Last Friday, Governor Jared Polis, the Colorado Office of Economic Development and International Trade (OEDIT), and Colorado Housing and Finance Authority (CHFA) announced four new recipients of voter-approved Proposition 123 Equity funds. These awards are intended to provide below market rate investment capital for low- and middle-income multifamily affordable rental housing in communities across the state, including Aspen, Colorado Springs, Denver and Ouray, Colorado.
“In Colorado, we are working hard to deliver more housing options Coloradans can afford closer to the jobs, schools, and communities we love. This investment from Proposition 123 is an important step forward in breaking down barriers to housing to build more homes across the state and saving Coloradans,” said Governor Jared Polis.
The recipients announced today met the State’s strategic land use goals, including transit-oriented development or walkability to a community job center, and water and energy efficient design. In addition, one will use off-site construction technology and one is adjacent to an early education center.
“We are thrilled to support new housing options in communities across the state that will provide more stable, affordable housing options for Coloradans. These investments will enable more Coloradans to access quality housing near their jobs, a win for communities and for employers looking to fill good-paying jobs today,” said Eve Lieberman, OEDIT Executive Director.
A total of $28,400,000 has been preliminarily approved for the four recipients. Final award details will be determined during the underwriting process for each project. The Area Median Incomes (AMIs) proposed by the recipients range from 50% – 130% AMI. These include:
- Lumberyard Apartments Phase A – Aspen – $5 million: A proposed 66-units including one-, two-, and three-bedroom options. Lumberyard Apartments will eventually offer a total of 277 units, with this phase offering units that will serve tenants earning 50% – 130% AMI. This new community will be situated along a year-round bike and pedestrian path, and be serviced by a new fare-free bus service to downtown Aspen. Community amenities will include bike parking, outdoor recreational space including a play area, walking paths, and a community plaza with outdoor seating, grill stations and lawn games.
- Odyssey at Weber – Colorado Springs – $7 million: A proposed 120-unit multifamily transit-oriented development that includes one-, two-, and three-bedroom apartments. Odyssey at Weber will offer units that serve tenants earning 70% – 90% AMI, which aligns with the area’s Renew North Nevada Master Plan intended to create a mixed-use gateway connecting downtown Colorado Springs with the University of Colorado Colorado Springs (UCCS) campus. The project is adjacent to an early childhood education center.
- River Walk Affordable Rentals – Ouray – $2.4 million: A proposed 13-unit multifamily development building new one-, two-, and three-bedroom apartments. Units will be affordable to tenants earning 80% – 100% AMI. The project will be all electric and incorporate passive solar design.
- Russell House – Denver – $14 million: A proposed 289-unit multifamily transit-oriented development building new studio, one-, two-, and three-bedroom apartments located adjacent to the Evans Station light rail stop in Denver. Russell House will serve tenants earning 60% – 90% AMI and include larger, more flexible floorplans for families and multi-generational households. Subsidized transit passes will be included with each unit to promote transit use.
“These developments will strengthen communities and expand housing stability for hundreds of Coloradans. They will serve a range of community needs and household incomes while enabling residents to participate in the developments’ ongoing success through the Colorado Renter Rewards Program,” said Thomas Bryan, Executive Director and Chief Executive Officer of CHFA.
All residents of these Prop 123 Equity supported units will be enrolled in the Colorado Renter Rewards Program, launched in 2026 to distribute a portion of Proposition 123 program earnings to tenants in Equity supported units to help build savings that can be used for down payment assistance or other important needs.
The Proposition 123 Equity program offers below-market-rate equity investments for developers focused on building low- and/or middle-income rental housing. The program is funded by the Affordable Housing Financing Fund established by Proposition 123, which is managed by OEDIT and administered by CHFA to support the Land Banking, Equity, and Concessionary Debt programs. With the projects announced today, approximately $370 million has been awarded through the Affordable Housing Financing Fund.
Ongoing updates on funding are available on the Colorado Affordable Housing Financing Fund website and by signing up to receive newsletter updates.