The Colorado Department of Local Affairs (DOLA), through its Division of Housing, has announced that the State Housing Board has approved over $46.5 million in funding to create 716 new housing opportunities across Colorado. The funding will be distributed across 18 projects, which include rental developments, homeownership opportunities, and down payment assistance programs.
Governor Jared Polis commented on the initiative: “We are breaking down barriers to housing that Coloradans can afford and are thrilled to see more homes being built every year. This funding will create new homes for more than 700 hardworking Colorado families and is an important step forward to making our communities more affordable and saving Coloradans money on housing.”
Maria De Cambra, Executive Director of DOLA, said: “Every family in Colorado deserves a place they can afford to call home. These awards are a testament to our continued commitment to creating housing options that meet the diverse needs of Coloradans. Through strategic investments and collaborative partnerships, DOLA is dedicated to fostering resilient communities where every individual has access to safe, stable, and affordable housing.”
Seven new affordable rental communities have received approval for funding in counties such as Summit, Chaffee, El Paso, Adams, Weld, Arapahoe, and Denver. Projects include 52 apartments at 101 W. Main Street in Frisco for local workers and families; 33 homes at The Crossing Apartments in Buena Vista; 68 units at Jetwing Flats in Colorado Springs near job centers; Kite Route Crossing with 50 apartments in Denver; Ravenfield with 46 senior apartments in Brighton; Switchgrass Crossing providing 45 family apartments in Erie; and Tapestry LIHTC offering 72 affordable rentals with community spaces in Aurora. In total, these projects will provide 366 rental homes throughout the state.
In addition to rental housing developments, $3.6 million was allocated from Proposition 123 funds for Park Avenue Apartments in Denver County. This project by Colorado Coalition for the Homeless will offer 60 supportive housing units with on-site case management services.
For those seeking homeownership opportunities, two specific projects were funded: Nuche Village in Eagle County received $539,000 to build seven new homes for local workers while Emporia Duplexes in Aurora got $530,000 for eight duplex homes aimed at first-time buyers.
Furthermore, statewide partnerships were bolstered by eight two-year contract awards designed to expand affordable homeownership. Among these:
– Elevation Community Land Trust was granted $3.8 million from the Affordable Housing Opportunity Program (AHOP) for developing 48 homes across Denver metro.
– Habitat for Humanity of Colorado received $7.3 million supporting construction of 97 homes through local affiliates.
– City of Boulder obtained $2.1 million on behalf of the Boulder County Regional Housing Partnership for creating 29 homes.
– Impact Development Fund secured $12 million supporting acquisition of manufactured home communities statewide.
– Habitat for Humanity of Metro Denver was awarded $755,000 for ten homeownership opportunities.
– Paradox Community Trust received $5.2 million toward developing 65 ownership opportunities across several counties.
– Chaffee Housing Trust was given $864,000 expanding affordable homeownership by twelve units locally.
– Southeast Colorado Enterprise Development obtained $1 million executing fourteen new or rehabilitated homes in southeastern rural communities.
Combined efforts from these organizations are expected to result in about 275 additional homes available throughout the state.
More information about current and previous awards is available on DOLA’s State Housing Board webpage.
