenerational development that will eventually contain 134 units.

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The State of Colorado 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 $270 million has been awarded to support 10,888 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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