DENVER — Gov. Jared Polis and other state officials announced on Wednesday that a voter-approved ballot measure would help fund the construction of more than 600 affordable housing units in Colorado.
The preliminary selection of the first six recipients of the Proposition 123 Equity program was identified, and a total of $39,390,879 has been preliminarily approved for the following projects:
1936 Grove Apartments - $3,699,545 - Denver
28 units for tenants earning 80-90% of the Area Median Income (AMI)
302 Conifer - $5,806,584 - Fort Collins
76 units for tenants earning 70-100% of AMI
Ballfield at Auraria - $15,000,000 - MSU campus, Denver
340 units for tenants earning 60-120% of AMI
Black Canyon Flats - $8,000,000 - Montrose
60 units for tenants earning 80-100% of AMI
Tall Tales Ranch - $4,112,818 - Lone Tree
28 units for tenants earning 30-100% of AMI
Woodbury Park Apartments - $2,771,932 - Craig
96 units for tenants earning 70-120% of AMI
Prop 123 was passed by voters in November 2022 and 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% to the Colorado Affordable Housing Financing Fund managed by OEDIT.
According to the Colorado Housing and Finance Authority (CHFA), demand for Prop 123 programming continues to be high. The agency received 36 applications requesting more than $313 million from the equity program.
“Funding provided through the Equity program supports quality affordable housing and additional opportunities for housing stability,” Cris White, executive director and chief executive officer of CHFA, said in a statement. “These investments will strengthen communities while providing residents the opportunity to benefit directly from the success of these developments through the Tenant Equity Vehicle.”
Ongoing updates on funding are available by clicking here.
Is it 'truly' affordable to live in Colorado Springs?
How easy is it to find an affordable home? If someone earns $51,000 a year and a third of their income goes to rent, they would need to find an apartment for about $1,280 a month. News5's Eleanor Sheahan takes you on a journey searching for this answer.
