Colorado: Proposition 123 Land Banking Funds to Support New Housing Options Coloradans can Afford Across the State

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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 21 recipients of voter-approved Proposition 123 Land Banking funds. This funding is intended to support Colorado communities as they acquire and preserve land for an estimated 1,892 home ownership and multi-family rental apartments, including plans in Colorado Springs, Fort Collins, Fruita, Montrose, and Pagosa Springs.

"These funds are an important first step to create 1,892 homes people can afford across the state, helping more Coloradans live where they want to live — close to their jobs, schools, and the places they love." said Gov. Jared Polis.

Among the recipients, the Boulder Housing Coalition plans to acquire and convert an historic Denver mansion into affordable housing supporting households with incomes 30 - 80% of the Area Median Income (AMI). A Montrose project by Community Options Inc. plans to serve neurodiverse households with incomes 40 - 60% of AMI. And the proposed Bradley Ridge Apartments in Colorado Springs will include an early childhood education center and serve households earning at or below 60% AMI.

"A strong economy includes good-paying jobs and housing for every income level. The recipients announced today will introduce new home ownership and rental opportunities in communities across the state, meeting a wide variety of needs, including those transitioning out of homelessness, neurodiverse families, and childcare opportunities. We are excited to support strong economies across the state," said Eve Lieberman, OEDIT Executive Director.

Availability of land is considered one of the most significant barriers to affordable housing development. The Land Banking program provides grants to local and tribal governments and forgivable loans to nonprofits with a demonstrated history of providing affordable housing to support the acquisition and preservation of land for affordable for-sale and rental housing development.

"The funds awarded through the Land Banking program are an investment in a stronger Colorado, supporting communities in securing the land they need to respond to local housing needs. These efforts lay the foundation for greater housing stability and economic prosperity," said Thomas Bryan, Executive Director and Chief Executive Officer of CHFA.

A total of $47,994,762 will be awarded to 21 recipients, who will be required to complete statutory milestones over the coming years including achieving proper zoning, finalizing development plans, and securing development funding and permits. The Area Median Incomes (AMIs) proposed by the recipients range from 20% AMI for those transitioning out of homelessness up to 100% AMI for homeownership. The awardees include:
  • Boulder Housing Coalition: 19 rental units for the 1350 N Logan, Denver, $430,000 Broomfield Housing Alliance: 72 rental units for the 11795 Colmans Way,
  • Broomfield, $3,500,000
  • Commerce City Housing Authority: 120 rental and homeownership units for The Foundry, Commerce City, $4,750,000
  • Commun Denver: 173 rental and homeownership units for the Loretto Commons, Denver, $2,500,000
  • Community Options Inc.: 50 rental units for the TBD Hilltop Apartments, Montrose, $1,250,000
  • Elevation Community Land Trust II: 44 homeownership units for the Miners Haus, Golden, $1,400,000
  • Fairview Housing Partners Ltd: 144 rental units for the Flats at Sand Creek, Colorado Springs, $4,050,000
  • Foothills Regional Housing: 220 rental units for the Ridge Road, Wheat Ridge, $2,100,000
  • GES Coalition, Inc.: 60 rental and homeownership units for the Brighton Blvd-GESC, Denver, $3,571,429
  • Habitat for Humanity Fort Collins: eight homeownership units for the Bloom Cottages, Fort Collins, $600,000
  • Habitat for Humanity of Metro Denver, Inc.: 40 homeownership units for the Calvary Flats Affordable Homes, Golden, $1,200,000
  • Habitat for Humanity St Vrain: 35 homeownership units for the Habitat 15th and Terry Street Neighborhood, Longmont, $1,558,333 Metro Caring: 139 rental units for the Metro Caring Affordable Housing, Denver, $3,485,000 Pagosa Springs Community Development Corporation: 11 rental and homeownership units for the Affordable Housing Phase 4, Bonita Dr., Pagosa Springs, $200,000 Pikes Peak Real Estate Foundation: 336 rental units for the Bradley Ridge Apartments, Colorado Springs, $4,850,000 The City of Fruita: 100 rental and homeownership units for The Fruita Commons, Fruita, $1,500,000
  • The Inn Between of Longmont: 40 rental units for the 1886 Hover, Longmont, $1,750,000 The NHP Foundation: 158 rental units for the Liora, Denver, $3,850,000
  • Thistle Community Housing: 48 rental and homeownership units for the Fairways Phase II, Boulder, $2,600,000
  • Urban Land Conservancy II: 66 rental units for the Liberty House, Denver, $2,450,000
  • West Colfax Lampstand: 9 homeownership units for the Flats at Harlan, Lakewood, $400,000

Applications were evaluated according to priorities outlined in statute, including high-density housing, mixed-income housing, and environmental sustainability. The selection process also considered accessibility to transit and walkable access to community services, readiness to proceed, financial feasibility, geographic distribution, and total number of units proposed, all priorities outlined by the Governor's Executive Order to address Colorado's housing supply.

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The Land Banking program is part of the Affordable Housing Financing Fund, established by Proposition 123, managed by OEDIT and administered by CHFA. Ongoing updates are available 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 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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