Proposition 123 Equity Funds to Support Affordable Housing in Four Communities Across Colorado

DENVER ~ In a move to address the growing need for affordable housing in Colorado, Gov. Jared Polis, along with the Colorado Office of Economic Development and International Trade (OEDIT) and the Colorado Housing and Finance Authority (CHFA), announced today that four new recipients have been selected to receive funds from Proposition 123 Equity.

The purpose of these awards is to provide below-market-rate investment capital for low- and middle-income multifamily affordable rental housing in various communities across the state. The recipients include Aspen, Colorado Springs, Denver, and Ouray.

Governor Polis expressed his commitment to providing more housing options for Coloradans at an affordable price. He stated, "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."

The four recipients were chosen based on their alignment with the state's strategic land use goals. These goals include transit-oriented development or walkability to a community job center, as well as water and energy efficient design. Additionally, one of the projects will utilize off-site construction technology while another is located adjacent to an early education center.

Eve Lieberman, Executive Director of OEDIT, expressed her excitement about supporting new housing options in communities across the state. She stated, "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."

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Thomas Bryan, Executive Director and CEO of CHFA also shared his enthusiasm for these developments. He said, "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."

A total of $28,400,000 has been preliminarily approved for the four recipients. The final award details will be determined during the underwriting process for each project. The proposed Area Median Incomes (AMIs) for these projects range from 50% - 130% AMI.

The four recipients and their proposed projects are as follows:

- Lumberyard Apartments Phase A - Aspen - $5 million: This project plans to offer 66 units, including one-, two-, and three-bedroom options. The Lumberyard Apartments will eventually have a total of 277 units, with this phase serving tenants earning 50% - 130% AMI. The community will be located along a year-round bike and pedestrian path and will have access to a new fare-free bus service to downtown Aspen. Amenities will include bike parking, outdoor recreational space, and a community plaza with outdoor seating and grill stations.

- Odyssey at Weber - Colorado Springs - $7 million: This proposed transit-oriented development will consist of 120 units with one-, two-, and three-bedroom apartments. It aims to serve tenants earning 70% - 90% AMI and aligns with the area's Renew North Nevada Master Plan, which aims to create a mixed-use gateway connecting downtown Colorado Springs with the University of Colorado Colorado Springs (UCCS) campus. The project is also located adjacent to an early childhood education center.

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- River Walk Affordable Rentals – Ouray - $2.4 million: This project plans to build 13 units consisting of one-, two-, and three-bedroom apartments. These units will be affordable for tenants earning 80% - 100% AMI. The project will incorporate passive solar design and be all-electric.

- Russell House – Denver - $14 million: This proposed transit-oriented development will consist of 289 units with studio, one-, two-, and three-bedroom apartments. It will be located adjacent to the Evans Station light rail stop in Denver and will serve tenants earning 60% - 90% AMI. The project will also include larger, more flexible floorplans for families and multi-generational households. Each unit will come with subsidized transit passes to promote the use of public transportation.

All residents of these Prop 123 Equity supported units will be enrolled in the Colorado Renter Rewards Program, which was launched in 2026. This program aims 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. It is funded by the Affordable Housing Financing Fund established by Proposition 123 and is managed by OEDIT and administered by CHFA. With the projects announced today, approximately $370 million has been awarded through the Affordable Housing Financing Fund.

For ongoing updates on funding, interested parties can visit coloradoaffordablehousingfinancingfund.com or sign up to receive newsletter updates.

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