New Proposition 123 Land Banking Awards to Support 1,455 New Affordable Housing Options Across the State

DENVER - Today, Gov. Jared Polis, the Colorado Office of Economic Development and International Trade (OEDIT), and Colorado Housing and Finance Authority (CHFA) announced 18 recipients of voter-approved Proposition 123 Land Banking funds. Land Banking funds support Colorado communities as they acquire new land for rental and ownership of affordable housing. This funding will support an estimated 1,455 units on 18 parcels of land across Colorado from the Front Range to the Western Slope.

"In Colorado, we are turning vacant land into vibrant neighborhoods and housing that Coloradans can afford. These funds will create 1,455 homes people can afford in communities across our state, expanding opportunities for Coloradans to live close to jobs, schools, and the places we love," said Gov. Jared Polis.

Once developed, the land acquired with these funds will support housing that is close to public transit, jobs and services, and developments proposed to be all electric or certified as energy efficient. Several of the proposals include community-focused commercial spaces such as childcare and youth programming. Ten awardees proposed utilizing modular or off-site, factory-produced housing which will support jobs as well as affordable, high-quality housing.

Collectively, the proposed housing will support a variety of housing needs, including families, live-work spaces for artists, older adults, veterans, and a partnership with a high school job training program, Careers to Construction Colorado. The Land Banking program requires that the predominant land use must be affordable housing, however additional uses may include market-rate rental or ownership units and/or commercial uses.

"A strong economy includes good-paying jobs and housing for every income level. The Prop 123 Land Banking recipients announced today will introduce new home ownership and rental opportunities in communities across the state, serving families, seniors and veterans while also providing community services like a high school chapter of Careers in Construction. We are thrilled to support strong local economies and communities," 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.

"Funding provided through the Proposition 123 Land Banking program supports local communities in securing a critical resource, creating more opportunities for affordable housing that will benefit Colorado residents across rural, urban, and mountain communities," said Thomas Bryan, Executive Director and Chief Executive Officer of CHFA.

A total of $32,660,000 will be awarded to secure the 18 parcels of land. Awardees will be required to meet statutory milestones over the coming years including proper zoning, finalizing development plans, and securing development funding and permits. The Area Median Incomes (AMIs) proposed by the recipients range from 30% to 120% AMI rental and 40% to 110% AMI for homeownership. The awardees include:

• Berthoud Habitat for Humanity, Berthoud - $290,000 to support 12 homeownership units, ranging from 40% to 80% AMI.
• Brighton Housing Authority, Brighton - $2.125 million to support 250 rental units at 60% AMI for a residential building designated for older adults.
• Care Communities, Greeley - $1.79 million supporting 102 rental units, ranging from 30% to 60% AMI including a mix of one-, two-, three-, and four-bedroom apartments plus three- to four-bedroom homes.
• City of Wheat Ridge - $2 million to support 50 rental units, ranging from 30% to 80% AMI, for older adults.
• Cordon Development Group Inc, Thornton - $3.96 million to support 180 multifamily rental units, ranging from 30% to 80% AMI.
• East Colfax Community Collective, Aurora - $2.82 million supporting 152 multifamily rental units, ranging from 30% to 60% AMI.
• Elevation Community Land Trust, Golden - $1.3 million supporting 47 homeownership units at 100% AMI for three-bedroom townhomes.
• Estes Park Housing Authority, Estes Park - $3.35 million supporting 90 rental units ranging from 40% to 60% AMI and 50 homeownership units ranging from 100% to 110% AMI.
• First Light Community Development, Breckenridge - $2.05 million to support 40 homeownership units, ranging from 80% to 100% AMI.
• GES Coalition, Denver - $2.34 million supporting 12 rental units ranging from 30% to 60% AMI, and 10 homeownership units at 80% AMI.
• Innovative Housing Concepts, Englewood - $1.25 million supporting 50 rental units, ranging from 50% to 70% AMI.
• Leadville & Lake County Regional Housing Authority, Leadville - $1.65 million supporting 74 rental units, ranging from 30% to 120% AMI.
• Mexican American Development Association, Montrose - $475,000 to support 36 rental units at 60% AMI and 26 homeownership units at 100% AMI.
• Mile High Ministries, Lakewood - $1.1 million to support 13 homeownership units, ranging from 80% to 100% AMI comprising nine three-bedroom and four four-bedroom units.
• Rio Grande Community Trust, Monte Vista - $60,000 to support three homeownership units at 100% AMI.
• Sharing Connexion, Glenwood Springs - $720,000 supporting 36 homeownership units, ranging from 80% to 100% AMI.
• Tri-County Housing, Inc DBA Total Concept, Woodland Park - $1.9 million supporting 58 rental units ranging from 30% to 80% AMI, 16 homeownership units at 50% AMI, 12 homeownership units at 100% AMI, and 36 homeownership units at market rate.
• Urban Land Conservancy, Denver - $3.48 million supporting 100 rental units at or below 60% AMI.

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.

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).

###