This week, Colorado Governor Jared Polis and the Business Funding & Incentives division of the Colorado Office of Economic Development and International Trade (OEDIT) announced two new recipients of the Innovative Housing Incentive Program (IHIP) grant to support the development of the off-site construction industry and create more housing at a lower cost across the state: Higher Purpose Homes and VeroTouch. The announcement comes the same day VeroTouch unveils the first houses 3D-printed in Colorado.
“We are proud to accelerate innovation in housing to better address Colorado’s housing needs,” said Governor Jared Polis. “The unveiling of the first 3D-printed homes in the state is a great example of our state’s efforts to support new construction methods and create more housing now.”
Compared to traditional building practices, off-site construction can produce housing more efficiently and at a lower cost while creating stable, year-round, high-quality jobs. Early results suggest that state support of construction methods like modular, manufactured, panelized and 3-D printed homes are growing the industry and generating new homes in Colorado. The annual percentage of Colorado’s modular housing units produced by out of state manufacturers has decreased from 91% to less than 50%.
The funding announced today will directly incentivize the creation of over 160 attainable housing units. With this latest round of grants, the Polis Administration has awarded 14 IHIP grants directly incentivizing the creation of 2,300 attainable housing units across Colorado and contributing to the recipients’ work to create more than 7,500 units over three years. To date, 705 housing units have been produced with support from IHIP.
“It’s exciting to see the statewide impact of the Innovative Housing Incentive Program as it continues to support the growth of innovative housing manufacturers located across the state, including the Buena Vista and Durango recipients announced today,” said Eve Lieberman, Executive Director of OEDIT. “We commend these companies for their efforts to help increase the supply of housing which, over time, will enable more Coloradans to live in the communities they love and be close to their jobs”
The recipients announced today include:
Higher Purpose Homes
Durango
This panelized-housing manufacturer constructs floors, walls and roofs in a manufacturing facility and then uses a crane to place the pieces. The company estimates that 30% of its homes will be deed-restricted and affordable. In 2023, the Colorado Economic Development Commission approved Higher Purpose Homes for the Rural Jump-Start program, which encourages economic development and job creation in rural communities across the state. Through IHIP, Higher Purpose Homes is approved for up to $590,000 for constructing a projected 95 units over three years.
VeroTouch Construction
Buena Vista
This 3D printed housing manufacturer uses robots to print single- and multi-family concrete homes on-site. Today, the company is unveiling the first two homes 3-D printed in Colorado: two-bed, two-bath, 1,100 square foot units in downtown Buena Vista as part of a 31-unit development. VeroTouch Construction is approved for up to $618,000 for constructing a projected 67 units over three years.
About the Innovative Housing Incentive Program
The Innovative Housing Incentive Program (IHIP) helps address Colorado’s housing shortage by supporting the development and expansion of the state’s innovative housing manufacturing businesses. IHIP is part of an emerging suite of OEDIT-affiliated programsthat offer housing financing tools to help increase the supply of affordable and attainable housing across Colorado. These programs include the Proposition 123 Affordable Housing Financing Fund, staffing of the Middle Income Housing Authority, work by the Colorado Creative Industries Division via the Community Revitalization and Space to Create programs and incentivizing housing units with the Historic Preservation Tax Credit.