Gov. Polis Announces Colorado Renter Rewards: Nation’s First State Cash Back and Savings Program for Prop 123 Equity-Program Renters

Trending...
Fall River Village in Estes Park First Prop 123 Funded Property to Join Program

ESTES PARK – Today, Gov. Jared Polis, the Business & Funding Incentives division of the Colorado Office of Economic Development and International Trade (OEDIT), and Colorado Housing and Finance Authority (CHFA) announced a first-of-its-kind state program for renters living in properties financed by the Proposition 123 Equity program. Colorado Renter Rewards will enable renters to earn cash back for on-time rent payments and share in the property's equity as it grows over time.

"By helping renters save the money needed to make a down payment on a home, more Colorado families will be able to build wealth and security. Home ownership is a major pathway to financial security, and now more Coloradans will be able to realize the dream of owning a home. The Proposition 123 Colorado Renter Rewards initiative is the first statewide tenant equity strategy in the nation, helping create more opportunities for Coloradans to live close to jobs, schools, and in the communities we love while saving money and helping renters build equity," said Gov. Jared Polis.

Known as a Tenant Equity Vehicle (TEV), Colorado Renter Rewards is an innovative program designed to provide renters with new opportunities to save money and increase financial stability simply by living in a property supported by the Proposition 123 Equity program and paying rent on time. The goal is to support participating renters in their efforts to build long-term savings and/or save funds to cover unforeseen expenses. This month, Fall River Village in Estes Park became the first property to join the program. Sixty-six individual and family renters can now earn cash back by paying rent on time. Tenants who remain in the building for one year or more will also be eligible for an annual savings match and equity distribution.

More on Colorado Desk
"The Colorado Renter Rewards program is a powerful example of how we are helping Coloradans build economic stability and opportunity. By pairing affordable housing with cash back and equity payments for renters, we are helping more people love where they live and save money. This is a smart investment in our workforce and families, supporting long-term economic growth and a Colorado economy that works for everyone," said Eve Lieberman, OEDIT Executive Director.

No requirements will be placed on a renter's use of cash back payments, however renters who elect to save their cash back payments will be eligible for a non-taxable annual savings match. Additionally, residents who remain in an eligible property for more than one year will be included in annual equity distributions based on returns from housing units across the state supported by the Proposition 123 Equity program.

"CHFA is proud to support the launch of Colorado Renter Rewards, an innovative model that will provide direct financial benefit to residents. We are excited to see this program introduced in developments throughout the state that have received investment from the Proposition 123 Equity program," said Thomas Bryan, Executive Director and Chief Executive Officer of CHFA.

Colorado Renter Rewards is being implemented through a partnership between OEDIT, CHFA and powered by Stake, a financial technology company. Eligible Colorado renters will join the Stake Cash Back Network, which has a proven history of building renter wealth by turning rent payments into equity or cash back, offering financial relief and a share of property appreciation for more than 550,000 renters around the country.

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.

More on Colorado Desk
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).

About Stake

Stake is the network for renters. With over 550,000 renters, Stake connects real estate investors, rental properties, neighborhood stores and restaurants, local governments, and financial services with our Cash Back Network so everyone earns the Return on Rent™ they deserve. Stakers earn tens of millions of dollars each year, finding and moving to new homes, paying rent, unlocking incredible deals, improving credit scores, and accessing equitable banking services. Together, our Network is on a mission to empower wealthier, happier, and more resilient renters. For more information, please visit https://getyourstake.com/

Filed Under: Government, State
Show All News | Report Violation

0 Comments

Latest on Colorado Desk